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Tax Regime Comparison FY 2023-24

The document compares the old and new tax regimes for FY 2023-24 in India. Under the old regime, there were 5 tax slabs ranging from 0% to 30%. Under the new regime, there are 4 tax slabs of 0%, 10%, 15%, 20%, and 30%. The new regime provides higher standard tax deductions and additional deductions that may make it more beneficial for some income brackets compared to the old regime. A sample tax calculation table is given to illustrate income ranges where the new regime could provide lower taxes.

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164 views4 pages

Tax Regime Comparison FY 2023-24

The document compares the old and new tax regimes for FY 2023-24 in India. Under the old regime, there were 5 tax slabs ranging from 0% to 30%. Under the new regime, there are 4 tax slabs of 0%, 10%, 15%, 20%, and 30%. The new regime provides higher standard tax deductions and additional deductions that may make it more beneficial for some income brackets compared to the old regime. A sample tax calculation table is given to illustrate income ranges where the new regime could provide lower taxes.

Uploaded by

john
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Old Vs New Tax Regimes : FY 2023-24

Old Tax Slabs Tax Rate Remarks New Tax Slabs Tax Rate
₹ 0 - 2.5 Lakhs 0% ₹ 0 - 3 Lakhs 0%
If Net Taxable
₹ 2.5 - 5 Lakhs 0% Income < ₹ 5 Lakhs ₹ 3 - 6 Lakhs 0%
If Net Taxable
₹ 2.5 - 5 Lakhs 5% Income > ₹ 5 Lakhs ₹ 3 - 6 Lakhs 5%

₹ 5 - 10 Lakhs 20% ₹ 6 - 9 Lakhs 0%

> ₹ 10 Lakhs 30% ₹ 6 - 9 Lakhs 10%


₹ 9 - 12 Lakhs 15%
₹ 12 - 15 Lakhs 20%
> ₹ 15 Lakhs 30%

Old Tax Regime


Income
Income Range Standard Extra Net Taxable
Value (₹)
Deduction Deductions* Income
₹ 0 - 2.5 Lakhs ₹240,000 ₹50,000 ₹0 ₹190,000
₹ 2.5 - 3 Lakhs ₹270,000 ₹50,000 ₹0 ₹220,000
₹ 3 - 5 Lakhs ₹480,000 ₹50,000 ₹0 ₹430,000
₹ 5 - 6 Lakhs ₹580,000 ₹50,000 ₹50,000 ₹480,000
₹ 6 - 7 Lakhs ₹650,000 ₹50,000 ₹50,000 ₹550,000
₹ 7 - ₹ 9 Lakhs ₹850,000 ₹50,000 ₹200,000 ₹600,000
₹ 9 - 10 Lakhs ₹950,000 ₹50,000 ₹200,000 ₹700,000
₹ 10 - 12 Lakhs ₹1,050,000 ₹50,000 ₹250,000 ₹750,000
₹ 12 - 15 Lakhs ₹1,400,000 ₹50,000 ₹300,000 ₹1,050,000
> ₹ 15 Lakhs ₹1,550,000 ₹50,000 ₹350,000 ₹1,150,000

# Tax Calculations are without Surcharge and Cess

*Extra Deductions
HRA Exemption
Loss from House Property
Deductions Under Sec 80C
Deductions Under Sec 80D
Other Deductions
Calculator By - AssetYogi

Remarks

If Net Taxable
Income < ₹ 7
Lakhs
If Net Taxable
Income > ₹ 7
Lakhs
If Net Taxable
Income < ₹ 7
Lakhs
If Net Taxable
Income > ₹ 7
Lakhs

e New Tax Regime (2023)


Tax @ Old Standard Net Taxable Tax @ New Better
Slabs # Deduction Income Slabs #
₹0 ₹50,000 ₹190,000 ₹0 Both
₹0 ₹50,000 ₹220,000 ₹0 Both
₹0 ₹50,000 ₹430,000 ₹0 Both
₹0 ₹50,000 ₹530,000 ₹0 Both
₹22,500 ₹50,000 ₹600,000 ₹0 New Regime
₹32,500 ₹50,000 ₹800,000 ₹35,000 Old Regime
₹52,500 ₹50,000 ₹900,000 ₹45,000 New Regime
₹37,500 ₹50,000 ₹1,000,000 ₹60,000 Old Regime
₹127,500 ₹50,000 ₹1,350,000 ₹120,000 New Regime
₹157,500 ₹50,000 ₹1,500,000 ₹150,000 New Regime

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