Know about the Latest Income Tax Slab Rates (1)

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Income Tax Slabs Rates for FY? ?2023-24
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What is Income Tax Slabs ?

• In India, income tax is levied on individual
  taxpayers on the basis of a slab system where
  different tax rates have been prescribed for
  different slabs and such tax rates keep
  increasing with an increase in the income slab.
• Such tax slabs tend to undergo a change during
  every budget.
• Further, since the budget 2018 has not announced
  any changes in income tax slabs this time, it
  remains the same as that of last year.

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New Income Tax Slabs and Rates for Financial
Year2023-2024
Income Tax Slab Income Tax Rate ()
Between Rs. 0 and Rs. 3,00,000 0
Between Rs. 3,00,001 and Rs. 6,00,000 5 on income in excess of Rs.3,00,000
Between Rs. 6,00,001 and Rs. 9,00,000 Rs.15,000 10 of income above Rs.6,00,000
Between Rs. 9,00,001 and Rs. 12,00,000 Rs.45,000 15 on income above Rs.9,00,000
Between Rs. 12,00,001 and Rs. 15,00,000 Rs.90,000 20 on income above Rs.12,00,000
Above Rs. 15,00,001 Rs.150,000 30 on income above Rs.15,00,000
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How Income Tax Is Calculated Under the New Regime
Total Gross Income Rs. 12 Lakh
Deductions (80C, 80CCD) NIL
HRA NIL
Travel and Medical Allowance NIL
Taxable Income Rs.12 Lakh
Up to Rs.3 Lakh NIL
Above Rs.3 Lakh - Rs.6 Lakh Rs.15,000
Above Rs.6 Lakh - Rs.9 Lakh Rs.30,000
Above Rs.9 Lakh - Rs.12 Lakh Rs. 45,000
Above Rs.12 Lakh - Rs.15 Lakh NIL
Total Tax that must be Paid Rs. 90,000
Total Gross Income Rs. 12 Lakh
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To know More

• Are you curious about income tax slabs and how
  they affect your finances? Visit our website for
  detailed information and insights. Explore the
  latest updates, exemptions, and deductions
  related to income tax. Take control of your tax
  planning and maximize your savings. Visit us now
  to learn more!

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For More Info-
BAJAJ HOUSING FINANCE LIMITED Cerebrum IT Park,
5th Floor B2 Building, Holy Cross Rd, Kalyani
Nagar, Pune, Maharashtra 411014 Phone number
91 8698010101 Email id bhflwecare_at_bajajfinserv.i
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