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Income Tax Slabs 2023-24 live updates: New income tax rates, new income tax regime, exemption limit in focus



Income Tax slab 2023-24: New income tax rates, income tax sheet – both in the regular tax regime and the new income tax regime for February 23-24 will be known today. FM Nirmala Sitharaman will introduce Alliance budget 2023 and changes in the personal income tax table and income tax rates, if any, will be announced in the statement. Every year, individual taxpayers and ordinary people expect that the Minister of Finance will reduce income tax significantly. Tax experts are particularly looking forward to income tax measures this year, as putting more disposable income into the hands of salaried taxpayers will boost growth. A TOI-Deloitte online survey found that the majority of the average respondents said that reducing income tax tables and income tax rates should be the government’s top priority.

Income tax table 2023-24:

Tax experts suggest that the income tax tables for 2023-24 should be revised, especially at the Rs 10 lakh income level where a 30% tax table applies. Most personal tax experts say that income tax tables should be redone so that the 30% income tax rate is applied to income levels above Rs 20 lakh. The current income tax tables under the ordinary income tax regime are:

  • Earn up to Rs 2,50,000 – Tax rate NIL
  • Rs 2,50.001 – Rs 5,00.000 Income – 5% Tax Rate
  • Income 5,00,001 Rs – 10,00,000 Rs – tax rate 20%
  • Income over Rs 1,000,000 – 30% tax rate

Income Tax Table 2023-24: Recommendation

  • Earn up to Rs 2,50,000 – Tax rate NIL
  • Rs 2,50.001 – Rs 5,00.000 Income – 5% Tax Rate
  • Rs 5,00,001 – Income Rs 20,00,000 – Tax rate 20%
  • Income over Rs 20,000,000 – 30% tax rate

New income tax regime: Tables and rates

Two years ago, a new income tax regime or an alternative preferential tax regime was introduced. Reports suggest that the new income tax regime with lower income tax rates has not been chosen by too many taxpayers.
EY believes that in order for the new income tax regime to be better for individual taxpayers, the following changes should be made:
first. New income tax table 2023-24 for the new recommended income tax regime

Income tax table 2023-24 for new income tax regime: Recommendation

  • Earn up to Rs 500,000 – Tax rate NIL
  • Earnings Rs 5,00,001 – Rs 7,50,000 – Tax rate of 7.5%
  • Rs 7,50,0001 – Income Rs 10,00.000 – Tax rate of 12.5%
  • Rs 10.00,001 – Rs 12,50,000 income – tax rate 17.5%
  • Rs 12,50,001 – Income Rs 15,00.000 – Tax rate of 22.5%
  • Income Rs 15,00,001 – Rs 2,000,000 – Tax rate of 27.5%
  • Income over Rs 20,000,000 – 30% tax rate

2. Standard deduction of Rs 50,000 is allowed
3. Provide benefits of section 80C/CCC/CCD/D
Rumor is that FM Sitharaman may announce some changes in this new income tax regime today. The new income tax regime for 2023-24 could increase the basic tax exemption limit from Rs 2,500,000 to Rs 50,000. There are also expectations that the income tax rates under this new regime could be rationalized.

Standard & Section 80C deduction

Experts have recommended that the standard deduction limit should be increased from the current Rs 50,000 to Rs 1 lakh. In addition, they argue that the standard deduction should be introduced in the new income tax regime. Experts say the limit of Section 80C should be increased from Rs 1.5 lakh to Rs 2.5 lakh to match inflation.

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