What is Income Tax?
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them. It is commonly called taxable income.
Income tax generally is computed as the product of a tax rate times the taxable income.
Taxation rates may vary by type or characteristics of the taxpayer and the type of income. Every year Government declares Income Tax slabs.
Income Tax slabs for New Tax Regime: 115BAC
| Financial Year: 2023-2024 |
| Tax Slab | New Regime Tax Slab Rates for FY 2023-24 |
| Rs 0.0 – Rs 3,00000 | NIL |
| Rs 300001 – Rs 6,00000 | 5% above Rs. 3,00000 |
| Rs. 6,00001 – Rs 9,00000 | Rs.15000 + 10% above Rs. 6,00000 |
| Rs 9,00001 – Rs 12,00000 | Rs. 45000 + 15% above Rs. 9,00000 |
| Rs 12,00001 – Rs. 15,00000 | Rs. 90000 + 20% above Rs. 12,00000 |
| More than Rs. 15,00000 | Rs. 150000 + 30% above Rs. 15,00000 |
| Financial Year: 2023-2024 |
Income Tax slabs for Old Tax Regime:
| Tax Slab | Old Regime Tax Slab Rates for FY 2023-24 |
| Up to Rs 2.5 lakhs | Nil |
| Rs. 2.50001 -Rs. 5,00000 | 5% above Rs. 2,50000 |
| Rs. 5,00001 – Rs. 10,00000 | Rs. 12500 + 20% above Rs. 5,00000 |
| More than Rs 10,00000 | Rs.1,12500 + 30% above Rs. 10,00000 |
Financial Year: 2022-2023
New Tax Regime: 115BAC
| Tax Slab | New Regime Tax Slab Rates for FY 2022-23 |
| Rs 0.0 – Rs 2,50000 | NIL |
| Rs 250001 – Rs 5,00000 | 5% above Rs. 2,50,000 |
| Rs. 5,00001 – Rs 7,50000 | Rs.12,500 + 10% above Rs. 5,00000 |
| Rs 7,50001 – Rs 10,00000 | Rs. 37,500 + 15% above Rs. 7,50000 |
| Rs 10,00001 – Rs. 12,50000 | Rs. 75,000 + 20% above Rs. 10,00000 |
| Rs. 12,50001 – Rs. 15,00000 | Rs. 120000 + 25% above Rs. 12,50000 |
| More than Rs. 15,00000 | Rs. 1,87,500 + 30% above Rs. 15,00000 |
Download the Excel Sheet to calculate the individual tax- New Regime only
| Financial Year: 2023-2024 |
Download the Excel Sheet to get your tax.
(Taxable Income above 15 lakh)
Click below-
Download the Excel Sheet to get your tax.
(Taxable Income between 12 lakh to 15 lakh)
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Download the Excel Sheet to get your tax.
(Taxable Income between 9 lakh to 12 lakh)
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Download the Excel Sheet to calculate the individual tax For NPS Acount Holder- New Regime only
| Financial Year: 2023-2024 |
Useful for NPS Holder
Download the Excel Sheet to get your tax.
(Taxable Income from 9 lakh to 12 lakh)
Click below-
Click on the following Image-
Download the excel sheet for 2022 to 2023
Income Tax slabs for Old Tax Regime: 2022-2023
| Tax Slab | Old Regime Tax Slab Rates for FY 2022-23 |
| Up to Rs 2.5 lakhs | Nil |
| Rs. 2.50001 -Rs. 5,00000 | 5% above Rs. 2,50000 |
| Rs. 5,00001 – Rs. 10,00000 | Rs. 12500 + 20% above Rs. 5,00000 |
| More than Rs 10,00000 | Rs.1,12500 + 30% above Rs. 10,00000 |
Click on the following image to calculate your tax–
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Income Tax calculator and other information is only for Guidance. Do consult your C.A. to get authentic information.
See important information by clocking on the following image-
Income Tax-
Calculate your tax for year 2022-2023
Income Tax Department (Click Here for official website)
So helpful!