Income tax slab 2023-24: ITR filing last date July 31, check slabs and rates in a hurry now

With the Income tax return last date almost upon us, which is July 31, 2024, taxpayers would be desperately looking to quickly file their taxes. Income tax return late filing invites scary penalties. And that means many taxpayers would be wanting to take a closer look at their Income tax slab 2023-24 to properly analyse their gross income, net income after deductions and then pay their taxes or ask for income tax refunds, if any. Notably, knowing your income tax slab rate will ensure that you do not make any mistake while doing your ITR filing. 

Income tax slab 2023-24

According to the rules followed by the Income Tax department, the income tax that a taxpayer owes to the government is calculated through the income tax slab system. Currently, it is applicable to financial year 2023-24 and assessment year 2024-25. Before proceeding further, know that India has two tax regimes under which an individual can pay income tax. These are the old income tax regime and the new income tax regime. The new tax regime is the default option and those who want to opt for old tax regime will have to manually change it. An income tax payer can choose either one of them as per the one that he benefits more from.

Now, every individual falls into one income tax slab rate or the other. Therefore, everyone should also know and understand their income tax slabs and rates. The income tax slab rate was devised by the government of India to ensure a more equitable system in which those with higher incomes pay more taxes.

Here are the income tax slabs and rates that are currently applicable:

Income tax slab 2023-24 for those under 60 years: Old tax regime and new tax regime

Income tax slab 2023-24 for those between 60 years and under 80 years: Old tax regime and new tax regime

Income tax slab 2023-24 for those over 80 years: Old tax regime and new tax regime

Note: All data as per Income Tax department.

 It is crucial for taxpayers to know their Income tax slab 2023-24 as the ITR filing last date is almost here. The date is July 31, 2024. That means they should check their income tax slabs and rates now.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today