Tax Regime

A tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund.

The Income Tax Department is the biggest revenue mobilizer for the Government. Income tax is a key source of funds that the government uses to fund its activities and serve the public.

New Tax Regime

Income Slabs New Tax Regime FY 2022-23 (AY 2023-24)
₹0 - ₹2,50,000 -
₹2,50,000 - ₹5,00,000 5% (tax rebate u/s 87A is available)
₹5,00,000 - ₹7,50,000 10%
₹7,50,000 - ₹10,00,000 15%
₹10,00,000 - ₹12,50,000 20%
₹12,50,000 - ₹15,00,000 25%
>₹15,00,000 30%

Old Tax Regime

Income Slabs Tax Slab Fror Individuals Below The Age Of 60 Years and NRIs
Up to Rs 2.5 lakh NIL
Rs 2.5 lakh - Rs 5 lakh 5%
Rs 5 lakh - Rs 10 lakh 20%
> Rs 10 lakh 30%

Income Slabs Tax Slabs for Senior Citizens (Aged 60 Years But Less Than 80 Years)
Rs 0 - Rs 3 lakh NIL
Rs 3 lakh - Rs 5 lakh 5%
Rs 5 lakh - Rs 10 lakh 20%
> Rs 10 lakh 30%

Income Slabs Income Tax Slab for Super Senior Citizens (Aged 80 Years And Above)
Rs 0 - Rs 5 lakh* NIL
Rs 5 lakh - Rs 10 lakh 20%
> Rs 10 lakh 30%

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