Income tax slabs FY 2023-24 & AY 2024-25 calculation with new tax regime and old tax regime.

Опубликовано: 11 Январь 2024
на канале: Accounting & Gst Insights

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Income tax slabs FY-2023-24 New Tax Regime vs Old Tax Regime.
In this video, we learn how to calculate income tax with new tax regime and old tax regime with example for FY-2023-24 & AY 2024-25.
We will also see investment options available in old and new tax regimes along with which tax regime is better for you in hindi. Income tax slabs 2023-24 kya hai.

Income Tax Slabs 2023-24 with Calculations | New vs Old Tax Regime.

Old Tax Regime Slab Rates 2023-24:
Rs. 0 – Rs. 2.5 Lakh 0%
Rs. 2.5 Lakh – Rs. 5 Lakh 5%
Rs. 5 Lakh – Rs. 10 Lakh 20%
Rs. 10 Lakh or above 30%

New Tax Regime Slab Rates 2023-24:
Rs. 0 – Rs. 3 Lakh 0%
Rs. 3 Lakh – Rs. 6 Lakh 5%
Rs. 6 Lakh – Rs. 9 Lakh 10%
Rs. 9 Lakh – Rs. 12 Lakh 15%
Rs. 12 Lakh – Rs. 15 Lakh 20%
Rs. 15 Lakh or above 30%

Notes: - New Tax Regime will be default tax regime from FY 2023-24.

Income Tax Slabs 2023-24
Old Tax Regime Slab rates
New Tax Regime Slab rates
Tax Rebate 87A limits
Investment options to Save Income Tax
Deductions in new tax regime
Income Tax Calculation Examples

You also have to option to choose old tax regime - Standard Deduction of Rs. 50,000 will be available with new tax regime - Tax rebate with new tax slabs 2023-24 will be Rs. 7 lakh instead of Rs. 5 lakh - Tax exemption limit with new tax regime is Rs. 3 lakh instead of Rs. 2.5 Lakh

DEDUCTIONS AND EXEMPTIONS AVAILABLE IN NEW TAX REGIME –
Standard Deduction of Rs. 50,000 is available under New Tax Regime from FY 2023-24
Transport allowance can be claimed in case of specially-abled person - Conveyance allowance for employees received to meet conveyance expenditures
Compensation received for cost of travel or tour
Daily Allowance received as compensation for cost of living in some other place compared to regular place of working
Deduction for employer’s contribution in NPS Account under Section 80CCD(2)
Home Loan Interest amount under Section 24 in case of let-out property
Deduction of amount paid or deposited in Agniveer Corpus Fund under Section 80CCH(2)
Gifts up to Rs. 5000
Exemption on voluntary retirement 10(10C), gratuity u/s 10(10) and Leave encashment u/s 10(10AA)

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