Can Anyone Share the Income Tax Slabs for FY 2023-24 in Excel for India?

Dear Experts,

Please share the income tax slab for the FY 2023-24 for salaried employees, as per the old regime and new regime rates in Excel.

Thank you.

Location: Ahmedabad, India
Tags: income tax, income tax slab, tax slab, Country-India, City-India-Ahmedabad

Income Tax Slabs for FY 2023-24 (Old Regime & New Regime) in India

For the financial year 2023-24, the income tax slabs for salaried employees in India under the old and new tax regimes are as follows:

1. Old Tax Regime:
- For Individuals below 60 years:
- Up to ₹2.5 lakh: No tax
- ₹2.5 lakh to ₹5 lakh: 5%
- ₹5 lakh to ₹10 lakh: 20%
- Above ₹10 lakh: 30%

- For Senior Citizens (60 to 80 years) and Super Senior Citizens (above 80 years), the tax slabs vary.

2. New Tax Regime:
- The new tax regime offers reduced tax rates but without deductions and exemptions.
- The tax rates are progressive based on income slabs.

To provide the detailed tax calculation in Excel format, please refer to the official Income Tax Department website or consult with a tax professional for precise computations tailored to individual circumstances.

It's advisable to assess your specific financial situation and tax-saving investments to choose the tax regime that best suits your needs and helps optimize your tax liability for FY 2023-24.