{"id":19,"date":"2021-04-16T05:01:37","date_gmt":"2021-04-16T05:01:37","guid":{"rendered":"https:\/\/www.loan4fauji.com\/blog\/?p=19"},"modified":"2023-02-23T19:19:46","modified_gmt":"2023-02-23T19:19:46","slug":"income-tax-return-slab-2023-24","status":"publish","type":"post","link":"https:\/\/www.loan4fauji.com\/blog\/income-tax-return-slab-2023-24\/","title":{"rendered":"INCOME TAX RETURN SLAB 2023-24"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.loan4fauji.com\/blog\/income-tax-return-slab-2023-24\/#New_Income_Tax_Slab_for_FY_2023-24_AY_2024-25\" >New Income Tax Slab for FY 2023-24 (AY 2024-25)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.loan4fauji.com\/blog\/income-tax-return-slab-2023-24\/#Income_Tax_Slab_for_FY_2020-21_AY_2021-22\" >Income Tax Slab for FY 2020-21 (AY 2021-22)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.loan4fauji.com\/blog\/income-tax-return-slab-2023-24\/#New_Income_Tax_Slab_for_Senior_Citizens_in_2020-21\" >New Income Tax Slab for Senior Citizens in 2020-21<\/a><\/li><\/ul><\/nav><\/div>\n\n<p style=\"font-size:18px\"><strong>We Loan4fauji.com provides Income Tax Return (ITR) filing services for all the Defence Personnel i.e. (Indian Army, Indian Navy &amp; Indian Airforce), Paramilitary Soldiers i.e (CISF, CRPF, ITBP, SSB, BSF, Indian Coast Guard &amp; Assam Riles) &amp; Ex-servicemen. It is completely online process wherein soldiers don\u2019t need to go anywhere, they just need to upload the required documents and then our team of qualified CA\u2019s will evaluate &amp; file accurate ITR according to information you provide&nbsp; at the earliest.<\/strong><\/p>\n\n\n\n<p style=\"font-size:18px\">On 1<sup>st<\/sup> Feb 2020, Nirmala Sitharaman, the Finance Minister of India presented the Union Budget and introduced the new income tax slab. The New income tax regime was introduced for regular individuals, Senior citizens, Super Senior Citizens and HUF, Wherein they can pay taxes at lower income tax return slab rates. The income tax rates are depends upon annual income and age of the tax payer.<\/p>\n\n\n\n<p style=\"font-size:18px\">By knowing the income tax slab, our subscribers like Military Personnel i.e. (Indian Army, Indian Navy and Indian Airforce), Paramilitary Personnel(CISF, CRPF, BSF, ITBP, Indian Coast Guard &amp; Assam Rifles) and Ex-servicemen will be able to calculate the total tax they need to pay to the government this financial year 2020-21<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"New_Income_Tax_Slab_for_FY_2023-24_AY_2024-25\"><\/span>New Income Tax Slab for FY 2023-24 (AY 2024-25)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Income range<\/strong><\/td><td><strong>Income tax rate<\/strong><\/td><\/tr><tr><td>Up to Rs. 3,00,000<\/td><td>Nil<\/td><\/tr><tr><td>Rs. 300,000 to Rs. 6,00,000<\/td><td>5% on income that exceeds Rs 3,00,000\u00a0<\/td><\/tr><tr><td>Rs. 6,00,000 to Rs. 900,000<\/td><td>Rs 15,000 + 10% on income more than Rs 6,00,000<\/td><\/tr><tr><td>Rs. 9,00,000 to Rs. 12,00,000<\/td><td>Rs 45,000 + 15% on income more than Rs 9,00,000<\/td><\/tr><tr><td>Rs. 12,00,000 to Rs. 1500,000<\/td><td>Rs 90,000 + 20% on income more than Rs 12,00,000<\/td><\/tr><tr><td>Above Rs. 15,00,000<\/td><td>Rs 150,000 + 30% on income more than Rs 15,00,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Income_Tax_Slab_for_FY_2020-21_AY_2021-22\"><\/span>Income Tax Slab for FY 2020-21 (AY 2021-22)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table aligncenter is-style-regular\"><table><thead><tr><th class=\"has-text-align-left\" data-align=\"left\"><strong>Annual Income<\/strong><\/th><th><strong>New Tax Rate<br>FY 2020-2021<\/strong><\/th><th><strong>Old Tax Rate<br>FY 2019-2020<\/strong><\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\">     Upto Rs 2.5 Lacs<\/td><td>Exempted<\/td><td>Exempted<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">     Rs 2.5 Lacs \u2013 Rs 5 Lacs<\/td><td>5%<\/td><td>5%<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">     Rs 5 Lacs &#8211; Rs 7.5 Lacs<\/td><td>10%<\/td><td>20%<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">     Rs 7.5 &#8211; Rs 10 Lacs<\/td><td>15%<\/td><td>20%<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">     Rs 10 Lacs &#8211; Rs 12.5 Lacs<\/td><td>20%<\/td><td>30%<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">     Rs 12.5 Lacs &#8211; Rs 15 Lacs<\/td><td>25%<\/td><td>30%<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">     Above Rs 15 Lacs<\/td><td>30%<\/td><td>30%<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Income Tax Slab<\/figcaption><\/figure>\n\n\n\n<p style=\"font-size:18px\">Note 1:- Rebate U\/S 87A \u2013 A resident individual (whose Net income doesn\u2019t exceed Rs 5,00,000 can avail rebate under this section. It is deductible from income tax before calculating education cess. The Amount of the rebate is 100 % of income tax or Rs 12,500 whichever is less.<\/p>\n\n\n\n<p style=\"font-size:18px\">Note 2:- The option to pay tax at lower rates shall be available only if the total income of assesse is computed without claiming specified exemptions or deductions compared to last year tax slab i.e. FY 2019-20<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"New_Income_Tax_Slab_for_Senior_Citizens_in_2020-21\"><\/span><strong><u>New Income Tax Slab for Senior Citizens in 2020-21<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p style=\"font-size:18px\">Tax payers above 60 years of age &amp; less than 80 years of age are considered as Senior Citizens as per the Income Tax Act 1961. There is no change introduced in the income tax rates for senior citizens as compared to previous year i.e. FY 2019-20.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<figure class=\"wp-block-table aligncenter is-style-regular\"><table><thead><tr><th><strong>Annual Income<\/strong><\/th><th><strong>New Tax Rate<br>FY 2020-2021<\/strong><\/th><th><strong>Old Tax Rate<br>FY 2019-2020<\/strong><\/th><\/tr><\/thead><tbody><tr><td>Upto Rs 3 Lacs<\/td><td>Exempt<\/td><td>Exempt<\/td><\/tr><tr><td>Rs 3 Lacs \u2013 Rs 5 Lacs<\/td><td>5%<\/td><td>5%<\/td><\/tr><tr><td>Rs 5 Lacs &#8211; Rs 7.5 Lacs<\/td><td>10%<\/td><td>20%<\/td><\/tr><tr><td>Rs 7.5 Lacs &#8211; Rs 10 Lacs<\/td><td>15%<\/td><td>20%<\/td><\/tr><tr><td>Rs 10 Lacs &#8211; Rs 12.5 Lacs<\/td><td>20%<\/td><td>20%<\/td><\/tr><tr><td>Rs 12.5 Lacs &#8211; Rs 15 Lacs<\/td><td>25%<\/td><td>30%<\/td><\/tr><tr><td>Above Rs 15 Lacs<\/td><td>30%<\/td><td>30%<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Senior Citizens Income Tax Slab<\/figcaption><\/figure>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<p style=\"font-size:18px\">Note 1:- A resident individual (whose net income does not exceed Rs 5, 00,000 can avail rebate under section 87A. It is deductible from income tax before calculating education cess. The amount of rebate is 100 % of income tax or Rs 12,500 whichever is less.<\/p>\n\n\n\n<p style=\"font-size:18px\">Note 2:- The option to pay tax at lower rates shall be available only if the total income of assesse is computed without claiming specified exemptions or deductions compared to last year tax slab i.e. FY 2019-20<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We Loan4fauji.com provides Income Tax Return (ITR) filing services for all the Defence Personnel i.e. (Indian Army, Indian Navy &amp; &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"INCOME TAX RETURN SLAB 2023-24\" class=\"read-more button\" href=\"https:\/\/www.loan4fauji.com\/blog\/income-tax-return-slab-2023-24\/#more-19\" aria-label=\"More on INCOME TAX RETURN SLAB 2023-24\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[12],"tags":[],"class_list":["post-19","post","type-post","status-publish","format-standard","hentry","category-itr-for-defence-personnel-exservicemen"],"_links":{"self":[{"href":"https:\/\/www.loan4fauji.com\/blog\/wp-json\/wp\/v2\/posts\/19","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.loan4fauji.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.loan4fauji.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.loan4fauji.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.loan4fauji.com\/blog\/wp-json\/wp\/v2\/comments?post=19"}],"version-history":[{"count":7,"href":"https:\/\/www.loan4fauji.com\/blog\/wp-json\/wp\/v2\/posts\/19\/revisions"}],"predecessor-version":[{"id":486,"href":"https:\/\/www.loan4fauji.com\/blog\/wp-json\/wp\/v2\/posts\/19\/revisions\/486"}],"wp:attachment":[{"href":"https:\/\/www.loan4fauji.com\/blog\/wp-json\/wp\/v2\/media?parent=19"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.loan4fauji.com\/blog\/wp-json\/wp\/v2\/categories?post=19"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.loan4fauji.com\/blog\/wp-json\/wp\/v2\/tags?post=19"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}