Income Tax new slab AY2023-24:
Budget and middle class.. These are two such words, which are discussed every year and every time. Before Budget 2023, the biggest demand was that the Finance Minister please this class. And the Finance Minister did this to some extent. Gave tax exemption and gave it heavily. But, got this exemption in the new tax regime. The situation remained as it was in the old tax system. After many years such an opportunity came when the government gave a big gift to the middle class. Now it is important to know how useful this gift is for you. So here we will understand that if your earning is Rs 15 lakh then how much tax you will have to pay.
No tax up to Rs 7 lakhs
Finance Minister Nirmala Sitharaman gave a new income tax slab in the budget without disturbing the existing system. This slab was given in the new tax regime. First let us understand what changes have been made by the Finance Minister. Income up to Rs 7 lakh per annum has been made tax free in the new Income Tax Slab. Means if your annual income is 7 lakh rupees then you will not need to pay any tax with rebate.
What's in the New Tax Slab?
Look at the new slab of Income Tax...
0 to 3 lakh rupees - 0% tax
Rs 3 to 6 lakh - 5% tax
6 to 9 lakh rupees - 10% tax
Rs 9 to 12 lakh – 15% tax
Rs 12 to 15 lakh - 20% tax
30% tax on income above 15 lakhs
Basic tax exemption limit increased, standard deduction
In the new tax regime, the basic exemption limit (tax free limit) has been increased to Rs 3 lakh. Earlier there was no tax up to an income of Rs 2.5 lakh. At the same time, instead of 6 tax slabs, now there will be 5 tax slabs. In which instead of Rs 5 lakh, income up to Rs 7 lakh will be tax free with rebate. Apart from this, those earning Rs 15.5 lakh in the new tax regime will also get the benefit of standard deduction, which will be Rs 52,500.
There is no tax on income below Rs 7 lakh, but how much tax on Rs 7.50 lakh?
If the income is below Rs 7 lakh then no tax will have to be paid. You will get discount with rebate. But, if your income is 7 lakh 50 thousand, then it is not that your income of seven lakh will not be taxed. Rather the calculation of tax will be like this.
0 to 3 lakh rupees - 0
5% on 3 to 6 lakh rupees = 15 thousand rupees
10% on 6 to 7.50 lakh rupees = 15 thousand rupees
Total tax: 30 thousand rupees (+cess will be applicable)
How much tax from the new slab on earning Rs 10 lakh?
From 0 to 3 lakh rupees = 0
Rs 3 to Rs 6 lakh at 5% = Rs 15,000
6 to 9 lakhs 10% = Rs 30,000
Rs 9 to 12 lakhs 15% = Rs 15,000
Total Tax- Rs 60,000 Taxes + Cess
In the old tax regime, a tax of Rs 75,000 was levied on an income of Rs 10 lakh. While in the new structure of the new tax regime, tax of 60 thousand rupees will have to be paid.
How much tax from old tax regime on 15 lakhs?
From 0 to 2.5 lakh rupees = 0
Rs 2.5 to Rs 5 lakh 5% = Rs 12,500
Rs 5 to Rs 7.5 lakh 10% = Rs 25,000
Rs 7.5 to Rs 10 lakh 15% = Rs 37,500
Rs 10 to Rs 12 lakh 20% = Rs 50,000
Rs 12 to 15 lakhs 25% = Rs 62,500
Total Tax - Rs 1,87,500
How much tax on 15 lakhs under the new system
From 0 to 3 lakh rupees = 0
Rs 3 to 6 lakhs 5% = Rs 15,000
6 to 9 lakhs 10% = Rs 30,000
Rs 9 to 12 lakh 15% = Rs 45,000
Rs 12 to 15 lakhs 20% = Rs 60,000
Total Tax - Rs 1,50,000
Under the new tax system on 15 lakhs, there will be a benefit of 37 thousand 500 rupees.
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