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Income Tax Slabs and Rates for Online ITR Filing For FY 2023-24

Online ITR Filing

Income tax is the direct tax that has been paid by the public to the government of India. It has been imposed on individuals by the CBDT i.e. Central Board of Direct Taxes with the help of a slab-based system. Income tax slabs determine the percentage of tax that taxpayers have to pay as per their income level. So it is essential for individuals to understand the tax slabs & rates for proper financial planning. Here, in this blog, we will discuss about the tax slabs & rates for Online ITR Filing for FY 2023-24 in simple manner.

Online ITR Filing 

Before moving ahead with tax slabs & rates, you should know about the Income Tax Return Filing. Online ITR Filing is essential for the taxpayers so that you can maintain your finances properly. ITR Filing is mandatory to carry forward losses, claim tax deduction and refund, & many more. For successful filing of ITR you should connect with the ITR Filing consultants to get a clear understanding about tax slabs & rates. For this, you don’t need to get anywhere, just simply search for “CA Near me for ITR Filing” on Google to get the best assistance.

Last Date of Online ITR Filing

The Income Tax Return Last Date for FY 2023-24 will be 31st July 2024 while the taxpayers who have been required to conduct an income tax audit and have business income must have to file ITR by 31st October 2024. This date will remain as it is until government has extended it.

Income Tax Slabs & Rates for Online ITR Filing

Income Tax Slabs & Rates for Online ITR Filing by Individuals and HUFs under New Tax Regime for FY 2023-24

In India, the Income Tax has been applied to the individuals on the basis of a slab system in which different tax rates are assigned to the different ranges of Income. This method of taxation will result in the fair & progressive tax system of a company.

Tax Slabs Income Tax Rate
Up to Rs. 3 Lakhs Nil
More than Rs. 3 Lakhs – Rs. 7 Lakhs 5% (tax rebate u/s 87A)
Greater than Rs. 7 Lakhs – Rs. 10 Lakhs 10% 
More than Rs. 10 Lakhs – Rs. 12 Lakhs 15%
More than Rs. 12 Lakhs – Rs. 15 Lakhs 20%
Greater than Rs. 15 Lakhs 30%

Some Important Points Related to New Tax Regime

  • In India, new tax regime is the default regime for filing ITR of FY 2023-24. 
  • A tax rebate of up to Rs. 25,000 under the new tax regime has been applicable, only if the total income does not exceeds Rs. 7,00,000/-. 
  • Remember that, this will not applicable for the NRI taxpayers. 
  • Surcharge & cess will also be available over & above the tax rebates.

Income Tax Slabs & Rates for Online ITR Filing by Individuals and HUFs under Old Tax Regime for FY 2023-24

Income Tax Slabs & Rates for Online ITR Filing by Individuals of Below 60 Years

Tax Slabs Income Tax Rate
Up to Rs. 2.5 Lakhs Nil
Above Rs. 2.5 Lakhs – Rs. 3 Lakhs 5% (tax rebate u/s 87A up to Rs. 12,500)
Above Rs. 3 Lakhs – Rs. 5 Lakhs 5% (tax rebate u/s 87A up to Rs. 12,500)
Above Rs. 5 Lakhs – Rs. 10 Lakhs 20% 
Above Rs. 10 Lakhs 30%
Important Points
  • The limit of the Income Tax Exemption for the Individuals, HUFs (with the age of below 60 years) is up to Rs, 2,50,000/-. It has been also applicable for the NRIs.
  • Surcharge & cess are also applicable on the taxpayers opting Old Tax Regime.

Income Tax Slabs & Rates for Online ITR Filing for Senior Citizens with age of 60 years and above but below 80 years

Tax Slabs Income Tax Rate
Up to Rs. 2.5 Lakhs Nil
Above Rs. 2.5 Lakhs – Rs. 3 Lakhs Nil 
Above Rs. 3 Lakhs – Rs. 5 Lakhs 5% (tax rebate u/s 87A up to Rs. 12,500)
Above Rs. 5 Lakhs – Rs. 10 Lakhs 20% 
Above Rs. 10 Lakhs 30%
Important Points
  • The limit of the Income Tax Exemption for the senior citizens, having the age of above 60 years and below 80 years, is up to Rs, 3,00,000/- under the old tax regime.
  • Surcharge & cess are also applicable on such taxpayers.

Income Tax Slabs & Rates for Online ITR Filing by Super Senior Citizens of Above 80 Years

Tax Slabs Income Tax Rate
Up to Rs. 2.5 Lakhs Nil
Above Rs. 2.5 Lakhs – Rs. 3 Lakhs Nil
Above Rs. 3 Lakhs – Rs. 5 Lakhs Nil 
Above Rs. 5 Lakhs – Rs. 10 Lakhs 20% 
Above Rs. 10 Lakhs 30%
Important Points
  • The limit of the Income Tax Exemption for the super senior citizens, having the age of above 80 years and above, is up to Rs, 3,00,000/- under the old tax regime.
  • Surcharge & cess will also be applicable on such taxpayers.

Surcharge Rates for FY 2023-24

If the total income of a taxpayer exceeds the limits that have been specified by the Income Tax Department. You have to paid some additional taxes with the given existing tax rates. The surcharge rates that has been levied on the amount of the income tax are as given below-

Income Slab Surcharge Rate
Less than Rs. 50 Lakhs Nil
Rs. 50 Lakhs – Rs. 1 Crore 10%
Above Rs. 1 Crore – Rs. 2 Crores 15%
Above Rs. 2 Crores – Rs. 5 Crores 25% 
More than Rs. 5 Crores 37%

Important Points

The surcharge rates of 25% and 37% will not be applicable to the income which is taxable under the given 2 sections-

  •  Section 111A which is short term capital gains on shares
  • Section 112A which is long term capital games on shares
  • Section 115AD which is tax on income of FIIs i.e. Foreign Institutional Investors.

So, we can say that the highest surcharge rate that has been applicable to these taxpayers will be 15%.

Different Types of Taxable Income in India for Online ITR Filing

The main categories of taxable income in India for Income Tax Return Filing are as given below-

  • Income from Salaries

The income that has been received by the employees from an employer will count under this category. In fact the pension received by a person after their retirement also comes under it.

  • Income from Business & Profession

As per the sections 30 to section 43D of the Income Tax Act, a person who gets their income from the different sources including freelancing, business, or professions is the taxable income come under this category.

  • Income from House Property

The income that has been earned by an individual from rent, lease or sale of a residential property will be taxable under this category.

  • Income from Capital Gains

It consists of the income earned by an individual from the investments in capital assets including mutual funds, real estate, and stocks. This category will divides your capital gains into two sub- categories which are long term capital gains & short term capital gains. This division will be made on the basis of your holding period.

  • Income from Other Sources

This category includes the income from gifts, lotteries, income from horse races, interests, pension received after pensioner’s death, and rental income from non-residential purposes. 

Why Legal Pillers is the Best for Online ITR Filing?

LegalPillers is the top choice for online income tax return filing due to its simplicity, professionalism, and effectiveness. You can find the ITR Filing consultants of Legal Pillers by simply type “CA Near Me for ITR Filing” on Google. Here’s why it’s the preferred option for individuals and businesses-

  • Accuracy and Compliance 

With LegalPillers, you can trust that your tax returns will be accurate and compliant with current tax laws and regulations. The platform provides thorough guidance and checks to ensure everything is in order.

  • Expert Support

If you ever have questions or need assistance, LegalPillers has a team of tax professionals ready to help. Their expertise ensures that you get the support you need to file your taxes correctly.

  • Time and Cost Efficient

By using LegalPillers, you’ll save both time and money. The platform streamlines the filing process, reducing the time it takes to complete your returns. Plus, its competitive pricing ensures you get value for your investment.

  • Secure Data Handling

Your data security is a top priority for LegalPillers. They employ advanced encryption techniques to keep your sensitive financial information safe from unauthorized access.

  • More Convenience

Filing your taxes online with LegalPillers is incredibly convenient. You can access the platform anytime, anywhere, from any device with an internet connection, eliminating the need for in-person visits to tax offices.

  • Comprehensive Services

LegalPillers offers more than just tax filing. They provide a range of services to meet all your tax-related needs, from planning and advisory services to GST registration and compliance.

Final Words

It is crucial for effective financial planning to understand the tax slabs & rates of Income Tax Return Filing. You can calculate your tax liability precisely and plan your investments & expenses accordingly with proper understanding of tax slabs & rates. You may consult with a tax professional or financial advisor like Legal Pillers to get the valuable insights & guidance as per your specific financial situation.

Legal Pillers will help you with the best ITR Filing consultants. With the help of our dedicated team of the professionals, you can understand the tax slabs & rates properly. You can manage your finances without any confusion and stress. Choose Legal Pillers as your trusted partner and file your income tax return hassle-free.

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