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What are the current Tax Slabs? (Assessment Year 2023-2024)

Income Level / Slabs Income-tax rates

I. Every Individual (other than II and III below), HUF, AOP, BOI, Artificial Juridicial person

Where the total income does not exceed
i. Nil;
Rs.2,50,000.

Where the total income exceeds Rs. 2,50,000 5% of amount by which the total income
ii.
but does not exceed Rs. 5,00,000. exceeds Rs. 2,50,000;

Where the total income exceeds Rs. 5,00,000 Rs. 12,500 + 20% of the amount by which the total
iii.
but does not exceed Rs. 10,00,000. income exceeds Rs. 5,00,000;

Rs. 1,12,500 + 30% of the amount by which the total
iv. Where the total income exceeds Rs. 10,00,000
income exceeds Rs. 10,00,000
Every Individual, being a resident who is of the age of 60 years or more but below the age of
II.
80 years at any time during the previous year.
Where the total income does not exceed
i. Nil;
Rs.3,00,000.

Where the total income exceeds Rs. 3,00,000 5% of the amount by which the total income
ii.
but does not exceed Rs. 5,00,000. exceeds Rs.3,00,000;

Where the total income exceeds Rs.5,00,000 Rs. 10,000 + 20% of the amount by which the
iii.
but does not exceed Rs.10,00,000. total income exceeds Rs. 5,00,000

Rs.110,000 + 30% of the amount by which the
iv. Where the total income exceeds Rs.10,00,000
total income exceeds Rs. 10,00,000

Every Individual, being a resident who is of the age of 80 years or more at any time during the
III.
previous year

Where the total income does not exceed
i. Nil;
Rs.5,00,000.

Where the total income exceeds Rs. 5,00,000 20% of the amount by which the total income
ii.
but does not exceed Rs. 10,00,000. exceeds Rs. 5,00,000;

Rs.1,00,000 + 30% of the amount by which the
iii. Where the total income exceeds Rs. 10,00,000
total income exceeds Rs. 10,00,000

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*Based on Retail Loan book size (excluding mortgages). Source: Annual Reports FY 20-21 and No.1 on market capitalisation based on BSE data as on 31st Dec, 2021