![]() ![]() The rates of Health & Education Cess and tax surcharge ( surcharge on income) are the same for both tax regimes.5,00,000 under section 87-A shall be applicable for those who opt for old tax regime. 12,500 for taxpayers having total taxable income up to Rs. Important Points to Note while Filing ITR Online Income tax slabs for individuals, both residents and non-residents (80 years and above) and HUFs for FY 2023-24: Existing Tax Regime Income tax slabs for individuals, both residents and non-residents (60 years or more but less than 80 years) and HUFs for FY 2023-24: Existing Tax Regime Income tax slabs for individuals, both residents and non-residents (less than 60 years old) and HUFs for FY 2023-24: Existing Tax Regime However, the New Tax Regime can be beneficial for those who invest less in tax-saving options. Taxpayers opting for concessional rates under the New Tax Regime cannot avail certain exemptions and deductions (like 80C, 80D, HRA, 80TTB) available under the Existing Tax Regime. Individuals and HUFs can opt for either the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act) for FY 2023-2024. What is the Income Tax Slab for FY 2023-24 In case the aggregate deposit in one or more savings bank accounts of the person is Rs.50,000 in case of resident senior citizens) If a person’s total tax deducted and collected during the previous year is Rs.In case total gross receipt of profession is more than Rs.In case total sales, turnover or gross receipt of the business is more than Rs.An individual/HUF who has incurred expenses exceeding Rs. ![]()
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