Income Tax Slabs Rate chart For Fy 2023-24 (Ay 2024-25)
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Income tax rate chart
| Category
Individuals (Resident & Non-Resident) |
Income Range
Up to Rs. 3,00,000 |
Tax Rate
Nil |
| Rs. 3,00,001 to Rs. 6,00,000 | 5% | |
| Rs. 6,00,001 to Rs. 9,00,000 | 10% | |
| Rs. 9,00,001 to Rs. 12,00,000 | 15% | |
| Rs. 12,00,001 to Rs. 15,00,000 | 20% | |
| Above Rs. 15,00,000 | 30% | |
| HUFs and AOPs | Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% | |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% | |
| Above Rs. 10,00,000 | 30% | |
| Companies (Domestic) | Turnover up to Rs.400 crore in FY22-23* | 25% |
| Companies (Foreign) | Turnover up to Rs.400 crore in FY22-23* | 25% |
*Note: The turnover limit of INR 400 crore is applicable for companies having a turnover of up to INR 250 crore in the previous year.
Rebate in U/s 87A New Tax Regime for FY 2023-24
- The rebate under Section 87A has been increased to a taxable income of Rs 7 lakh (providing a tax rebate of Rs 25,000), up from Rs 5 lakh (offering a tax rebate of Rs 12,500). Essentially, this means that individuals opting for the new tax regime with taxable incomes of up to Rs 7 lakh will not pay any taxes. Previously, this rebate was available up to a taxable income of Rs 5 lakh.
Download pdf –Income Tax Slabs for FY 2023-24