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% |
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% |
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.
The Union Budget 2023 announced a change to number of income tax slabs applicable to the new tax regime for FY 2023-24 i.e. AY 2024-25 along with an increase in the tax exemption limit to Rs. 3 lakh. These changes are however not applicable to the old tax regime for FY 2023-24. Subsequent to these changes, the comparison of old tax regime (tax payer aged less than 60 years) vs. new tax regime slab rates for FY 2023-24 (AY 2024-25) looks like this:
| Net Annual Taxable Income | New Tax Regime Slab Rates (FY 2023-24) | Old Tax Regime Slab Rates (FY 2023-24) |
|---|---|---|
| Up to Rs 2.5 lakh | Exempt | Exempt |
| Over Rs. 2.5 lakh to Rs. 3 lakh | 5% | |
| Over Rs. 3 lakh to Rs. 5 lakh | 5% | |
| Over Rs. 5 lakh to Rs. 6 lakh | 20% | |
| Over Rs. 6 lakh to Rs. 9 lakh | 10% | |
| Over Rs. 9 lakh to Rs. 10 lakh | 15% | |
| Over Rs. 10 lakh to Rs. 12 lakh | 30% | |
| Over Rs. 12 lakh to Rs. 15 lakh | 20% | |
| Above Rs. 15 lakh | 30% |
As you can see, subsequent to the Budget 2023 announcement of tax slab rates for AY 2024-25, the number of slabs available under the new tax regime has decreased to 5 from the current 6 in AY 2023-24. Additionally, Budget 2023 has also increased the income tax rebate limit for individuals opting for the new tax regime to Rs. 7 lakh for FY 2023-24 from the current FY 2022-23 rebate limit of Rs. 5 lakh. However, none of the above changes are applicable if you opt for the old tax regime in FY 2023-24 i.e. AY 2024-25.
Income tax is simply the tax you need to pay on income during a financial year. In India, the income tax system is progressive in nature i.e. if you have low income, you pay lower tax and if you have high income, you pay tax at a higher rate.
In order to determine the rate at which income tax needs to be paid, the Government of India has introduced income tax slabs and applicable rates. The income tax slab specifies a range within which a pre-determined rate of taxation is applicable. Based on the income tax slab a taxpayer falls in, the applicable income tax rate is identified which is used to calculate the income tax liability for the applicable fiscal.
Currently Indian tax payers can choose between 2 different tax regimes – the old tax regime and the new tax regime. The income tax slabs and rates for FY 2022-23 (AY 2023-24) are different based on whether the tax payer has chosen the new or the old tax regime to compute tax liability for the fiscal.
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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:
6 7| Net Taxable Income | 11New Tax Regime Income Tax Slab Rates FY 2022-23 | 12Old Tax Regime Income Tax Slab Rates FY 2022-23 | 13
|---|---|---|
| Up to Rs 2.5 lakh | 18Exempt | 19Exempt | 20
| Rs 2,50,001 to Rs 5 lakh | 235% | 245% | 25
| Rs 5,00,001 to Rs 7.5 lakh | 2810% | 2920% | 30
| Rs 7,50,001 to Rs 10 lakh | 3315% | 34|
| Rs 10,00,001 to Rs 12.5 lakh | 3720% | Clean HTML output on the go Here are the 2 different WYSIWYG HTML editors available on this website: • CKEditor 4 with direct access to edit HTML markup • CKEditor 5 with real-time collaboration and Markdown support. With both editors, you can create clean HTML output with the easiest WYSIWYG editing possible. If you've already started writing rich-text content, all you have to do is paste it in onlinehtmleditor.dev, make your adjustments, extract HTML output from view-source mode and reuse it anywhere on the web! More on CKEditor 5 More on CKEditor 4 Easy HTML editing CKEditor 4's HTML source code editing feature allows it to be used as an online HTML editor. It includes syntax highlighting to make it easier for you to follow code. It can be forced to accept any type of code includingtags by simply turning off the HTML filtering. You can also switch to WYSIWYG mode anytime to check how your code output looks! 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You can use it to comment on selected parts of the content, text, images, tables or suggest edits with its track changes feature. To collaborate with your colleagues or friends all you have to do is to share the link. Each time you load the page, a special document ID gets attached to the URL. Each document ID and its content stays active for an hour after the last user disconnects from it so you do not immediately lose your content. Also, there isn't a limit for the number of collaborators! Collaboration makes it easier to create your content quickly and efficiently. With CKEditor 5, where you write, comment, discuss and proofread the content are unified so you don't lose time switching between applications to edit and discuss. If some of your collaborators prefer Markdown, CKEditor 5 has you covered there too! Learn about CKEditor 5 collaboration features Why CKEditor? WYSIWYG editors in your software often misbehave. This is usually because they are out-of-date or simply are not reliable. Unfortunately, many developers opt for simple, lightweight, do-it-yourself-editors based on assumptions without doing proper research or testing for their individual use case. This leaves the end users frustrated. However, both CKEditors are built with 16 years of experience in WYSIWYG rich-text editing by a team of 40+ developers. We consistently listen to user concerns, trends, new feature requests to help us build our editors. Architectures that can handle complex structures and the constant improvements makes the editors stronger than any other examples. The best WYSIWYG Online HTML editor around What sets CKEditor apart from other online HTML tools is its originality! There are many websites and articles that include lists of best online HTML editors. What these listicles won't tell you is that although they have different names, many of the mentioned tools are simple implementations of CKEditor! Now you've found the original online HTML editor! Whether you are looking for a quick online solution or to implement the editor in your own software, CKEditor will always provide you the latest and greatest WYSIWYG features. But if you are looking for some guidance on deciding which editor is the best for you, we can also help with that! How to choose the perfect editor Online HTML editor features This section presents a whole variety of features that CKEditor has to offer Styling and Formatting The Basic Styles plugin provides the ability to add some basic text formatting to your document. It adds the Bold, Italic, Underline, Strikethrough, Subscript and Superscript toolbar buttons that apply these styles. If you want to quickly remove basic styles from your document, use the Remove Format button provided by the Remove Format plugin. 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Spellcheck on the go The SpellCheckAsYouType (SCAYT) plugin provides inline spelling and grammar checking, much like the native browser spell checker, well-integrated with the CKEditor 4 context menu. It uses the WebSpellChecker web services. Online HTML WYSIWYG Editor © 2023 - all rights reserved.Terms of usePrivacy PolicyCookies policy