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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 i...
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