AMFI Registered Mutual Fund Advisors | DVS Associates Private Limited, Hyderabad

Every year with Government budget, the most common expectation an Indian citizen has is of 'change for better' in the Income tax slab. So to plan your investment strategy and understand how much tax liability you will incur this year let's have a look at the tax structure for different categories. These categories are created by the Government of India for taxation purposes, and they are based on Gender and Age.

Income Tax Slabs 2023 - 2024 for Individuals & HUF below 60 Years of Age

Taxable income	Tax Rate (under Old Regime)	Tax Rate in new Regime (before Union Budget 2023)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 5,00,000	5%	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

Income Tax Slabs 2023 - 2024 for Senior Citizens (Aged 60 Years but Less than 80 Years)

Taxable income	Tax Rate (under Old Regime)	Tax Rate in new Regime (before Union Budget 2023)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 3,00,000	Nil	5%
Rs. 3,00,001 to Rs. 5,00,000	5%	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

Income Tax Slabs 2023 - 2024 for Super Senior Citizens (Above 80 Years)

Taxable income	Tax Rate (under Old Regime)	Tax Rate in new Regime (before Union Budget 2023)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 5,00,000	Nil	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

*Surcharge to be levied for F.Y. 2023 - 2024

Rate	Condition
10% on tax amount	income more than Rs. 50 lakh
15% on tax amount	income more than Rs. 1 crore
25% on tax amount	income more than Rs. 2 crore
37% on tax amount	income more than Rs. 5 crore

Income Tax Slabs 2022 - 2023 for Individuals & HUF below 60 Years of Age

Taxable income	Tax Rate under Old Regime	Tax Rate in new Regime (before Union Budget 2023)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 5,00,000	5%	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

Income Tax Slabs 2022 - 2023 for Senior Citizens (Aged 60 Years but Less than 80 Years)

Taxable income	Tax Rate under Old Regime	Tax Rate in new Regime (before Union Budget 2023)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 3,00,000	Nil	5%
Rs. 3,00,001 to Rs. 5,00,000	5%	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

Income Tax Slabs 2022 - 2023 for Super Senior Citizens (Above 80 Years)

Taxable income	Tax Rate under Old Regime	Tax Rate in new Regime (before Union Budget 2023)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 5,00,000	Nil	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

*Surcharge to be levied for F.Y. 2022 - 2023

Rate	Condition
10% on tax amount	income more than Rs. 50 lakh
15% on tax amount	income more than Rs. 1 crore
25% on tax amount	income more than Rs. 2 crore
37% on tax amount	income more than Rs. 5 crore

Income Tax Slabs 2021 - 2022 for Individuals & HUF below 60 Years of Age

Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 5,00,000	5%	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A

Income Tax Slabs 2021 - 2022 for Senior Citizens (Aged 60 Years but Less than 80 Years)

Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 3,00,000	Nil	5%
Rs. 3,00,001 to Rs. 5,00,000	5%	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A

Income Tax Slabs 2021 - 2022 for Super Senior Citizens (Above 80 Years)

Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 5,00,000	Nil	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

*Surcharge to be levied for F.Y. 2021 - 22

Taxable Income	Surcharge (%)
Total income above Rs.50 Lakh but below Rs. 1 Crore	10%
Total income above Rs.1 Crore but below : Rs. 2 Crore	15%
Total income above Rs.2 Crore but below 5 Crore	25%
Total income above Rs.5 Crore	37%

For Non-Resident Individuals (NRI), the basic exemption limit is of Rs. 2.5 lakh in a financial year irrespective of their age.

Note: Surcharge and cess shall be continued to be levied at the existing rates.

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