The rates/slabs of normal income tax, surcharge, HEC and AMT along with the basic exemption limit, applicable for resident individuals (AY 2023-24), under the old regime, are as follows:
A. Income Tax Rates:
i) Resident Individual of Age 80 Years or more (Very/ Super Senior Citizens)*
These income tax rates are applicable to very/super senior citizen resident individuals of age 80 or above.
| Net Income Range/ Slabs | Income Tax Rates |
| Up to Rs 5 Lacs | Nil |
| Above Rs 5 Lacs but up to Rs 10 Lacs | 20% |
| Above Rs 10 Lacs | 30% plus Rs 100,000 |
ii) Resident Individual of Age 60 Years or more but less than 80 years (Senior Citizens)*
These income tax rates are applicable to senior citizen resident individuals whose age is above 60 but below 80.
| Net Income Range/ Slabs | Income Tax Rates |
| Up to Rs 3 lacs | Nil |
| Above Rs 3 lacs but up to Rs 5 lacs | 5% |
| Above Rs 5 lacs but up to Rs 10 lacs | 20% plus Rs 10,000 |
| Above Rs 10 lacs | 30% plus Rs 110,000 |
iii) Resident Individuals of Age below 60 Years:
These income tax rates are applicable to resident individuals of age below 60 years. Besides, these rates are applicable for non-resident individuals (NRIs) of all age groups, HUFs, AOPs, BOIs and AJPs.
| Net Income Range/ Slabs | Income Tax Rates |
| Upto Rs 2.5 Lacs | Nil |
| Above Rs 2.5 Lacs but upto Rs 5 Lacs | 5% |
| Above Rs 5 Lacs but upto Rs 10 Lacs | 20% plus Rs 12,500 |
| Above Rs 10 Lacs | 30% plus Rs 112,500 |
Note: The income tax rates for resident individuals in each slab, as mentioned above, are inclusive of income tax liability up to the previous slab(s). To arrive at total income tax liability, surcharge and health and education cess are to be applied.
B. Special Tax Rates for Specified Incomes
It may be noted that the above rates are normal tax rates, which are applicable to the normal income of resident individuals depending on their age. However, in the case of special incomes like long-term capital gains, winnings from lotteries, etc., special rates of income tax are applicable.
C. Surcharge Rates
A surcharge of 10%, 15%, 25%, or 37% is applicable in cases where total income exceeds Rs 50 lacs, Rs 1 crore, Rs 2 crore, or Rs 5 crore respectively, subject to provisions relating to marginal relief, shall be applicable, subject to:
i) The surcharge rates of 25% & 37% shall not be used in the case of dividend income or income chargeable to tax under sections 111A, 112, 112A and 115AD(1)(b), where the maximum rate of surcharge shall remain capped at 15%.
ii) The surcharge rate in the case of an AOP with all members as a company, shall be capped at 15%.
D. Health & Education Cess (HEC) Rates
Health and Education Cess is 4% in all cases.
E. Tax Rebate u/s 87A
Resident individuals with taxable income up to Rs 500,000 can claim a tax rebate of up to Rs 12,500 u/s 87A of the Income Tax Act, 1961, in respect of AY 2023-24.
F. Alternate Minimum Tax (AMT)
In the case of non-corporate taxpayers under the provisions of the Alternate Minimum Tax (AMT), the minimum tax payable shall be 18.5% (+HEC) of “adjusted total income” computed u/s 115JC, except in the case of units located in an IFSC deriving income solely in convertible foreign exchange, which shall be subjected to the AMT u/s 115JF at the rate of 9% only.
*Completion of Age of 60/ 80 for Senior/ Very Senior Citizen Status Benefits?
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