India Income Tax 2023-24

Here is a brief overview of the income tax slabs for the financial year 2023-24 in India:

• The income tax slabs for individuals are divided into three categories – individuals below the age of 60, individuals aged between 60 and 80, and individuals above the age of 80.
• The basic exemption limit for individuals below the age of 60 years is Rs. 3,00,000.
• For individuals with an income between Rs. 3,00,000 and Rs. 6,00,000, the tax rate is 5%.
• For individuals with an income between Rs. 6,00,000 and Rs. 9,00,000, the tax rate is 10%.
• For individuals with an income between Rs. 9,00,000 and Rs. 12,00,000, the tax rate is 15%.
• For individuals with an income between Rs. 12,00,000 and Rs. 15,00,000, the tax rate is 20%.
• For individuals with an income above Rs. 15,00,000, the tax rate is 30%.

Please note that these rates are applicable for both new and old regime taxpayers ¹².