INCOME TAX

Income tax consultation and filing of returns will be made in the case of individual assesses.

The heads of income to be dealt with are

1. income from salary
2. income from house property 
3. income from other sources 
4. capital gains

Income Tax Slabs and Rates FY 2023-24

Updated On – 28 Apr 2023

Income Tax Slabs in India are announced by the finance minister every year.  This year, the finance minister Nirmala Sitharaman has announced the Union Budget for 2023 on 1 February 2023. In the latest budget, certain changes to the existing income tax slab has been introduced. Currently, there are two different Income Tax regimes. Under both the new regime and the old regime, taxpayers can avail tax benefits.

The finance minister announced that under the new tax regime the rebate for income tax has been increased to Rs.7 lakh from the earlier limit of up to Rs.5 lakh. There were certain changes under the tax slab for the new tax regime too. Apart from that surcharge rate on income of Rs.5 crore and above has been decreased from 37% to 25%.

Note: You can now file your taxes through the New income tax portal. The new portal comes with a plethora of features and is designed to ease the tax filing process.

Income Tax Slab defined as the Individual taxpayers will need to pay the income tax based on the slab system they fall under. Depending on the income of the individual, he/she may fall under a different tax slab. Therefore, individuals with a higher income will need to pay more tax. The slab system was introduced to maintain a fair tax system in the country. The slabs tend to change at every budget announcement.

Note: New income tax rates are optional

Things you Must Keep in Mind before opting for New Tax Slab

There are few things you must keep in mind before opting for the new tax slab:

• The option can be exercised on or before for every previous year if you as an individual or as a member of a Hindu Undivided Family (HUF) do not have any business income.
• As a taxpayer, once you choose the next tax regime as your option, you cannot change it during the year. In case you withdraw your option for the next tax regime and revert to the old tax regime, you can opt for the new tax regime during the financial year again.
  

  Advance Tax

  The calculation of tax liability before-hand and paying the taxes to the government accordingly is called advance tax. There are certain deadlines for the advance tax payments. These deadlines are listed below:

  Due Date	Advance Tax Payable
  On or before 15th June	15% of advance tax
  On or before 15th September	45% of advance tax
  On or before 15th December	75% of advance tax
  On or before 15th March	100% of advance tax