Rates of income tax for the financial year 2023 | Assessment Year 2023-24
No change in the Income Tax Slabs rate and exemption limit for Individual Person in Assessment Year 2023 and financial year 2023-24. There is no change in the rate of Education Cess and Secondary 2% & Higher Education cess 1% on. Official Income Tax of India Indusial Income Tax. Housing Loan Principal Amount Exemption and Housing Loan Interest Deduction Income Tax 2023. Educational Loan and Two Children Tuition Fee Reimbursement No tax.
Income Tax Slabs for the Individual (Below 60 Years Age) for the Assessment Year 2023
| S. No. | Income Tax Slab | Income Tax Rate Payable |
| 1. | Rs. 0 to 250,000 | No Income Tax |
| 2. | Rs. 250,001 to 500,000 | 5% |
| 3. | Rs. 500,001 to 1,000,000 | 20% |
| 4. | Rs. 1,000,001 and above | 30% |
Income Tax Slabs for the Senior Citizen (60 to 80 Years Age) for the Assessment Year 2023
| S. No. | Income Tax Slab | Income Tax Rate Payable |
| 1. | Rs. 0 to 300,000 | No Income Tax |
| 2. | Rs. 300,001 to 500,000 | 5% |
| 3. | Rs. 500,001 to 1,000,000 | 20% |
| 4. | Rs. 1,000,001 and above | 30% |
80C & 80CCE- Maximum Exemption up to Rs.150000
Investments up to Rs.1.5 lac in PF, VPF, PPF, Employee Contribution in NPS, Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income. There is no limit on individual items, (for example) all 1 lac can be invested in NSC or PPF etc.
- Provident Fund (PF) & Voluntary Provident Fund (VPF)
- Postal Life Insurance (PLI)
- APGLI / TGLI
- Life Insurance Premiums
- Unit linked Insurance Plan
- Public Provident Fund (PPF)
- National Savings Certificate (NSC)
- Home Loan Principal Repayment & Stamp Duty and Registration
- Tuition fees for Two children
- Equity Linked Savings Scheme (ELSS)
- 5-Yr bank fixed deposits (FDs)
- Pension Funds or Pension Policies – Section 80CCC
- Infrastructure Bonds
- NABARD rural bonds
- Senior Citizen Savings Scheme 2004 (SCSS)
For detailed Income-Tax calculations download the following document
For more latest information check RWS ENGINEERS
Income Tax Deductions Section Wise Details below:
| Section | Deduction on | FY 2022-23 |
| 80CC | For amount deposited in annuity plan of LIC or any other insurer for pension from a fund referred to in Section 10(23AAB). | – |
| 80CCD(1) | Employee’s contribution to NPS account (maximum up to Rs 1,50,000) | – |
| 80CCD(2) | Employer’s contribution to NPS account | Maximum up to 10% of salary |
| 80CCD(1B) | Additional contribution to NPS | Rs. 50,000 |
| 80TTA(1) | Interest Income from Savings account | Maximum up to 10,000 |
| 80GG | For rent paid when HRA is not received from employer | Least of rent paid minus 10% of total income Rs. 5000/- per month 25% of total income |
| 80E | Interest on education loan | Interest paid for a period of 8 years |
| 80EE | Interest on home loan for first time home owners | Rs 50,000 |
| 80CCG | Rajiv Gandhi Equity Scheme for investments in Equities | Lower of – 50% of amount invested in equity shares or Rs 25,000 |
| 80D | Medical Insurance – Self, spouse, children Medical Insurance – Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old | Rs. 25,000 Rs. 30,000 |
| 80DD | Medical treatment for handicapped dependent or payment to specified scheme for maintenance of handicapped dependent Disability is 40% or more but less than 80% Disability is 80% or more | Rs. 75,000 Rs. 1,25,000 |
| 80DDB | Medical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD For less than 60 years old more than 60 years old For more than 80 years old | Lower of Rs 40,000 or the amount actually paid Rs 60,000 lower or the amount actually paid Lower of Rs 80,000 or the amount actually paid |
| 80U | Self suffering from disability: Individual suffering from a physical disability (including blindness) or mental retardation. Individual suffering from severe disability | Rs. 75,000 Rs. 1,25,000 |
| 80GGB | Contribution by companies to political parties | Amount contributed (not allowed in cash) |
| 80GGC | Contribution by individuals to political parties | Amount contributed (not allowed in cash) |
| 80RRB | Deductions on Income by way of Royalty of a Patent | Lower of Rs 3,00,000 or income received |