Income Tax Slabs for AY 2023-24 (FY 2022-23) for Individual, Senior Citizens & Super Senior Citizens - Old & New Tax Regime

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Assessment Year 2023-24 (FY 2022-23), the income tax slabs for individuals in India

For the Assessment Income Tax slabs AY 2023-24 (FY 2022-23), the income tax slabs for individuals, senior citizens, super senior citizens – New & Old Tax Regime in India are as follows:

For individuals with a taxable income of up to Rs. 2.5 lakhs: No tax
For individuals with a taxable income between Rs. 2.5 lakhs and Rs. 5 lakhs: 5% of the amount exceeding Rs. 2.5 lakhs
For individuals with a taxable income between Rs. 5 lakhs and Rs. 7.5 lakhs: Rs. 12,500 plus 10% of the amount exceeding Rs. 5 lakhs
For individuals with a taxable income between Rs. 7.5 lakhs and Rs. 10 lakhs: Rs. 37,500 plus 15% of the amount exceeding Rs. 7.5 lakhs
For individuals with a taxable income between Rs. 10 lakhs and Rs. 12.5 lakhs: Rs. 75,000 plus 20% of the amount exceeding Rs. 10 lakhs
For individuals with a taxable income between Rs. 12.5 lakhs and Rs. 15 lakhs: Rs. 1,25,000 plus 25% of the amount exceeding Rs. 12.5 lakhs
For individuals with a taxable income above Rs. 15 lakhs: Rs. 1,87,500 plus 30% of the amount exceeding Rs. 15 lakhs

Note: A 4% health and education cess is applicable on the income tax amount computed above. Additionally, individuals with a taxable income of up to Rs. 5 lakhs can claim a rebate under Section 87A of the Income Tax Act, which is limited to the amount of tax payable or Rs. 12,500, whichever is lower.

Income Tax Slabs for old regime and the new regime for Individuals India

For the Assessment Year Income Tax Slabs AY 2023-24 (FY 2022-23), there are two income tax regimes in India: the old regime and the new regime.

Under the old regime, the income tax slabs and rates are the same as those mentioned in my previous answer. However, taxpayers are eligible for various deductions and exemptions under different sections of the Income Tax Act, which can reduce their taxable income and hence, the amount of tax they have to pay. Some of the common deductions and exemptions include:

Standard deduction of Rs. 50,000 for salaried individuals
Deduction of up to Rs. 1.5 lakhs under Section 80C for investments in instruments such as Employee Provident Fund (EPF), Public Provident Fund (PPF), National Savings Certificate (NSC), Equity-Linked Saving Scheme (ELSS), etc.
Deduction of up to Rs. 25,000 for health insurance premium paid for self, spouse, and dependent children, and an additional deduction of up to Rs. 50,000 for health insurance premium paid for parents (Rs. 1 lakh if parents are senior citizens)
Deduction of up to Rs. 2 lakhs for interest paid on housing loan for a self-occupied property, and deduction of entire interest amount for a let-out property

Under the new regime, the income tax slabs and rates are different from the old regime. The new regime has lower tax rates, but taxpayers are not eligible for most of the deductions and exemptions available under the old regime. The income tax slabs and rates for the new regime are as follows:

For individuals with a taxable income of up to Rs. 2.5 lakhs: No tax
For individuals with a taxable income between Rs. 2.5 lakhs and Rs. 5 lakhs: 5% of the amount exceeding Rs. 2.5 lakhs
For individuals with a taxable income between Rs. 5 lakhs and Rs. 7.5 lakhs: 10% of the amount exceeding Rs. 5 lakhs
For individuals with a taxable income between Rs. 7.5 lakhs and Rs. 10 lakhs: 15% of the amount exceeding Rs. 7.5 lakhs
For individuals with a taxable income between Rs. 10 lakhs and Rs. 12.5 lakhs: 20% of the amount exceeding Rs. 10 lakhs
For individuals with a taxable income between Rs. 12.5 lakhs and Rs. 15 lakhs: 25% of the amount exceeding Rs. 12.5 lakhs
For individuals with a taxable income above Rs. 15 lakhs: 30% of the amount exceeding Rs. 15 lakhs

Taxpayers can choose the regime that is more beneficial to them based on their income and deductions/exemptions available to them. Once a taxpayer chooses a regime for a particular financial year, they cannot switch to the other regime during the same financial year. However, they can choose a different regime for the subsequent financial year.

Income Tax Slabs for Senior Citizens and Super Senior Citizens

Income Tax Slabs AY 2023-24 For the Assessment Year 2023-24 (FY 2022-23), the income tax slabs for senior citizens (aged 60 years or more but less than 80 years) and super senior citizens (aged 80 years or more) in India are as follows:

For senior citizens:

For individuals with a taxable income of up to Rs. 3 lakhs: No tax
For individuals with a taxable income between Rs. 3 lakhs and Rs. 5 lakhs: 5% of the amount exceeding Rs. 3 lakhs
For individuals with a taxable income between Rs. 5 lakhs and Rs. 10 lakhs: Rs. 10,000 plus 20% of the amount exceeding Rs. 5 lakhs
For individuals with a taxable income above Rs. 10 lakhs: Rs. 1,10,000 plus 30% of the amount exceeding Rs. 10 lakhs

Note: A 4% health and education cess is applicable on the income tax amount computed above.

For super senior citizens:

For individuals with a taxable income of up to Rs. 5 lakhs: No tax
For individuals with a taxable income between Rs. 5 lakhs and Rs. 10 lakhs: 20% of the amount exceeding Rs. 5 lakhs
For individuals with a taxable income above Rs. 10 lakhs: Rs. 1,00,000 plus 30% of the amount exceeding Rs. 10 lakhs

Note: A 4% health and education cess is applicable on the income tax amount computed above.

Income Tax Slabs – Old and New Tax Regims for Senior Citizens and Super Senior Citizens

For the Assessment Year 2023-24 (FY 2022-23), the income tax slabs for senior citizens (aged 60 years or more but less than 80 years) in India under the old and new tax regimes are as follows:

Old Tax Regime:

For senior citizens:

For individuals with a taxable income of up to Rs. 3 lakhs: No tax
For individuals with a taxable income between Rs. 3 lakhs and Rs. 5 lakhs: 5% of the amount exceeding Rs. 3 lakhs
For individuals with a taxable income between Rs. 5 lakhs and Rs. 10 lakhs: Rs. 10,000 plus 20% of the amount exceeding Rs. 5 lakhs
For individuals with a taxable income above Rs. 10 lakhs: Rs. 1,10,000 plus 30% of the amount exceeding Rs. 10 lakhs

Note: A 4% health and education cess is applicable on the income tax amount computed above.

New Tax Regime:

For senior citizens:

For individuals with a taxable income of up to Rs. 3 lakhs: No tax
For individuals with a taxable income between Rs. 3 lakhs and Rs. 5 lakhs: 5% of the amount exceeding Rs. 3 lakhs
For individuals with a taxable income between Rs. 5 lakhs and Rs. 7.5 lakhs: 10% of the amount exceeding Rs. 5 lakhs
For individuals with a taxable income between Rs. 7.5 lakhs and Rs. 10 lakhs: Rs. 25,000 plus 15% of the amount exceeding Rs. 7.5 lakhs
For individuals with a taxable income between Rs. 10 lakhs and Rs. 12.5 lakhs: Rs. 50,000 plus 20% of the amount exceeding Rs. 10 lakhs
For individuals with a taxable income above Rs. 12.5 lakhs: Rs. 1,00,000 plus 25% of the amount exceeding Rs. 12.5 lakhs

Note: A 4% health and education cess is applicable on the income tax amount computed above.

Super senior citizens (aged 80 years or more) are eligible for the same income tax slabs and rates as senior citizens under both the old and new tax regimes.