FINANCE BUDGET 23-24 NEW INCOME TAX SLAB
New IT rate for the income range wise: Income range Income tax rate
Up to Rs. 3,00,000 Nil Rs. 300,000 to Rs. 6,00,000 5% on income which exceeds Rs 3,00,000
Rs. 6,00,000 to Rs. 900,000 Rs 15,000 + 10% on income more than Rs 6,00,000, Rs. 9,00,000 to Rs. 12,00,000 Rs 45,000 + 15% on income more than Rs 9,00,000 Rs. 12,00,000 to Rs. 1500,000 Rs 90,000 + 20% on income more than Rs 12,00,000
Above Rs. 15,00,000 Rs 150,000 + 30% on income more than Rs 15,00,000.
Income tax is levied on the income earned by all individuals, HUF, partnership firms, LLPs, and Corporates as per the Income Tax Act of India. In the case of individuals, tax is levied as per the slab system if their income is above the minimum threshold limit.
Surcharge rates
are as below:
i-
10% of Income tax if total income > Rs.50
lakh
ii-
15% of Income tax if total income > Rs.1
crore
iii-
25% of Income tax if total income > Rs.2
crore
iv-
37% of Income tax if total income > Rs.5
crore
In Budget 2023, the highest
surcharge rate of 37% has been reduced to 25% under the new tax regime.
(applicable from 1st April 2023)
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