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Income Tax Slab Rate For Financial Year 2023-2024 (Assessment Year 2024-2025) || Section 115BAC

GST - Tax - TDS - MCA

Hi Guys

This is Ravi Verma, in this article, I am gonna show you the income tax slab rates for FY. 2023-2024 (AY. 2024-2025)

Let’s begin,

  • Income Tax slab rates for individuals (Resident / non Resident)

A. Individuals (other than senior citizens and super senior citizens)

S.NoINCOME TAXRATE (%)
1Up to Rs. 2,50,000Nil
2Rs. 2,50,001 to 5,00,0005%
3Rs. 5,00,001 to 10,00,00020
4Above Rs. 10,00,00030%
Individual

B. Individuals (senior citizens)

S.NoINCOME TAXRATE (%)
1Up to Rs. 3,00,000Nil
2Rs. 3,00,001 to 5,00,0005%
3Rs. 5,00,001 to 10,00,00020%
4Above Rs. 10,00,00030%
Senior Citizens

C. Individuals (Super senior citizens)

S.NoINCOME TAXRATE (%)
1Up to Rs. 5,00,000Nil
2Rs. 5,00,001 to 10,00,00020%
3Above Rs. 10,00,00030%
Super Senior Citizen
  • Rebate – A resident individual can avail rebate under section 87A.************
  • Income Tax Slab Rates for (HUF, AOP, BOI, and AJP)
S.NoINCOME TAXRATE (%)
1Up to Rs. 2,50,000Nil
2Rs. 2,50,001 to 5,00,005%
3Rs. 5,00,001 to 10,00,00020%
4Above Rs. 10,00,00030%
Rates of HUF, BOI, AJP, and AOP
  • New Income Tax Slab Rates for Individua, AOP, BOI, HUF, and AJP (Section 115BAC)
S.NoINCOME TAXRATE (%)
1Up to Rs. 3,00,000Nil
2Rs. 3,00,001 to 6,00,0005%
3Rs. 6,00,001 to 9,00,00010%
4Rs. 9,00,001 to 12,00,00015%
5Rs. 12,00,001 to 15,00,00020%
6Above Rs. 15,00,00030%
New Tax Regime FY. 2023-24
  • Difference Between New Tax Regime and Old Tax Regime
S.NoPARTICULARNEW TAX (FY. 2023-24)OLD TAX (FY. 2023-24)
1Basic Tax ExemptionUp to Rs. 3,00,000Up to Rs. 2,50,000
2ApplicabilityIndividuals, AOP, BOI, HUF, and AJPIndividuals and HUF
3Rebate u/s 87A25,00012,500
4Rebate u/s 87AUp to Rs. 7,50,000Up to Rs. 5,00,000
Tax Rebate Chart

Thanks,

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