Income Tax 2023-24 FY [2024-25 AY] New IT Slab Rates Online Income Tax Calculator 2023-24

Income Tax 2023-24 FY [2024-25 AY] New IT Slab Rates Online Income Tax Calculator 2023-24 . The finance bill has been approved for the Financial Year 2023-24. As per the Finance Bill, There are No Changes in Old Tax Regime Slab Rates, but the New Tax Regime been modified and tax slab rates have been reduced. The Online Income Tax 2023-24 FY Calculator, calculates the tax liability in both the regimes. Let us discuss the Income Tax 2023-24 Tax Slab Rates and subsequent changes Income Tax Online Calculator 2023-24 FY for Employees. Online IT Comparison Calculator for 2023-34 FY in Old & New Tax regime. 

Income Tax 2023-24 FY [2024-25 AY] Old & New Tax Slab Rates | Online IT 2023-24 Calculator

Income Tax 2023-24 FY [2024-25 AY] Old & New Tax Slab Rates | Online IT 2023-24 Calculator. The finance bill has been approved for the Financial Year 2023-24. As we stated in the above para, the Slab rates in the Old Tax Regime for Income Tax 2023-34 has not been changed. While, there are major changes in New IT Tax Regime for 2023-34 financial Year. The New Tax regime has been made as Default Tax Slab rats.  This Post has been divided into three parts.

1. Major Changes in Financial Bill 2023 for Personal Income Tax 2023-24
2. Income Tax 2023-24 FY Old Tax Regime Slab Rates
3. Income Tax 2023-24 FY New Tax Regime Slab Rates
4. Online Income Tax 2023-24 FY [2024-25 AY] Calculator

Income Tax 2023-24 FY [2024-25 AY] Old & New Tax Slab Rates Overview

Income Tax 2023-24 FY Tax Slabs - Online Tax Calculator 2023-24 FY
Title of the Article	Income Tax 2023-24 FY Tax Slabs - Online Tax Calculator 2023-24 FY
Tax Slabs applicable to	All Employees in India
Financial Year	2023-34
Tax Type	Personal Income Tax 2023-24 on Salaries
No of Tax Regimes	Two [Old Tax Regime and New Tax Regime]
Source of the Article	Finance Bill 2023 PDF
Tax Calculato Type	Online Income Tax 2023-24 Calculator
Telegram News Channel	Join Telegram News Channel Click Here

Major Changes in Financial Bill 2023 for Personal Income Tax 2023-24

1. Increase in Tax Rebate U/s 87A: Increase the rebate limit to 7 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to 7 lakh will not have to pay any tax. Means there is an exemption of Rs 25,000 Tax in New Tax Regime 2023-24.
2. Change in Tax Structure in New Tax Regime: Reducing the number of slabs in the new tax regime to 5 and increasing the tax exemption limit to Rs 3 lakh
3. Standard Deduction in Income Tax New Tax Regime 2023-24: Extend the benefit of Rs 50,000 Standard Deduction to the New Tax Regime. Standard deduction of ` 50,000 to salaried individual, and deduction from family pension up to ` 15,000, is currently allowed only under the old regime. It is proposed to allow these two deductions under the new regime also
4. Reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime
5. Increase tax exemption on leave encashment on retirement of non-government salaried employees limit to Rs 25 lakh
6. The new tax regime for Individual and HUF, introduced by the Finance Act 2020, is now proposed to be the default regime
7. Standard deduction of Rs 50,000 to salaried individual, and deduction from family pension up to Rs 15,000, is currently allowed only under the old regime. It is proposed to allow these two deductions under the new regime also

Income Tax FY 2023-24 AY 2024-25Rates of Income-tax as per Finance Act, 2023

As per the Finance Act, 2022, the rates of income tax for the FY 2022-23 (i.e. Assessment Year 2023-24) are as follows:

 
Rates of tax
A. Normal Rates of tax: In the case of every individual other than the individuals referred to in para (B) and (C) below:

S. No	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 2,50,000/-.	Nil;
2	Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.	5 per cent of the amount by which the total income exceeds Rs. 2,50,000/-;
3	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 12,500/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-;
4	Where the total income exceeds Rs. 10,00,000/-.	Rs. 1,12,500/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-.

Income Tax Slab Rates for FY 2023-24 for persons age 60-80 Years

Total Income	Rate of tax
Where the total income does not exceed Rs. 3,00,000/-	Nil;
Where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000/-	5 per cent of the amount by which the total income exceeds Rs. 3,00,000/-;
Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	Rs. 10,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-;
Where the total income exceeds Rs. 10,00,000/-	Rs. 1,10,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

Income Tax FY 2023-24 for the persons above 80 Years of Age

Total Income	Rate of tax
Where the total income does not exceed Rs. 5,00,000/-	Nil;
Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-	20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-;
Where the total income exceeds Rs. 10,00,000/-	Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-.

Health and Education Cess The amount of Income tax as increased by the applicable surcharge shall be further increased by an additional surcharge, for the purposes of Union, to be called “Health and Education Cess on Income-tax”.

Health and Education Cess on Income-tax shall be levied at the rate of 4% percent of income tax including surcharge wherever applicable. No marginal relief shall be available in respect of such cess

Income Tax New Tax Regime FY 2023-24 Slab Rates Rates of Tax u/s 115BAC

Section 115BAC of the Income-tax Act, 1961 was inserted by the Finance Act, 2020 w.e.f. Assessment Year 2021-22. The new section 115BAC provides that the income-tax payable in respect of the total income of a person, being an individual or a HUF, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, shall, at the option of such person, be computed at the concessional rates as given in table below:

Sl. No.	Total Income	Rate of tax
1	Up to Rs. 3,00,000	Nil
2	From Rs. 3,00,001 to Rs. 6,00,000	5 per cent
3	From Rs. 6,00,001 to Rs. 9,00,000	10 per cent
4	From Rs. 9,00,001 to Rs. 12,00,000	15 per cent
5	From Rs. 12,00,001 to Rs. 15,00,000	20 per cent
6	Above Rs. 15,00,000	30 per cent
7	Above Rs. 15,00,000	30 percent

Online IT 2023-34 Calculator for  Income Tax 2023-24 FY in Online IT 2023-24

Its a very tiny and useful software to calculate the AP and Telangana Employees Income Tax 2023-34 in one step

How to use the software:

• Click the Link Online Income Tax 2023-24 Calculator Below
• Select your State
• Select Your HRA
• Select Your Basic
  
• Select the Pension Type
  
• Ener if any Home Loan Interest applicable
• Select PH Category
  
• Click on Calculate
• The Software in the next step display the New and Old Tax regimes for Income Tax 2023-24

Click Here for Online Income Tax 2023-24 FY Calculator