FY 2023-2024 Salary u/s 192/ Pension u/s 194P (New Tax Regime)
| New Tax Slab For Individuals (Men, Women,Senior Citizen & Super Senior Citizen) as per Section 115BAC of Income Tax Act-1961 | Total Income(Rs.) | Tax Rate (%) | Upto Rs.3,00,000* | Nil |
|---|---|
| 3,00,001 to 6,00,000 | 5 |
| 6,00,001 to 9,00,000 | 10 |
| 9,00,001 to 12,00,000 | 15 |
| 12,00,001 to 15,00,000 | 20 |
| Above Rs. 15,00,000 | 30 |
| Notes:- 1. Education cess is applicable @ 4% on income tax 2. Rates of Surcharge :- | |
| Range of Income(Rs.) | Rate (%) |
|---|---|
| Rs. 50 Lakhs to Rs. 1 Crore | 10 |
| Rs. 1 Crore to Rs. 2 Crores | 15 |
| Exceeding Rs. 2 Crores | 25 |
| 3. Marginal relief may be available | |
| "Provided that where the total income of the assessee is chargeable to tax undersub-section (1A) of section 115BAC, and the total income - (b) exceeds seven hundred thousand rupees and the income-tax payable on such total income exceeds the amount by which the total income is in excess of seven hundred thousand rupees, the assessee shall be entitled to a deduction from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income, of an amount equal to the amount by which the income-tax payable on such total income is in excess of the amount by which the total income exceeds seven hundred thousand rupees.". | |
| 4. A resident individual (whose net income does not exceed Rs. 7,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 25,000, whichever is less. | |
