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.

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