Income Tax Slab Rates FY 2023-24 | Tax Calculation with Old vs New Tax Regime [Hindi]

Income Tax Slab Rates FY 2023-24 | Tax Calculation with Old vs New Tax Regime [Hindi]
In this video by FinCalC TV we will see Income Tax Slab Rates applicable for FY 2023-24 with Old and new tax regimes in hindi. We will also see the income tax calculation examples using Tax Calculator and which tax regime is better for you. By default, new tax regime will be selected for FY 2023-24 and standard deductions of Rs. 50,000 will be available to both old and new regimes.

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CHAPTERS:
00:00 Income Tax Slab Rates 2023-24 Intro
00:35 Old Tax Regime Slab Rates
01:06 New Tax Regime Slab Rates
02:15 Income Tax Calculation Examples
05:44 Using Income Tax Calculator
09:29 Income Tax Calculator 2023-24 Excel Download
10:32 Income Tax Slab Rates 2023-24 Conclusion

Old vs New Tax Regime Which is better:

In Budget 2023, there were few important changes made including the new tax regime slab rates changes. We will see Old vs New Tax Regime Slab Rates in this article and which one will be better for you in FY 2023-24.

New Tax Regime Slab Rates for FY 2023-24 are as follows for all age groups:

- Rs. 0 to Rs. 3 Lakh Income = 0% Tax
- Rs. 3 Lakh to Rs. 6 Lakh Income = 5% Tax
- Rs. 6 Lakh to Rs. 9 Lakh Income = 10% Tax
- Rs. 9 Lakh to Rs. 12 Lakh Income = 15% Tax
- Rs. 12 Lakh to Rs. 15 Lakh Income = 20% Tax
- Rs. 15 Lakh and above Income = 30% Tax

Other important changes in Budget 2023 includes:

Tax Rebate limit increased from Rs. 5 Lakh to Rs. 7 Lakh in New Tax Regime. So no tax up to income of Rs. 7 Lakh with new regime
Tax slab rates changed for new tax regime
Standard deduction of Rs. 50,000 available with new regime from FY 2023-24 onwards

Old Tax Regime:
Rs. 0 – Rs. 2.5 Lakh - 0%
Rs. 2.5 Lakh – Rs. 5 Lakh - 5%
Rs. 5 Lakh – Rs. 10 Lakh - 20%
Rs. 10 Lakh or above - 30%

NEW TAX REGIME DEDUCTIONS AND BENEFITS
If is important to note the the new tax regime slab rates mentioned above are the reduced tax slab rates for all age groups. But you will not get any deduction option to be claimed with new tax regime, except some of the below benefits

In Budget 2023, Standard Deduction of Rs. 50,000 will be available with new tax regime from FY 2023-24 onwards
Tax Rebate applicable with new tax regime up to income of Rs. 7 Lakh from FY 2023-24. So no tax on income up to Rs. 7 Lakh with new tax regime.
Also with tax slabs changed, the tax liability is reduced from FY 2023-24 compared to previous financial years

HOW CAN I AVOID A HIGHER TAX BRACKET?
In case your income is above 10 Lakh, for which you will belong to 30% tax bracket according to Old tax regime and 20% tax bracket according to new tax regime (based on your income), you can make investments and claim deductions to reduce your taxable income.

Reducing taxable income with old tax regime by using deduction options is the only way to avoid higher tax bracket.

[skeGaanekeDiwane]

Wah sir ji bahut perfect bataye Jo koi bhi nahi bata paya

[sonammedewar]

Good Video, precise, simple and effective👍💯

[Prasanta_Ku_Digal]

Sir, Your way of explanation is really out of the box...!

Can i show my PPF investment in 2023-24 Regime under 80c. Please answer me Sir

[ShyamSunder-qyni]

Thanks for income tax knowledge.Discription box kon sa hotta hai.

[alisajjad]

your video is most educational but pla tell which one is profitabe pls tell me very good video thanks

[anuragnayak]

I want to claim deductions for Internet expense, Professional tax, HRA, long term loss in stocks.... Which one should I choose???

[anu]

Hello, If I have an income of 9 lakhs from my salary then a standard deduction of 50k will be applicable. Which will give 8, 50, 000 as Income. Then, on this remaining amount tax slabs will be applicable. What will be my tax liability?

[praveenjalagari]

Hi your presentation and workings are excellent thanks for sharing valuable information, Incometax slab calcultion formula need to be corrected as instead of 110000 ). please correct me if I am wrong... Thank's Jalagari Praveen

[deveshjoshi]

What is the last day to select the tax regime after which the default of new regime will be selected

[vipul]

My doubt is where do you select the tax regime?

[amitdahiya]

Ex gratia ke under salaried par tds kaatna pdega yaa nahi

[anilrathi]

Govt employees ka nps deduction new regime me deductable hoga ya nhi

[aniketkabade]

Tax can be paid through old tax regime or old tax regime?

[Jit_Tech_World]

Sir abhi jo itr file karenge fy year 22-23 hoga na sir to aplog is year. Ka. Slab rate ke hisab se video banaye naki fy 23-24 ....is me confusion hota hai

[mohammedmujtabha]

Does this new regime apply to business person to pay the income tax?

[mansinghsaggu]

Sir, if the salary is 7.6 lacs. Individual has to pay tax around 26 thousand appr. Where as he gets just 10 thousand more than the exemption. Here is income remains less than than the individual whose salary is 7.5 lacs. Is it not injustice to him. Pls clear this.

[mohammadamil]

New tax slab me bhi nps ki chhit milegi kiya

[shaiksalma]

Agar company salary se phele hi 2.5 % dedect karke amount dal rahi ho to, income tax b bana padega kya

[kishorrajju]

Ay 2024-25 me new slab rate me age limit kya hai ....
60+ ki liye kya slab hai?

[surajkumarbhokare]

I think last year I paid more tax so do you have solution to get refund?