#Section80c

[yashshreeseo]

💡 Tax Tip of the Day: Save Tax with Section 80C Deductions! Maximize your savings by claiming deductions on: Public Provident Fund (PPF) Employee Provident Fund (EPF) National Savings Certificate (NSC) Equity-Linked Savings Scheme (ELSS) Life Insurance Premiums Principal Repayment on Home Loan Tuition Fees for Children Take advantage of these options to reduce your taxable income and save more! For more details contact us at: +919403978858 or Visit www.trividfintax.com

For ore details contact Trivid Fintax- Best Tax consultancy firm in Pune

[parvej121]

Income Tax Slab for the Financial Year 2023-2024: A Comprehensive Guide

Income tax is a significant part of every citizen's financial responsibility, and understanding the income tax slab for the financial year 2023-2024 is crucial to manage your finances efficiently. In this blog, we will provide you with a comprehensive guide to the income tax slab for the upcoming financial year, helping you navigate your tax obligations effectively.

Income Tax Slab for Individuals Below 60 Years of Age

For individuals below the age of 60, the income tax slabs for the financial year 2023-2024 are as follows:

Income up to Rs. 2.5 lakhs: No tax payable.

Income between Rs. 2.5 lakhs and Rs. 5 lakhs: 5% of the income exceeding Rs. 2.5 lakhs.

Income between Rs. 5 lakhs and Rs. 10 lakhs: 20% of the income exceeding Rs. 5 lakhs, plus a cess of 4%.

Income above Rs. 10 lakhs: 30% of the income exceeding Rs. 10 lakhs, plus a cess of 4%.

Income Tax Slab for Individuals Aged 60 and Above (Senior Citizens).

For individuals aged 60 and above but below 80, the income tax slabs for the financial year 2023-2024 remain the same as for individuals below 60.

Income Tax Slab for Individuals Aged 80 and Above (Super Senior Citizens)

Super senior citizens, aged 80 and above, enjoy a higher exemption limit:

Income up to Rs. 5 lakhs: No tax payable.

Income between Rs. 5 lakhs and Rs. 10 lakhs: 20% of the income exceeding Rs. 5 lakhs, plus a cess of 4%.

Income above Rs. 10 lakhs: 30% of the income exceeding Rs. 10 lakhs, plus a cess of 4%.

Income Tax Rebates and Deductions.

The government provides certain rebates and deductions to help individuals save on their tax liability:

Standard Deduction: A standard deduction of Rs. 50,000 is available for salaried and pensioned individuals.

Section 80C: You can claim deductions up to Rs. 1.5 lakhs under Section 80C for investments in instruments like Employee Provident Fund (EPF), Public Provident Fund (PPF), and Life Insurance Premiums.

Section 80D: Deductions for health insurance premiums under Section 80D.

Section 24(b): Deductions for home loan interest up to Rs. 2 lakhs per annum.

Section 80E: Deductions for education loans.

Section 10(14): House Rent Allowance (HRA) exemption for salaried individuals.

For more information visit → https://commerceplanet.in/

[cadeveshthakur]

📌How to Compute Total Income & Tax Liability in Simple Steps! Part1

📌Income Tax Basics (Part 1)Total Income Computation" #shorts #youtubeshorts #trending #shortvideo   @cadeveshthakur 📌 **How to Compute Total Income & Tax Liability in Simple Steps!** 💼📊 Are you confused about how to calculate **Total Income** and determine **Tax Liability** under the Income Tax Act? This video breaks it down for you — step-by-step and in a very student-friendly manner! 👇 Here’s what you’ll learn in this short: ✅ **5 Heads of Income:** 1️⃣ Income from Salary (with standard deduction, allowances, and professional tax) 2️⃣ Income from House Property (Net Annual Value and u/s 24 deduction) 3️⃣ Profits & Gains from Business or Profession (P\&L adjustments, disallowable expenses, exempt incomes) 4️⃣ Capital Gains (with exemptions u/s 54 to 54H) 5️⃣ Income from Other Sources (with deductions u/s 57 like family pension) ✅ **Total Income Calculation:** All 5 heads are totaled after necessary deductions and adjustments. Follow Playlist for Income Tax Return (ITR) Filing FY 2024-25 | Complete Guide https://www.youtube.com/playlist?list=PL1o9nc8dxF1R4FZlmK-5tIighYB0vxu3L ✅ **Tax Computation:** 💡 Gross Total Income ➖ Deductions u/s 80C to 80U \= **Net Income** 🔹 Tax computed as per OTR or NTR 🔹 Rebate u/s 87A for income up to ₹5L (OTR) or ₹7L (NTR) 🔹 Surcharge (if income more than ₹50L) 🔹 Health & Education Cess @4% ➖ Rebate u/s 86–91 ➕ Interest u/s 234A, 234B, 234C ➖ Prepaid Taxes (TDS, Advance Tax, Self-Assessment) 📋 Final result = **Tax Liability** for filing your Income Tax Return! 🎯 Perfect for: 🔸 CA Students | B.Com | Taxpayers | Beginners in Tax 🔸 Anyone looking to understand income tax calculation practically. 💬 *#CADEVESHTHAKUR* �� Happy Learning | Stay Connected! Index 00:00 to 00:20 How to compute Total Income 00:21 to 01:00 5 heads of Income 01:01 to 02:22 How to compute total income from 5 heads of income incometax, incometaxindia, taxcomputation, taxfiling, incometaxreturn, itrfiling, caindia, cafoundation, cainter, cafinal, caclass, incometaxstudent, taxeducation, taxation, headsofincome, incometaxcalculator, grossincome, taxliability, deductions, rebateu87a, surharge, hec, taxfiling2025, incometax2025, itr2025, tds, advanceTax, selfassessment, section80c, taxplanning, cadtalks, cadeveshthakur, caguide, bcom, taxbasics, incomefromsalary, incomefromhouseproperty, capitalgains, profitsandgains, incomeother, headsofincome, gst, finance, education, studentlearning, shortsvideo, ytshorts, taxshorts, taxupdates, incometaxindia2025 #viral #shortvideo #viralvideo #shortsvideo #shorts #youtubeshortsvideo #shortsyoutube #viralreels #viralshorts #viralshort #trending #cadeveshthakur #ytshorts #youtubeshorts #youtubeshorts income tax slab 2024-25,income tax calculation 2024-25,income tax calculator,income tax calculation,income tax new regime 2024-25,income tax new regime,new income tax calculation 2024-25,how to calculate income tax 2024-25,new tax regime calculation,income tax new regime tamil,income tax new regime vs old regime malayalam,how to calculate income tax,income tax calculator 24-25,how to calculate income tax on salary 2024-25,old tax regime vs new tax regime 2024-25

[jsbmarketresearch01]

New Tax Regime vs. Old Tax Regime, What the Union Budget 2023 Has in Store for the Taxpayers

On 1 February, Finance Minister - Nirmala Sitharaman said that effective from 1 April 2023, the new income tax regime will become the default one. There was a set of changes announced for taxpayers, making the new tax regime more attractive than what it was when first announced in 2020. Those who wish to opt for the new tax structure, need to opt out of the old one. But you can continue with the old tax regime if you want to.

The FM said that no tax will apply on an annual income up to Rs. 7 lakhs. But this facility is only for the new tax structure. The move will increase the rebate and bring some relief to resident individuals. There will be only 5 slabs under the personal income tax structure. Yet, the old tax regime will keep attracting people because of exemptions on certain expenditures and investments such as that on home loans, house rent, and Section 80C instruments.

The old tax regime has several deductions such as professional tax, standard deduction, HRA exemption, Section 80CCD(1B), Section 80C, and Section 80D. Those who opt out of the old tax regime will lose out on the deductions subscribed to previously. But those who start off their professional lives can benefit from the new regime greatly as they do not have to pay any tax till their income is less than Rs. 7 lakhs. They do not have to claim exemptions or make tax-saving investments until a point.

Here is a list of annual income and the tax you have to pay against it under the old tax regime:

Rs. 7 lakhs = Rs. 22,901

Rs. 10 lakhs = Rs. 31,221

Rs. 20 lakhs = Rs. 2, 88,371

 Rs. 35 lakhs = Rs. 7, 26,211

 Rs. 55 lakhs = Rs. 15, 69,316

Here is a list of annual income and the tax that you have to pay against it under the new regime:

Rs. 7 lakhs = No tax

Rs. 10 lakhs = Rs. 54,600

Rs. 20 lakhs = Rs. 2, 96,400

Rs. 35 lakhs = Rs. 7, 64,000

Rs. 55 lakhs = Rs. 15, 27,240

Thus, the new tax regime offers more power to the middle-class income group. They will have a better consumption ability and can spend the additional amount of income in place they see fit without having to think much about different investment schemes and restrict their cash flow.

Visit: - https://www.jsbmarketresearch.com/news/news-new-tax-regime-vs-old-tax-regime-union-budget-2023

Follow our social handles: -

Twitter: - https://twitter.com/JSBMarket/status/1621066580305285120?s=20&t=SFw2ziXCS1G-E1NETdQeqg

YouTube: - https://youtube.com/shorts/EoySugQuGsM?feature=share

Instagram: - https://www.instagram.com/p/CoJ1a02ohUY/?utm_source=ig_web_copy_link

Pinterest: - https://pin.it/61DpMRg

[tiisgroup]

What is 80c Income Tax Section | Section 80c 2020 | Income Tax Deduction...

[nidhimehra2812]

The budget 2020 saw the finance minister, Nirmala Sitraman, announce a new tax regime with more tax slabs and lower tax rates. This was long demanded by most taxpayers, but it came with a catch of removal of all the deductions and exemptions available.

[strategieswealth]

#invest in #mutualfund #elss to #savetax u/s 80C.... #taxseason #taxes #incometax #taxbenefits #sec80c #section80c #equitylinkedsavingscheme #systematicinvestmentplan #smartinvestment #smartinvesting #financialyearend #fy201920 #mutualfundsahihai https://www.instagram.com/p/B5EtK63Bn-6/?igshid=1l3xgt5avlerm

[govindsrivastav]

Section 8 Company Registration Online with LegalPillers

Our portal offers many affordable prices for NGO registration fees. Our CA services are easy to carry and lead with all legal services. Contact us for Registration

Call- +91-9625279785 | Mail- info@legalpillers.com

[99loans-blog]

Tax on Income, is it a Big Burden? Still there is a chance to Save on Tax…

The financial year ends in next few days; by this time there is clarity on how to file Income Tax Returns. However, still there is a hope on Tax exemptions. Now this is the time we need to cross check our calculations on Tax once again.

To ensure maximum tax free earnings, we need to explore different ways to reduce the tax payments and have more benefits in every financial year. For this, the submission buzz starts among the tax payers after January only. While everyone waits till the end of submission date, in a hurry most people go to the financial plans which are not relevant to their financial needs. This is the time where we need to check subscribed fund schemes for that particular year to validate the maturity and income benefits of the schemes, hence, ensure to check your subscriptions before filing your returns.

Thus you will have clear mind on how to start the new financial year from the beginning.

Have you submitted Income Proofs and Declarations?

Salaried people as of now they might have submitted the proof of income from different schemes to the Company Management for tax calculations, before you do this you should cross check each and every scheme is important. For to claim reimbursement on various expenses you made during the financial year, you need to keep ready to submit the Rent receipts for House Rent Allowance (HRA) received, Leave Travel Allowance (LTA) receipts from your Holiday trips and Medical Bills, Uniform Allowances, Car / Transportation bills, Telephone bills, Books and stationery expenses etc., or else you may lose the opportunity to claim the reimbursement on certain bills and you may attract the Tax at the base. So, now you have the chance to file your returns on income and claim for refunds if any.

Keeping an Eye on your Expenses:

Essential expenses like Children Tuition Fee, Life Insurance, Health Insurance premiums, Principal  & Interest on Home Loan, Interest on Education loan, some of the medical expenses for chronic diseases treatment, exemptions for Physically disabled and Expenses on Lab Tests etc., were eligible for exemption under tax. To get more benefits and reduce levy of tax on your earnings, you need to keep an eye on the above mentioned expenses. In some cases, you may not get HRA while you are employed/working there you have a cushion under Section 80GG you may claim exemption upto Rs.60,000/- on House Rent, this will be applicable to even Self-employed or Business People. As discussed every avenue is fulfilled however, still feels have cushion for more investment you may go for various investment schemes available in the market.

Insurance is not only the Criteria, there is more to see:

In general most of the people only see the Life Insurance as a Tax Saving avenue, keeping this trend in mind the insurance companies also push different new policies to attract the Tax payers. In this juncture, it is not advisable to buy any Policy merely for Tax Saving purpose without analysing the Pros and Cons, which is always not right. Tax Saving on Conventional Insurance Policies are troublesome in financial view point. Most importantly, Tax Saving might be the additional source only and it will not become main source in choosing the Policy. You need to analyse the insurance requirement from the Policy. Choose the Policy which gives more protection on minimum premium payout, give priority to Term Policy. Find Policies, with which many schemes are available in the market to reduce the Tax burden. Here you need to remember one thing whatever Policy, you choose before 31st March only considered for the current financial year.

Target and Reach Your Goal :

At the end, any Investment scheme you target should yield your financial goals. Ensure, your scheme gives a chance of being long term investment at the same time it helps in Tax Saving. But keep remember what, one thing which investing is only not the criteria also if there is a Tax Saving on the profit on maturity is more beneficial to a tax payer. So, keep all these things in mind while selecting a policy.

Public Provident Fund (PPF) : This scheme allows you to invest for a long term period of 15 years at the convenient intervals. You can invest at a maximum of Rs.1,50,000/- per each financial year.

Sukanya Samrudhi Yojana (SSY) : Children with the age below 10 years are eligible to enroll to this scheme to invest. A maximum investment of Rs.1,50,000/- can be done per each financial year.

These two are last minute investment schemes for whom they do not have time to find a right scheme at the end of the year. The profits earned from these schemes were considered free of Tax. It’s easy to Enroll or open account under these schemes from any of the Nationalised Bank or Post Office.

Equity Linked Savings Schemes (ELSS) :

This scheme also facilitates Tax Saving. However, Single time large investment to this scheme is not safe since these are purely linked to share market as it is volatile in nature and prone to losses. Hence, it is best advisable to invest in small amounts more times beginning from the financial year. You can invest a maximum amount however as per the rule of Section 80C the Tax Saving will be permitted to a maximum investment of Rs.1,50,000/-. In this scheme you can carry the investment plan upto 3 years and it is the only Short Term Investment Plan among Tax Saving Plans. Above all these things there is an ample chance of increased profits with the investment and no Tax on profit incomes (Profit of Rs.1,00,000/- above on the Long Term Investment Plans will attract Tax) after maturity are the benefits with these schemes. It is easy to enroll into these schemes while visiting nearest Banks or Stock Brokerage companies. You can also get in touch with Mutual Fund Advisers to opt these schemes.

National Pension Scheme (NPS):

If you want to Invest over and above Section 80C permits you have another choice of investment plan under National Pension Scheme, under this maximum limit of investment is Rs.50,000/- and save Tax. If you have small amounts of money try investing in this scheme.

To Save Tax still you have a chance. Let us assume you do not have more money in your hands then the Schemes which fall under Section 80C are National Savings Certificate (NSC), 5 Years Banks Fixed Deposits, Post-office Term Deposits can be considered for Investments. You can also refer Government Bonds and Adult Savings Schemes for Tax Saving purpose. The profits received from this type of schemes can be shown under Personal Income and Tax assessment can be done as per the concerned slabs.

Tax Savings through Social Services:

Some donate to Prime Ministers, Chief Ministers Welfare Relief Funds and Non-profit Social Service Organisations, Registered & Notified Political Parties, Science & Technical Research Organisations, which are considered under Section 80G, 80GGA, 80GGC Tax Slabs. Here,the cash donations are limited upto Rs.2000/- only. Keep the donation payment receipts till you file the returns and claim Tax Exemptions. Few Managements take on account of these donations at basic income calculations of their employees.

Remember basic things while you file Tax Returns:

Saving every rupee you earn always may not be the right thought as it creates financial troubles some times.

Plan your Short Term, Mid Term and Long Term financial requirements. If you really have excess money for the next 5 years then only go for investment schemes.

Investment is not the only criteria but also Calculate, how much income you receive from the investments you made?

Read and learn every investment scheme and analyse thoroughly before taking an investment decision.

Now, you have only not more than a week, you need to keep money ready and investing in the right scheme such things should be planned immediately.

[personalfn-blog]

Factors To Look At While Investing In Bank FDs

In the world of financial engineering and exotic investment products, bank Fixed Deposits (FDs) still remain one of the sought-after investment avenues.

However, when you invest hard-earned money to clock a better rate of return, it is important pay attention to the following factors:

Issuer – The financial health of the issuer (or the issuing bank) is of prime significance for the safety of your capital. Taking undue risk for want of higher returns may not be a prudent approach. You ought to judge the credibility and financial strength of the issuer.

Therefore look for a respectable promoter history and decent credit grade (with a stable outlook) from rating agencies –– although bank FDs unlike corporate FDs are not really dependent of ratings; they are regulated by the Reserve Bank of India (RBI).  

Rate of interest – While the interest rate on bank FDs vary across banks, care should be taken not to get lured by the ones offering an extraordinarily higher rate than the market rate, otherwise you would risk your capital.

Stories of some co-operative banks offering an unusual higher rate of return and then going bust are ample. So, learn from them, and remember that with higher returns comes high risk.

Your objective should be to yield a competitive rate of interest on your investment for the tenure you choose. Senior citizens of course do have an opportunity to earn 50 basis points (bps) over the regular rate (applicable for non-senior citizens).

Tenure/Maturity/Lock-in Period – This is the period for which you want to deploy your hard-earned money in a bank FD. And that should ideally be a function of when you need money. By gauging this, your liquidity needs will be addressed and you may not have to park more in your savings bank account, which yields a less rate of interest.

With regards to the lock-in, only Tax Saver Bank FDs have a mandatory 5-year lock-in. However, a Tax Saver bank FD helps reduce your tax outgo, as investments in these are eligible for deduction upto Rs 1.50 lakh under Section 80C of the Income Tax Act, 1961. The tax benefit is available only to resident individuals and Hindu Undivided Families (HUFs).

A Tax Saver Bank FD can be held in single or in joint name; but in case of the latter, a deduction under Section 80C of the Income Tax Act, 1961 will be available only to the first account holder  –– who should possess a valid PAN (Permanent Account Number).

Investment Plans/Options – When you invest in bank FDs, you have plans/options such as quarterly compounding (i.e. reinvestment of interest option), quarterly pay-out of interest, and monthly payout. Choose wisely between these, depending on your cash-flow requirements.

For example, a senior citizen who would like to draw a regular source of income can possibly consider between monthly or quarterly interest pay-outs directly to his/her bank account.

On the other hand, for someone who is planning for a short-term financial goal (which is say 18 months), reinvestment of interest rather than regular pay-outs, may be better suited.

Premature withdrawals – Most banks give you the flexibility to withdraw the money from fixed deposits before maturity subject to a penalty (0.5% to 1.0% lower interest than the contracted rate) and other terms & conditions.

This is particularly useful during contingencies or emergencies when you are in dire need of cash.  

However, note that for certain variant of bank FDs, premature withdrawal may not be permitted. In case the deposit is held jointly, all holders must sign a declaration, so that in the event of the death of one of the holders, the bank can pay the maturity proceeds prematurely to the survivors.

Likewise, in case of a Tax Saver Fixed Deposit, which is subject to a 5-year lock-in period, premature withdrawals are disallowed.

Hence, if you are looking at liquidity, check if premature withdrawals are allowed and conditions thereto.

Loan against FD facility – Most banks do offer a loan against your fixed deposit. This again is particularly advantageous when you need money during exigencies, but do not wish to liquidate your bank FDs.

You can get access to 80-85% liquidity of your fixed deposit amount. The interest rate for loan against FD is comparatively lower than for personal loans (which are unsecured loans). Note that interest is charged on actual amount utilised and for the tenure of utilisation. There are no EMIs or post-dated cheques required as in the case of other loans.

And the best part is, there are no prepayment charges on early closure for loan against bank FD.

In addition to the above factors, note that the interest earned on bank FD is taxable under the Income Tax Act, 1961. As per the prevailing rules, tax is deducted at source by the bank.

The rate for Tax Deduction at Source is 10% if PAN is furnished, and if not, then 20%. No surcharge or cess is levied over and above this basic rate.

TDS with respect to interest earned on your bank FD is deducted on the basis of the total interest projected on the aggregate of your bank FD for the financial year. This is in accordance to Section 194A of the Income Tax Act, 1961.

If the total projected interest in a financial year crosses the threshold limit, which is currently Rs 10,000 for non-senior citizens, TDS is deducted proportionately from the existing fixed deposits at the time of interest application.

For senior citizens, the union budget 2018 has increased the exemption of interest income on deposits with banks (includes fixed deposits) and post offices from Rs 10,000 to Rs 50,000. Thus, TDS will not be deducted for senior citizens, unless it crosses this new limit.

Therefore, when you invest in bank FDs also assess the post-tax returns. In case, you have no other income apart from interest income in order to avoid TDS, you can submit a declaration under Section 197A of the Income Tax Act in Form 15-G (for general or non-senior citizens) or Form 15-H (for senior citizens), as applicable.

Who should invest in a bank FD?

A conservative investor who is averse to taking risk, want to park money for the short-term, looking for liquidity, want to plan for contingency needs, a bank FD is worthy option.

For tax planning too, a Tax Saver Bank FD may be considered along with other assured return tax saving investment avenues viz. 5-Year Post Office Time Deposit, Public Provident Fund, National Savings Certificate (NSC), and Senior Citizen Saving Schemes (SCSS), all suitable for risk-averse investors.

A bank FD can help you securely compound your hard-earned money, provided you have given it enough thought.

Investments in bank FD can be done online, i.e. through internet banking or mobile banking––—from the comfort of your home/office/ or wherever you are–––or even by physically visiting the nearest bank branch.

But note…

Bank FDs, compared to mutual funds, are tax inefficient.

[Read: Bank FD Vs. Mutual Funds: Which Is Better?]

If you are willing to take market-linked risk, mutual funds can not only help you generate relatively superior tax-efficient returns, but even counter inflation better. However, you need to invest in mutual fund schemes wisely taking cognisance of your age, income & expenses, asset & liabilities, your risk profile, investment objectives, financial goals, investment time horizon, among a host of other factors so that the investment portfolio is well-aligned.

And selecting winning mutual fund schemes is the key, whether you investing lumpsum and/or through Systematic Investment Plans (SIPs).

[Read: All You Need To Know About SIPs]

Want to learn step-by-step how to pick winning mutual funds? I recommend you download this guide:

10 Steps to Select Winning Mutual Funds

In it you will learn:

1.Why is it necessary to hold winning mutual funds

2.How to compare performance of mutual fund schemes

3.What to look for in a fund’s portfolio

4.How to judge the competence of the fund house

5.How to analyse fund managers skills

6.Steps to build a solid mutual fund portfolio

Download the valuable guide right away!

Happy Investing!

Rounaq Neroy

This post on " Factors To Look At While Investing In Bank FDs " appeared first on "PersonalFN"

[taxationguruji-blog]

View this post on Instagram

A post shared by Taxation Guruji 🔵 (@taxationguruji)

Income Tax Act : Tax Saving Under Section 80C, Deduction & Bare Act Analysis, Year 2018-19 & 2019-20 Watch Full Video: https://youtu.be/Z57f4d9i9yk #TaxationGuruji #Section80c #IncomeTax #IncomeTaxAct  #TaxSave #TaxDeduction @YouTube @YouTubeIndia @TeamYouTube

[gaurav-ghanshyam]

Now get benefits by donating LPG: #news #lpg #subsidy #tax #taxbenefit #section80c #collective #conscious #wordsofwisdom #awarenessiskey #history #inspirational #thirdeye #universe #organic (at Gurgaon, Haryana)

[bbnc1]

All important points of Income Tax Slab For FY 2022-2023

INCOME TAX SLAB FOR FY 2022-23

Table of Contents

What is income tax slab?

Income Tax Slab Rates for the FY 2021-22 (AY 2022-23)

Income Tax Slab for FY 2022 – 23 (AY 2023 – 24)

Key differences between the old and new tax regimes

Things you must keep in mind before opting for the new tax slab

WHAT IS INCOME TAX SLAB?

Individual taxpayers will be required to pay income tax according to the applicable slab structure. A person may be assigned to a different tax bracket depending on their income. Consequently, people with greater incomes will be required to pay more tax. The introduction of the slab system aimed to keep the nation's taxation structure equitable. At each budget announcement, the slabs frequently alter.

INCOME TAX SLAB RATES FOR THE FY 2021-22 (AY 2022-23)

Show 102550100 entriesSearch:SL.NOINCOME TAX SLAB AS PER OLD REGIMETAX RATES AS PER OLD REGIMESSL.NOINCOME TAX SLAB AS PER NEW REGIMEINCOME TAX SLAB AS PER NEW REGIME

1Up to Rs 2,50,000NIL1Up to Rs 2,50,000NIL

2Rs 2,50,001 - Rs 5,00,0005%2Rs 2,50,001 -Rs 5,00,0005%

3Rs5,00,001-Rs10,00,000

20%3Rs 5,00,001 -Rs 7,50,00010%

4Above Rs 10,00,00030%4Rs 7,50,001- Rs10,00,00015%

55Rs10,00,001- Rs12,50,00020%

66Rs12,50,001- Rs 15,00,00025%

77Above Rs 15,00,00030%

Showing 1 to 7 of 7 entries

Previous

Next

INCOME TAX SLAB FOR FY 2022 - 23 (AY 2023 - 24)

Given below are the various tables for the Revised Income Tax Slabs and rates for the FY 2022-2023 and AY 2023-24:

Show 102550100 entriesSearch:SL.NOINCOME TAX SLAB AS PER OLD REGIMETAX RATES AS PER OLD REGIMESSL.NOINCOME TAX SLAB AS PER NEW REGIMEINCOME TAX SLAB AS PER NEW REGIME

1Up to Rs 2,50,000NIL1Up to Rs 2,50,000NIL

2Rs 2,50,001 - Rs 5,00,0005%2Rs 2,50,001 -Rs 5,00,0005%

3Rs5,00,001-Rs10,00,000

20%3Rs 5,00,001 -Rs 7,50,00010%

4Above Rs 10,00,00030%4Rs 7,50,001- Rs10,00,00015%

55Rs10,00,001- Rs12,50,00020%

66Rs12,50,001- Rs 15,00,00025%

77Above Rs 15,00,00030%

Showing 1 to 7 of 7 entries

Previous

Next

KEY DIFFERENCES BETWEEN THE OLD AND NEW TAX REGIMES

There are 2 key differences:

Firstly, the new tax regime includes more tax slabs with lower rates as compared to old tax regime. Hence the income tax slabs for 2022-23 (AY2023-24) are different based on whether you opt for the new or old tax regime.

Secondly, all major deductions and exemptions such as Section80C, Section80D, etc. that are available under the owed if you opt for the new tax regime.

THINGS YOU MUST KEEP IN MIND BEFORE OPTING FOR THE NEW TAX SLAB

There are few things you must keep in mind before opting for the new tax slab:

Consider Tax Saving Deductions and Exemptions

In FY 2022-23, the new tax regime has lower income tax slab rates and more income tax Slab compared to the old regime. But the new tax regime offers very few exemptions and deductions. These include about 70 deductions and exemption like HRA, Section 80C deductions and home loan interest benefit that can be claimed under the old tax regime but cannot be claimed under the new regime.

Lower Tax exemption limit Based on Age

The old tax regime provides higher tax exemption for senior citizens and super senior citizens of Rs. 3 lakh and Rs. 5 lakh respectively as per income tax slab rates in AY 2023-24. This higher limit is not available under the new tax regime, which offer the same Rs. 2.5 lakh exemption limit irrespective of taxpayer's age.

Consider Benefits Beyond Tax Savings

Tax saving investments and expenses like a term life insurance policy, Public Provident Fund, National Pension System provide a dual benefit under the old tax regime. On the one hand, you decrease your tax outgo; on the other hand they also provide benefits like financial security of loved ones or long-term wealth creation. In the case of the new tax regime, you do not receive the tax saving benefit at all

However, tax benefits of these investments are limited up to Rs. 2 lakh in a fiscal after including the Rs 50,000 benefit offered u/s 80 CCD (1B). So, you need to use an income tax calculator to compute your tax outgo under both the new and old regime in order to determine which is suitable for you based on the income tax slab rates for FY 2022-23.

We hope that you enjoyed our article about income tax slab for FY 2022-23. These are the tax slabs for the current financial year of 2022-23. For more details about this please visit info@bbnc.in