Income
tax return (ITR) is a crucial aspect of personal finance that individuals must
understand and comply with. In India, the Income Tax Act, 1961 mandates that
taxpayers file their ITR annually to report their income and pay taxes
accordingly. The new Indian tax regime for the fiscal year 2023-24 brings about
important changes in tax rules that individuals should be aware of. This
article aims to explain the significance of filing income tax returns and shed
light on the updates in the Indian tax regime.
The new income tax slabs for the financial year 2023-24 in India have
been announced in the Union Budget 2023-24.
The new tax regime slabs for FY 2023-24 (AY 2024-25) are as follows:
|
Income Range |
Tax Calculation |
|
Up to Rs. 3,00,000 |
Nil |
|
Rs. 3,00,001 to Rs.
6,00,000 |
5% on income which
exceeds Rs. 3,00,000 |
|
Rs. 6,00,001 to Rs.
9,00,000 |
Rs. 15,000 + 10% on
income more than Rs. 6,00,000 |
|
Rs. 9,00,001 to Rs.
12,00,000 |
Rs. 45,000 + 15% on
income more than Rs. 9,00,000 |
|
Rs. 12,00,001 to Rs.
15,00,000 |
Rs. 1,05,000 + 20% on
income more than Rs. 12,00,000 |
|
Above Rs. 15,00,000 |
Rs. 1,65,000 + 30% on
income more than Rs. 15,00,000 |
Don't
wait till last minute. File your "Income Tax Return" and don't get
late for AY 2023-24
Contact us for more information:
+91-99999-99999
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