Introduction
This article will illustrate the different types of income tax slabs that are applicable on different categories of persons. Learn here about the income tax slab rates for AY 2023-24 applicable on individuals below 60 years/NRI/HUF and on senior citizens who are above 60 but below 80 years and the IT slab eligible for super senior citizens who are 80 years of age.
Thus, Income Tax Return being necessary compliance for every earning person mandates every Income Taxpayer to have full knowledge of the income tax slab they are in. Therefore, here is the article presented before you informing you about the Income Tax Slab Rates for Assessment Year 2023-24.
IT Slab Rates for individuals, NRI and HUFs
| Net Taxable Income | New Income Tax Slab Rate F.Y 2022-23 |
| Up to Rs. 2.5 Lakh | Exempt |
| Rs. 2,50,001 to Rs. 5 Lakh | 5% |
| Rs. 5,00,001 to Rs. 7.5 Lakh | 10% |
| Rs. 7,50,001 to Rs. 10 Lakh | 15% |
| Rs. 10,00,001 to Rs. 12.5 Lakh | 20% |
| Rs. 12,50,001 to Rs. 15 Lakh | 25% |
| Over Rs. 5 Lakh | 30% |
This is the list of Income Tax Slab Rates for A.Y 2023-24 for all the individuals who are residents aged less than 60 years. Hindu Undivided Family (HUF), Non-Resident Indians (NRIs).
IT Slab Rates for Senior Citizens
| Net Taxable Income | New Income Tax Slab Rate F.Y 2022-23 |
| Up to Rs. 2.5 Lakh | NIL |
| Rs. 2,50,001 to Rs. 3 Lakh | 5% |
| Rs. 3,00,001 to Rs. 5 Lakh | |
| Rs. 5,00,001 to Rs. 7.5 Lakh | 10% |
| Rs. 7,50,001 to Rs. 10 Lakh | 15% |
| Rs. 10,00,001 to Rs. 12.5 Lakh | 20% |
| Rs. 12,50,001 to Rs. 15 Lakh | 25% |
| Over Rs. 15 Lakh | 30% |
In the table displayed above, senior citizen are the ones who are above the age of 60 years but below 80 years of age.
IT Slab Rates for Super Senior Citizens
| Net Taxable Income | New Income Tax Slab Rate F.Y 2022-23 |
| Up to Rs. 2.5 Lakh | NIL |
| Rs.2,50,001 to Rs.5 Lakh | 5% |
| Rs.5,00,001 to Rs.7.5 Lakh | 10% |
| Rs. 7,50,001 to Rs.10 Lakh | 15% |
| Rs. 10,00,01 to Rs. 12.5 Lakh | 20% |
| Rs. 12,50,001 to Rs. 15 Lakh | 25% |
| Over Rs. 15 Lakh | 30% |
The above-mentioned table describes the income tax slab rate for AY 2023-24 for super senior citizens who are more than 80 years in age. In addition to the income tax slab rate for AY 2023-24, a 4% Health and Education Cess is also to be paid as a part of the overall tax outgo for the fiscal.
Additional Info to Read
*Income Tax Slab*
Basically, as per Income Tax, different categories are defined for different categories of people. So, if you earn well, the income tax slab rate applicable to you would be high as compared to the one having less income. As Income Tax System is progressive in nature, the rich will have to pay more from their pocket to the government and the poor shall pay less.
*Income Tax Applicability*
As per Income Tax rules, the below-mentioned list of persons is necessarily required to pay tax on income.
- Artificial Judicial Persons
- Corporate firms
- Association of Persons (AOPs)
- Hindu Undivided Families (HUFs)
- Companies
- Local Authorities
- Body of Individuals (BOIs)
*Sources of Income Taxable in India*
- Income from Salary or Pension
It means that whatever income is earned by an individual in a way of salary or pension shall be taxable under this head of income.
- Income from Business and Profession
It is a type of taxable income that is earned by self, as a freelancer or contractors & income earned by life insurance agents, chartered accountant, doctors, lawyers shall be considered taxable under this head.
- Income from House Property
Income from House Property is taxable when an income is earned from renting a house property.
- Income from Capital Gains
The surplus income availed from the sale of a capital asset like that of mutual fund, shares, etc shall be taxable under this head of income.
- Income from Other Sources (winning from lottery, horse race, income from saving bank account interest, fixed deposit)
These were the types of sources of income that are taxable under Income Tax. This classification is developed by the Income Tax Department in order to simplify the breakdown of five heads of income.
*Documents Required to file ITR*
- Form 16
- Form 26AS
- Form 16A
- Proof of tax saving
- Details of Bank Account
- Other Documents depending on the sources of income
File your ITR with EAdvisors
Filing Income Tax Return is easy with the experts there at your side. When we are there, you don’t need to worry about your ITR filing. Your ITR shall be our responsibility. Connect with our team and at the first stage itself, be clear with all the fees, processes, documents required etc.
Income Tax Filing not only include filing of income return, instead also requires e-verification of IT return. As it is an annually filed return, one may forget to file the same. However, being a responsible firm, having already filed many returns will insure the timely filing of your Income Tax Return too.
Stay tuned with EAdvisors and get all the latest blogs and updates in simplified form for our readers to well understood. Get all types of company registrations, government licenses, GST and itr filing easily with us.
This was all about the Income Tax Slab Rates for AY 2023-24. Learn more about income tax from the below given related articles presented by EAdvisors Infotech LLP. Finally here we end this topic and we shall come with the new topic very soon.
Source:-
https://www.maxlifeinsurance.com/blog/tax-savings/income-tax-slab-fy-2022-23
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