Income Tax Slab Changes for FY 2023-24 Announced
Latest Tax Rates for Assessment Year 2024-25
In a significant move, the Government of India has announced changes to the income tax slabs for the financial year 2023-24 (assessment year 2024-25). These changes will impact taxpayers across the country and introduce new tax brackets and rates.
Key Changes in Tax Slabs
The following table summarizes the key changes in income tax slabs for the new tax regime:
Income Range | Old Tax Rate | New Tax Rate |
---|---|---|
Up to ₹3 lakhs | Exempt | Exempt |
₹3-6 lakhs | 5% | 5% |
₹6-9 lakhs | 10% | 10% |
₹9-12 lakhs | 15% | 15% |
₹12-15 lakhs | 20% | 20% |
₹15-20 lakhs | 25% | 22.5% |
Above ₹20 lakhs | 30% | 30% |
These changes aim to simplify the tax structure, reduce the tax burden on lower income earners, and promote economic growth. Taxpayers are urged to consult with their financial advisors or refer to the official government website for detailed information on these changes.
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