In the assessment year 2023-'24 i.e., for financial year 2023-24, those with an income of up to Rs 7 lakh need not pay any income tax. This is up Rs 2 lakh from the earlier slab of Rs 5 lakh being insulated from tax. For those with income in excess of Rs 7 lakh too, there is relief, with the tax-free threshold going up to Rs 3 lakh, from the previous Rs 2.5 lakh. The tax rates for income in excess of Rs 3 lakh have been cut and successive slab progressions are less steep. For AY 2022-23, the rates were 5 per cent on income between Rs 2.50 lakh and Rs 5 lakh, 20 per cent on income between Rs 5 lakh and Rs 10 lakh and 30 per cent on income in excess of Rs 10 lakh. In AY 2023-'24, it is going to be less steep. Tax on Rs 0-3 lakh income is nil. Incomes between Rs 3 lakh and up to Rs 6 lakh will be taxed at 5 per cent; income between Rs 6 lakh and up to Rs 9 lakh will be taxed at 10 per cent; income between Rs 9 lakh and Rs 12 lakh, will be taxed at 15 per cent; income between Rs 12 lakh and up to Rs 15 lakh will be taxed at 20 per cent, whle income above Rs 15 lakh will be taxed at 30 per cent.
Bu hikaye The Free Press Journal dergisinin February 02, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Free Press Journal dergisinin February 02, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
Numbers Are Encouraging, We Will Wait And Watch: Sule
Nationalist Congress Party (SP)'s Baramati MP Supriya Sule on Thursday said the INDIA bloc has decided to 'wait and watch' as the BJP is set to form the next government at the Centre, but there is always hope as the Opposition alliance's tally of seats in the new Lok Sabha is "encouraging".
ALL-ROUND STOINIS SHINES
Australia kick off T20 World Cup campaign with convincing win
Airports council grants SVPI level-3 accreditation
Sardar Vallabhbhai Patel International Airport has consistently delivered excellence in customer service by winning multiple ASQ awards over the last fiveyears.
Don't waste water, SC warns Delhi govt
HP govt to release 137 cusecs of surplus water today
Despite hype, Tejaswi fails to garner votes
RJD leader Tejashwi Yadav's blitzkrieg campaign, where he addressed over 250 rallies, impressed his friends and detractors.
ZEE Entertainment board approves plans to raise ₹2K cr
Zee Entertainment on Thursday said its board has approved plans to raise Rs 2,000 crore through various routes, including an equity share issue and qualified institutional placement (QIP).
Mkt infrastructure entities to bear financial hit for surveillance lapses
Sebi on Thursday came out with a framework on \"financial disincentives\" for stock exchanges and other market infrastructure institutions for their lapses in detecting abnormal or suspicious trading activities to safeguard the interest of retail investors.
Marathas and farmers defeated NDA: Analysts
Unrest among the Maratha community members as well as farmers and lack of big development projects in the region could be some of the key factors responsible for the defeat of the NDA candidates in Maharashtra's Marathwada in the recently-held Lok Sabha elections, feel political analysts.
VANAZ METRO STATION DRIPS WITH DISARRAY
Following the rain on Wednesday, commuters at Vanaz Metro Station were irked when faced with an unexpected leakage issue from the station's roof.
20 hurt in stone pelting at slum razing drive in Powai
Injured include 15 cops, including an ACP, and 5 civic workers, engineers; BMC says it issued a 48-hour eviction notice for the temporary hutments