Tax Slab applicable for FY 2023-24 (AY 2024-25):-

NEW TAX REGIME		OLD TAX REGIME
Income (Rs.)	Tax Rate	Income (Rs.)	Tax Rate
0 to 3 Lakhs	0	0 to 2.5 Lakhs	0
3 to 6 Lakhs	5%	2.5 to 5 Lakhs	5%
6 to 9 Lakhs	10%	5 to 10 Lakhs	20%
9 to 12 Lakhs	15%	Above 10 Lakhs	30%
12 to 15 Lakhs	20%
Above 15 Lakhs	30%

Surcharge Rate	NEW TAX REGIME	OLD TAX REGIME
Above Rs.50 Lakhs to 1 crore	10%	10%
Above Rs.1 crore to 2 crore	15%	15%
Above Rs.2 crore to 5 crore	25%	25%

Particulars	Old Tax Regime	New Tax Regime
Investment in LIC, Insurance, PPF, Mutual Fund, School Fees etc.	Allowed up to Rs. 1.5 Lakhs	No deduction allowed
Employees Contribution to National Pension Scheme( NPS)	Allowed	No deduction allowed
Employers Contribution to National Pension Scheme (NPS)	Allowed	Allowed
Medical Insurance Premium/Medical Expenses	Allowed	No deduction allowed
Education loan Interest	Allowed	Not Allowed
Saving Bank Interest	Allowed	Not Allowed
HRA Deduction	Allowed	Not Allowed
Standard Deduction for Salaried Employee	Rs.50,000	Rs.50,000
No Tax liability up to Rs.	5 Lakhs	7 Lakhs
Tax Rebate allowed up to Rs.	Rs.12,500/10,000	25,000

• CYBER SECURITY
• GST ITC
• INCOME TAX
• INCOME TAX SLAB RATES
• Shobhit Kesharwani & Co