➤ 37% of Income tax if total income > Rs.5 crore ➤ 25% of Income tax if total income > Rs.2 crore ➤ 15% of Income tax if total income > Rs.1 crore ➤ 10% of Income tax if total income > Rs.50 lakh Surcharge is applicable as per tax rates mentioned below for all categories mentioned above: The basic exemption limit for NRIs is Rs 2.5 Lakh, irrespective of age.Īn additional Health and Education cess at the rate of 4% will be added to the income tax liability in all cases. Individuals with net taxable income up to Rs 5 lakh will be eligible for tax rebate u/s 87A in both New and old/existing tax regimes. Senior and super senior citizens will not get an increased basic exemption limit benefit in the New Tax regime. The tax rates are the same for all categories of individuals under the New tax regime. New Tax Regime After Budget 2023 (From 1st April 2023)
The slab rates of Income Tax are announced in the Union Budget every year by the Finance Minister.įor Hindu Undivided Family (HUF)/ Association Of Person (AOP)/ Body Of Individual (BOI)/ Artificial Judicial Person (AJP).The tax applies to the range of income, which varies based on the applicable slab rate that keeps on changing every year.Suggested Read – Online ITR Filing important Due-dates for AY- 2023-24 Income Tax Slabs: The Indian Income Tax System follows a structured approach to levy taxes on the income of individuals and non-individuals through various Income Tax Slabs.
What is Income tax Slab rates in India?.
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