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KSS PRASAD INCOME TAX SOFTWARE FY 2022-23 AY 2023-24 LATEST VERSION 2023 DOWNLOAD

 KSS PRASAD INCOME TAX SOFTWARE FY 2022-23 AY 2023-24 LATEST VERSION 2023 DOWNLOAD

KSS PRASAD INCOME TAX SOFTWARE FY 2022-23 AY 2023-24 LATEST VERSION 2023 DOWNLOAD

 KSS PRASAD INCOME TAX SOFTWARE FY 2022-23 AY 2023-24 LATEST VERSION 2023 DOWNLOAD CLICK HERE TO DOWNLOAD

https://drive.google.com/uc?export=download&id=1O1DNna4MuABuxs-9Wa3-sYl4hntSHHXw

Income Tax Slab Rates AY 2023-24 for Individuals Below 60 Years, NRIs and HUFs 

Now let us take a look at the income tax slabs for FY 2022-23 (AY 2023-24) under both tax regimes for resident individuals aged less than 60 years, Hindu Undivided Family (HUF) and Non-Resident Indians (NRI) with income in India: 

Net Taxable Income

New Tax Regime Income Tax Slab Rates FY 2022-23

Old Tax Regime Income Tax Slab Rates FY 2022-23

Up to Rs 2.5 lakh

Exempt

Exempt

Rs 2,50,001 to Rs 5 lakh

5%

5%

Rs 5,00,001 to Rs 7.5 lakh

10%

20%

Rs 7,50,001 to Rs 10 lakh

15%

Rs 10,00,001 to Rs 12.5 lakh

20%

30%

Rs 12,50,001 to Rs 15 lakh

25%

Over Rs. 15 lakh

30%

Income Tax Slabs FY 2022-23 (AY 2023-24) for Senior Citizen Taxpayers

In India, Senior Citizen tax payers are individuals above 60 years of age but below 80 years of age. These tax payers enjoy a higher basic exemption limit of Rs. 3 lakh as compared to individuals aged below 60 years under the old tax regime. However, this benefit of higher exemption is not available for senior citizen tax payers opting for the new tax regime. The below table summarizes the Income Tax slab rates in AY 2023-24 (FY 2022-23) for senior citizens in India: 

 

Net Taxable Income

Income Tax Slab Rates FY 2022-23 (Old Tax Regime)

Income Tax Slab Rates FY 2022-23

(New Tax Regime)

Up to Rs 2.5 lakh

Nil

Nil

Rs 2,50,001 to Rs 3 lakh

5%

Rs 3,00,001 to Rs 5 lakh

5%

 

Rs 5,00,001 to Rs 7.5 lakh

20%

10%

Rs 7,50,001 to Rs 10 lakh

15%

Rs 10,00,001 to Rs 12.5 lakh

30%

20%

Rs 12,50,001 to Rs 15 lakh

25%

Over Rs. 15 lakh

30%


Income Tax Slabs in AY 2023-24 (FY 2022-23) for Super Senior Citizens

Under current tax rules, super senior citizen tax payers are individuals who are aged 80 years or more. Under the old tax regime, super senior citizens have a higher basic exemption limit of Rs. 5 lakh as per income tax slab rates for the financial year 2022-23. This benefit is however not applicable under the new tax regime even though the slab rates for AY 2023-24 are lower as compared to the old tax regime. The below table summarizes the income tax slab and rates applicable to super senior citizens in FY 2022-23:  

Net Taxable Income

Old Tax Regime Income Tax Slab Rates (FY 2022-23)

New Tax Regime Income Tax Slab Rates (FY 2022-23)

Up to Rs 2.5 lakh

Nil

 

Nil

Rs 2,50,001 to Rs 5 lakh

5%

Rs 5,00,001 to Rs 7.5 lakh

20%

10%

Rs 7,50,001 to Rs 10 lakh

15%

Rs 10,00,001 to Rs 12.5 lakh

30%

20%

Rs 12,50,001 to Rs 15 lakh

25%

Over Rs. 15 lakh

30%

Beyond the income tax liability computed using the Income Tax slab rates for FY 2022-23, you also have to pay a 4% health and education cess as part of your overall tax outgo for the fiscal.

 Surcharge on Income Tax in AY 2023-24

Taxpayers in the high income group with net taxable income exceeding 50 lakhs in assessment year 2023-24 i.e. financial year 2022-23, have to pay a surcharge on their income tax computed based on the income tax slab rates for FY 2022-23. The applicable rate of surcharge is as follows for FY 2022-23: 

Net Taxable Income (AY 2023-24)

Rate of Surcharge on Income Tax (%)

Rs. 50 lakh to Rs 1 crore

10

Rs. 1 crore to Rs. 2 crore

15

Rs. 2 crore to Rs. 5 crore

25

Rs. 5 crore and above

37

Key Differences Between New & Old Tax Regimes 

 In FY 2020-21, a new tax regime was introduced in addition to the prevailing old tax regime. In FY 2022-23 (AY 2023-24), tax payers can choose to opt for either of these income tax regimes and pay tax accordingly. There are 2 key differences between these two income tax regimes in India: 

  • Firstly, the new tax regime includes more tax slabs with lower tax rates as compared to the old tax regime. Hence, the income tax slabs for FY 2022-23 (AY 2023-24) are different based on whether you opt for the new or the old tax regime.   
  • ·Secondly, all the major deductions and exemptions such as Section 80C, Section 80D, etc. that are available under the old tax regime are not allowed if you opt for the new tax regime.

Deductions and exemptions allow tax payers to reduce their taxes by investing, saving or spending on specific financial instruments. The new tax regime offers you very few exemption or deduction options even though the income tax slab rates for AY 2023-24 are lower compared to the old tax regime. In contrast, the old tax regime provides up to 70 deductions or exemptions to lower your taxable income and income tax liability for FY 2022-23.

FAQs 

1. Do I have to mandatorily opt for the new tax regimes and applicable Income Tax Slabs for AY 2023-24? 

No. As a taxpayer, you can choose to either opt for the new or the old tax regime and pay your taxes based on the applicable income tax slab rates for FY 2022-23 i.e. AY 2023-24.

2. Do I need to file Income Tax Return (ITR) if my annual income is below Rs 2.5 lakh? 

It is mandatory to file your ITR only if your total annual income exceeds the maximum exempt amount of Rs 2.5 lakh.

3. Are the income tax slabs for AY 2023-24 in the case of new tax regime same for all tax payers irrespective of age?

Yes, the new income tax slabs for AY 2023-24 (FY 2022-23) under the new tax regime does not change based on the age of the tax payer. So, the limit of maximum tax-exempt income is Rs 2.5 lakh regardless of the individual taxpayer's age.

4. Can you avail the standard deduction on salary of Rs. 50,000 under the new tax regime? 

The standard deduction of Rs. 50,000 annually on salary cannot be claimed under the new tax regime. You have to opt for the old tax regime to avail this benefit.

5. Are there any changes made for the income tax slab for FY 2022-23 in the latest budget? 

The income slab rates for FY 2022-23 (AY 2023-24) are currently the same as the slab rates announced for AY 2022-23.


 KSS PRASAD INCOME TAX SOFTWARE FY 2022-23 AY 2023-24 LATEST VERSION 2023 DOWNLOAD CLICK HERE TO DOWNLOAD

https://drive.google.com/uc?export=download&id=1O1DNna4MuABuxs-9Wa3-sYl4hntSHHXw

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