New Income Tax Slabs 2023: Know how much to pay for which slab

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Finance Minister Nirmala Sitharaman made five major announcements on personal income tax to benefit the middle class people during the Budget session.

The New income tax regime has seen a major revamp in the income tax slab rates for 2023-24.

Sitharaman has also mentioned that the new tax regime would be default one and the tax payers can opt for the old one. In the new tax regime, an individual, he or she will not be required to pay any tax up to an annual income of Rs 7 lakhs.

Here is the new income tax slabs under the new tax regime for the Tax payers.

For Individual Income Tax Payers (up to 60 years)

  • If your gross annual income is between Rs 6,50,000-7,00,000, then you have to pay tax of Rs 33,800 as compared to the old regime where one used to pay Rs 22,901.
  • If your gross annual income is between Rs 9,50,000- 10,00,000, then you have to pay tax of Rs 78,000  as compared to the old regime where one used to pay Rs 31,221.
  • If your gross annual income is between Rs 19,50,000- 20,00,000 then you have to pay tax of Rs 3,51,000 as compared to the old regime where one used to pay Rs 2,90,971.
  • If your gross annual income is between Rs 34,50,000 – 35,00,000 then you have to pay tax of Rs 8,19,000 as compared to the old regime where one used to pay Rs 7,26,211.
  • If your gross annual income is between Rs 54,50,000- 55,00,000 then you have to pay tax of Rs 15,87,300 as compared to the old regime where one used to pay Rs 15,69,316.

For Senior Citizen Income Tax Payers (60-80 years)

  • If your gross annual income is between Rs 6,50,000-7,00,000, then you have to pay tax of Rs 33,800 as compared to the old regime where one use to pay Rs 20,301.
  • If your gross annual income is between Rs 9,50,000- 10,00,000, then you have to pay tax of Rs 78,000 as compared to the old regime where one use to pay Rs 28,621.
  • If your gross annual income is between Rs 19,50,000- 20,00,000 then you have to pay tax of Rs 3,51,000 as compared to the old regime where one use to pay Rs 2,88,371.
  • If your gross annual income is between Rs 34,50,000 – 35,00,000 then you have to pay tax of Rs 8,19,000 as compared to the old regime where one use to pay Rs 7,23,611.
  • If your gross annual income is between Rs 54,50,000- 55,00,000 then you have to pay tax of Rs 15,87,300 as compared to the old regime where one use to pay Rs 15,66,456.

For Super Senior Citizen Income Tax Payers (>80 years)

  • If your gross annual income is between Rs 6,50,000-7,00,000, then you have to pay tax of Rs 33,800 as compared to the old regime where one use to pay Rs 9,901.
  • If your gross annual income is between Rs 9,50,000- 10,00,000, then you have to pay tax of Rs 78,000 as compared to the old regime where one use to pay Rs 18,221.
  • If your gross annual income is between Rs 19,50,000- 20,00,000 then you have to pay tax of Rs 3,51,000 as compared to the old regime where one use to pay Rs 2,77,971.
  • If your gross annual income is between Rs 34,50,000 – 35,00,000 then you have to pay tax of Rs 8,19,000 as compared to the old regime where one use to pay Rs 7,13,211.
  • If your gross annual income is between Rs 54,50,000- 55,00,000 then you have to pay tax of Rs 15,87,300 as compared to the old regime where one use to pay Rs 15,55,016.
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