Confused between Old and New Tax Regime? Income tax slab for Fy 2023-24 Simplified

If you are new to the world of Tax Payment and confused which tax regime to choose between i.e, the old and the new, this article is just right for you. We have simplified the information for the beginners. Recently govt of India has announced a new tax regime for the assessment year 2024-2025 (Financial Year 23-24) which offers several benefits, however, still providing the choice to refer old existing regime. 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 2023 on February 1st 2023.

Note: An employee can opt for the new tax regime at the beginning of financial year after which they cannot revert to the old regime and can only change the regime at the beginning of the next financial year. However, in case of income from other professions and business, the option to choose between the either tax regimes is available only once.

Income Slabs New Tax Regime   
FY 2023-24 (AY 2024-25)
₹0 – ₹2,50,000 Nil
₹2,50,000 – ₹5,00,000 5%    
(tax rebate u/s 87A is available)
₹5,00,000 – ₹7,50,000 10%
₹7,50,000 – ₹10,00,000 15%
₹10,00,000 – ₹12,50,000 20%
₹12,50,000 – ₹15,00,000 25%
₹15,00,000 and above 30%

Income Slabs Old Tax Regime   
FY 2023-24 (AY 2024-25)
₹0 – ₹2,50,000 Nil
₹2,50,000 – ₹5,00,000 5%
₹5,00,000 – ₹10,00,000 20%
₹10,00,000 and above 30%

You can clearly see how the New Regime visibly seem more beneficial as minimum tax is applied on smaller Income Slabs then why would taxpayer want to choose old regime anyway! the Twist is that Old Regime offers some benefits that The new regime does not such as certain exemptions and deductions which when included in your income, reduces your tax liability.
Example: If Gross income is 15 lakh, then total Taxable income would be 14.5 lakh as standard deduction of 50,000 is offered to all taxpayers irrespective of any Income slab. A person under old scheme can show certain deductions such as:

Housing Loan interest under Section 24
Professional tax
Standard deduction on salary
Special allowances under Section 10(14).
Children education allowance
Helper allowance
Relocation allowance
Conveyance allowance
House Rent Allowance
Leave Travel Allowance and more

There are around 70 such deductions & exemptions that can be used to reduce your taxable income. However, in the New Tax Regime these options are not available. Hence, the old tax regime is still available so the people can opt for such benefits. Now you may guess that the old regime seem much easier and can lower your tax significantly but remember that the tax slab is still the major factor that decides how much Tax you may eventually pay. The new categorization of your income slab can reduce your taxes to a great extent. In fact it is found that the New Tax regime has benefitted many Taxpayers by incurring lesser tax than the old regime including certain exemptions such as House Rent Allowances, House Loans, Leave Travel Allowances, etc. Basically it depends how many allowances you are eligible for.

You can use Income Tax Calculator to calculate your tax payable under both regimes and decide which regime is better for you. 

Note: After all the deductions, if the taxable income under the Old regime is under Rs 5 lakh, then the individual doesn’t need to pay any tax. Under New Regime, the entire income will be tax-free if the taxable income is under Rs 7 lakh.

92 thoughts on “Confused between Old and New Tax Regime? Income tax slab for Fy 2023-24 Simplified”

  1. A motivating discussion is worth comment. I believe
    that you should write more about this subject
    matter, it may not be a taboo matter but usually folks don’t speak about these
    topics. To the next! All the best!!

  2. Промокод 1xbet при регистрации. Промо-код встречается на просторах сети достаточно часто. Букмекер использует его для привлечения новых игроков в индустрию ставок, но преимущество предоставляется и новому игроку. После того как он совершит первый депозит, на его бонусный счёт поступит аналогичная сумма, до 32500 рублей. промокод для 1xbet Данный вид бонус-кода также популярен в поиске. Указывать его надо в купоне для совершения ставки. Промокод 1xbet на ставку практически невозможно найти в бесплатном доступе. Он вручается игрокам индивидуально.К примеру, компания промокодов. В данном разделе подробно расписан процесс получения.

  3. Бонус приветствия в Betwinner предоставляет игрокам возможность получить дополнительные средства на свой игровой счет. Этот бонус составляет 100% от суммы первого депозита, который игрок вносит на свой счет. Например, если новый клиент пополнил свой счет на 10 евро, то ему будет начислено еще 10 евро в качестве бонуса.

  4. All the existing bookmakers and casino platforms nowadays use all available methods to attract the potential players, including promotional offers. As the gambling industry does not stay still, improving regularly the existing entertainments and creating new ones, it always gives the comfortable conditions to try them out. For the Aviator, this experience was also implied by Spribe developer company, while they released the game and let users get familiar with it. It included the social interactions on available platforms with the Aviator game code the users could activate and receive on the partnering sources some generous rewards. Implying bonuses both for the target game and other slots or bet exclusives, the Aviator coupon code has become one of the top used within the gambling community.
    You can find out more detailed information about bonuses and sites where you can play the aviator game by reading our article
    While the Aviator game itself may not offer promo codes, several online casinos that host the game provide promotional offers. Among the popular online casinos offering Aviator are 1xbet, 1win, Parimatch, Mostbet, Pin Up, and 4raBet.
    These casinos frequently introduce promo codes that players can use to enhance their gaming experience. By redeeming these codes, players can enjoy various benefits, such as bonus funds, free spins, or exclusive rewards. Keep an eye on these reputable online casinos and their promotional campaigns to make the most out of your Aviator gameplay and increase your chances of winning big.

  5. Maximize Your Gameplay with Unlimit Casino’s Bonuses
    Unlock the Full Potential of Your Gaming Experience with Unlimit Casino’s Exclusive Bonus Offers
    Are you ready to take your gaming experience to the next level? Look no further than Unlimit Casino, where excitement and rewards await you at every turn. Our state-of-the-art platform is designed to provide unparalleled entertainment and endless possibilities.
    With Unlimit Casino, you’ll have access to a wide range of thrilling games that will keep you on the edge of your seat. Whether you prefer the thrill of the spinning reels or the strategic challenge of the card tables, our extensive collection has something for everyone.
    But that’s not all – we believe in rewarding our players for their loyalty and passion. That’s why we offer a variety of enticing bonuses to enhance your gameplay. From generous welcome bonuses to exciting promotions, our goal is to maximize your chances of winning big.
    When you play at Unlimit Casino, you’ll also enjoy a seamless and secure gaming experience. Our cutting-edge technology ensures that your personal information is protected, so you can focus on what matters most – having fun and winning!
    So why wait? Join the Unlimit Casino community today and start reaping the rewards. Get ready for an unforgettable gaming adventure that will leave you craving for more. The possibilities are unlimited, and the excitement is just a click away!
    Increase Your Winning Potential with Unlimit Casino’s Exclusive Bonuses
    Want to take your gaming experience to the next level and boost your chances of winning big? Look no further! Unlimit Casino is here to provide you with an array of exclusive bonuses that will greatly enhance your winning potential.
    Unlock Unique Opportunities
    At Unlimit Casino, we believe in offering our players not just a run-of-the-mill casino experience, but something truly exceptional. That’s why our exclusive bonuses are designed to give you access to unique opportunities that will set you apart from the crowd.
    With our carefully curated selection of exclusive bonuses, you can enjoy an increased chance of hitting the jackpot, securing bigger wins, and unlocking exciting features that will make your gaming sessions unforgettable.
    Customize Your Gameplay
    We understand that every player has their own preferences and strategies when it comes to online gambling. That’s why our exclusive bonuses are designed to give you the flexibility to customize your gameplay according to your personal style.
    Whether you prefer to play slots, table games, or live casino, our exclusive bonuses cater to all types of players. From free spins and cashback offers to match bonuses and VIP rewards, we have an exclusive bonus that suits your individual preferences and gaming needs.
    With Unlimit Casino’s exclusive bonuses, you can maximize your chances of winning, discover hidden gems in our extensive game library, and embark on an exciting gambling adventure like no other. Don’t miss out on these exclusive opportunities to boost your bankroll and elevate your gaming experience!
    Unlock a World of Gaming Opportunities
    Imagine being able to explore endless possibilities and immerse yourself in a world of excitement, all within the realms of gaming. Embark on a journey where every click holds the potential to unlock new adventures, challenges, and rewards.
    At Unlimit Casino, we believe in providing a gaming experience that goes beyond the ordinary. We offer you an opportunity to dive into a world filled with thrilling games, enticing bonuses, and endless opportunities to test your luck and skill.
    Discover a universe of gaming options that cater to every taste and preference. Whether you are a fan of classic casino games like roulette and blackjack, or prefer the adrenaline rush of spinning the reels on the latest video slots – we have it all. Our extensive collection of games ensures that there is never a dull moment, with new titles regularly added to keep the excitement fresh.
    But our offerings don’t stop at just games. We understand that players crave more than just entertainment – they seek rewards and recognition for their dedication. That’s why we have crafted a range of bonuses and promotions that are designed to maximize your gaming experience. From welcome bonuses that boost your initial deposit to loyalty programs that shower you with exclusive perks – we ensure that every player feels valued and rewarded.
    Step into our virtual casino, where the possibilities are limitless. Whether you are a seasoned player or new to the world of online gaming, Unlimit Casino welcomes you with open arms. Our user-friendly interface, secure payment options, and dedicated customer support ensure a seamless and enjoyable experience from start to finish.
    So, what are you waiting for? Unlock a world of gaming opportunities and let the adventure begin!

    – Endless gaming options
    – Exciting bonuses and promotions
    – User-friendly interface
    – Secure payment options
    – Dedicated customer support

    Claim Your Welcome Bonus and Start Winning Big
    Are you ready to take your gaming experience to the next level? Look no further! Unlimit Casino is here to make sure that you start your journey with a big win. Get ready to claim your fantastic welcome bonus and embark on a thrilling adventure filled with excitement and unlimited possibilities.
    At Unlimit Casino, we understand that every player is unique and deserves to be treated like a winner. That’s why we offer a generous welcome bonus that will give you a head start in your quest for big wins. With this bonus, you’ll have more chances to play your favorite games and increase your chances of hitting that life-changing jackpot.
    As soon as you join Unlimit Casino, you’ll be greeted with open arms and rewarded with a welcome bonus that will leave you speechless. Whether you’re a seasoned player or new to the world of online gambling, our welcome bonus is designed to enhance your gaming experience and maximize your winnings.
    Not only will you receive a warm welcome, but you’ll also have access to an impressive selection of top-quality games, from classic slots to thrilling table games and everything in between. Our games are powered by leading software providers, ensuring that you’ll be enjoying the latest and most innovative titles in the industry.
    Join the Unlimit Casino community today and let us take care of your entertainment needs. Claim your welcome bonus now and start winning big! With our exceptional bonuses, unforgettable games, and dedicated customer support, you’ll never want to play anywhere else. The time to level up your gaming experience is now!
    Multiply Your Winnings with Unlimit Casino’s Loyalty Program
    Hey there, fellow gamers! Fancy boosting your winnings at Unlimit Casino? Well, get ready for an exhilarating experience with our exclusive Loyalty Program. We believe that loyalty should be rewarded, and that’s why we’ve designed a program packed with exciting benefits to amp up your gameplay and maximize your earnings!
    What’s in it for you?
    Let’s dive right into the perks of joining our Loyalty Program. With each bet you make, you’ll earn loyalty points that can be exchanged for awesome rewards. Whether you prefer to play slots, poker, roulette, or any other casino game, our program is tailored to suit your gaming preferences. The more you play, the more points you accumulate, meaning your winnings are not limited to just your luck with the games!
    Level up for even greater rewards
    But that’s not all! We’ve taken our Loyalty Program to the next level by introducing different tiers. As you rise through the ranks, you’ll unlock exclusive benefits and bonuses that will take your gaming experience to new heights. From personalized promotions and faster withdrawals to VIP access and dedicated support, we’ve got it all covered. So, why settle for just winning when you can multiply your rewards through our loyalty tiers?
    Join Unlimit Casino’s Loyalty Program today and take your winnings to the next level. Remember, loyalty pays off, and we’re here to ensure you reap the rewards you deserve. So, get ready to multiply your earnings, unlock exciting bonuses, and experience the thrill of gaming like never before!

  6. Если вы ищете простой в использовании способ загрузить скачать приложение зона, то сайт определенно стоит вашего внимания. Она предлагает понятный даже новичкам интерфейс, обеспечивающий быстрый и удобный доступ к различным файлам.

  7. Медиагет – превосходный клиент для загрузки файлов, который предлагает удобный интерфейс и высокую скорость загрузки. Если вы ищете надежный и легкий в использовании клиент для загрузки файлов, то этот клиент идеально подходит для вас. Скачать Mediaget вы можете бесплатно по ссылке mediaget. Mediaget легко устанавливается и не требует особых настроек, что делает его идеальным выбором для пользователей любого уровня знаний.клиента.

  8. Adobe Flash Player – популярная программа, которая дает возможность воспроизводить анимацию, видео и игры в Интернете. Если вы хотите получить доступ к широкому спектру интернет-ресурсов, рекомендуем adobe flash player android из надежного источника. Это свободно распространяемое программное обеспечение, которое значительно расширит ваш опыт работы в сети.

  9. заказать вермут

    • Водка – традиционный напиток крепостью 40 градусов.


    [url=]заказать вермут[/url]

  10. Проект Мир: Л был создан нами для того, чтобы вы научились отдавать любовь миру вокруг вас и ценить себя. Развивайтесь и самосовершенствуйтесь, смотрите вебинары, проходите обучение, посещайте мероприятия в разных уголках планеты. Ищете арт терапия презентация? – зарегистрировавшись тут абсолютно бесплатно, вы сразу получите доступ к интересным статьям, видеороликам, а также аудиозаписям по различным сферам. Если у вас остались какие-либо вопросы, напишите нам, укажите на нашем сайте ваше имя и e-mail. Исследуйте уже сейчас платформу Мир: Л!

  11. MichaelERYMN

    Select the appropriate metal material for the specific design. Strength requirements, corrosion resistance and other characteristics must be taken into account. It is worth contacting experienced specialists who will help you understand all the parameters.

  12. Вам нужна помощь хакера? Обращайтесь скорее к нам, мы предоставляем осуществление любых услуг взлома, гарантируем полную конфиденциальность ваших данных, приемлемые цены, оперативные сроки. Специалист имеет за спиной достаточный опыт и множество проделанных проектов. Ищете удалить негативные отзывы? – сайт, где можете узнать подробную информацию об услугах. Хакер не интересуется, зачем и для чего делаете заказ. Обращайтесь прямо сейчас к специалисту, для него нет нерешаемых задач!

  13. Такси Минивэн Онлайн предлагает высококачественные услуги по доступным тарифам. В салоне авто помещаются 8 человек с комфортом. Машины оборудованы детскими креслами. Все водители доброжелательные, школу мастерства они прошли. Ищете заказать такси минивэн? – сайт, где представлена более подробная информация, ознакомиться с ней можете в удобное для вас время. Также тут указана стоимость поездки. Заказ такси минивэн осуществляется по контактному номеру телефона. Звоните нам прямо сейчас и мы вас проконсультируем!

  14. Bobylonpycle

    Зайдите на сайт и вы сможете ознакомиться с Индустриальным парком в 67 км от Москвы ЦКАД 165. Это новая площадка для производственных и складских объектов со всей необходимой инфраструктурой, собственным съездом с ЦКАД и менеджментом управляющей компании. Узнайте подробнее на сайте.

  15. Студия звукозаписи в Минске Senjor Minor это профессиональная студия звукозаписи, где вы сможете записать песню, написать аранжировку, сделать сведение, мастеринг, озвучку рекламных аудиороликов и получить услуги по продвижению вашего творчества. Зайдите на сайт – узнайте подробную информацию.

  16. OsipoewAnobe

    Зайдите на сайт и вы сможете заказать выездные праздники для детей в Москве и области. Узнайте стоимость и услуги, которая предлагает компания, такие как: мастер классы, различные праздничные кейсы, авторские вечеринки в различных стилях и многое другое. Огромный опыт и отличная репутация позволят вам заказать праздник для детей от профессионалов!

  17. Посетите и вы сможете заказать печать и изготовление календарей в типографии по отличным ценам. Ознакомьтесь с каталогом услуг, стоимостью изготовления продукции, а заказ можно сделать буквально в 1 клик. Качественные услуги по привлекательным ценам от профессионалов у нас на сайте.

  18. Лучшие букмекеры в России – это те компании, которые предлагают высокие коэффициенты, широкий выбор спортивных событий и удобный интерфейс для ставок. Таких букмекеров можно выделить своей обширной линией, а также возможностью делать ставки в реальном времени. Они предлагают большое количество рынков для ставок и быстрые выплаты. Имеют удобное приложение для мобильных устройств. В целом, выбор букмекера зависит от предпочтений каждого игрока, но букмекеры на сайте являются одними из лучших на российском рынке

Leave a Comment

Your email address will not be published. Required fields are marked *