Accoding to section 115 BAC, tax rates for individual (other than senior and super senior citizens) or HUF opting for an alternate tax regime.
- Up to ₹250000 - Nil
- From ₹250001 to 500000 - 5%
- From ₹500001 to 750000 - 10%
- From ₹750001 to 1000000 - 15%
- From ₹1000001 to 1250000 - 20%
- From ₹1250001 to 1500000 - 25%
- Above ₹1500001 - 30%
Tax rates for senior citizens (i.e., an individual whose age is 60 years but less than 80 years)
- Up to ₹300000 - Nil
- From ₹300001 to 500000 - 5%
- From ₹500001 to 1000000 - 20%
- Above ₹1000000 - 30%
Tax rates for Super Senior Citizens (i.e., an individual whose age is greater than 80 years)
- Up to ₹500000 - Nil
- From ₹500001 to 1000000 - 20%
- Above ₹1000000 - 30%
Income Tax Rates for Women (below age 60 years) or HUF opting for an alternate tax regime.
- Up to ₹250000 - Nil
- From ₹250001 to 500000 - 5%
- From ₹500001 to 1000000 - ₹12500 + 20%
- Above ₹1000000 - ₹112500 + 30%
Tax Rates for Women (between 60 and 80 years of age)
- Up to ₹300000 - Nil
- From ₹300001 to 500000 - 5%
- From ₹500001 to 1000000 - ₹10000 + 20%
- Above ₹1000000 - ₹11000 + 30%
Tax Rates for Super Women (above 80 years of age)
- Up to ₹500000 - Nil
- From ₹500001 to 1000000 - 20%
- Above ₹1000000 - ₹110000 + 30%
Note:
All individuals are liable to pay an additional 4% health and education cess on their total taxable amount.
Individuals having a net taxable income of up to ₹5 lakh can avail of a standard deduction of Rs 12,500, as per section 87 A.
Income Tax Return Verification Assessment Year 2023-24 (FY 2022-23)
Income tax E-verification is mandatory with in 120 days after income tax file, otherwise income tax will be rejected.
Income Tax Return Late Fees Assessment Year 2023-24 (FY 2022-23)
Accoding to law 139(1) if he/ she file his/ her income tax after last date, late fees will be applicale while he/ she submit tax in due date.
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