Income Tax Assessment Year-2024/25 Easy Explanation In Gujarati

Income Tax Financial Year-2023/24 Easy Explanation In Gujarati

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What is the Income Tax Slab?

Income Tax in India follows a tax slab system. Here, taxpayers’ income is categorised as ranges or slabs and certain tax rates are assigned to them. This is a progressive taxation system where people earning more income are taxed at higher income tax slabs in proportion to their higher income.

સુલેમાનભાઈની ઇન્કમટેક્ષ ફાઈલ વર્ષ-૨૦૨૩/૨૪ની Excel File ડાઉનલોડ કરવા માટે અહીં ક્લિક કરો.

By introducing income tax slabs in India, the Government of India aims to achieve a fair taxation system for all citizens. With this aim, the government periodically revises the tax slabs and announces amendments to the Union Budget.

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Now that you know what income tax slabs are, let's take you through the different slabs under the old and new tax regimes for a better understanding.

For several years, many people purchased life insurance simply as a tax-saving method. The truth is, that life insurance plays a crucial role in every sound financial plan. Before we create financial plans for the upcoming financial year, let’s better understand the new rules and regulations.

વિનોદ પટેલની ઇન્કમટેક્ષ ફાઈલ વર્ષ-૨૦૨૩/૨૪ની Excel File ડાઉનલોડ કરવા માટે અહીં ક્લિક કરો.

In February 2023, the finance minister outlined the budget for the upcoming year, which included a few changes to the new tax regime. The finance minister reduced the number of tax slabs and extended the standard deduction to the salaried class and pensioners.

નીતિન પરમારની ઇન્કમટેક્ષ ફાઈલ વર્ષ-૨૦૨૩/૨૪ની Excel File ડાઉનલોડ કરવા માટે અહીં ક્લિક કરો.

Tax Slab Rate for FY 2022-23 (AY 2023-24), New Tax Regime – Why an Option to Choose is Given?

Under the new regime of taxation, the taxpayers can avail of an option to opt for one of the following-

To pay tax at lower rates according to the New regime of taxation on the condition that they refrain from specific exemptions (permissible) and deductions under income tax.
To continue paying the taxes under the existing income tax rates. The taxpayer can avail of exemptions and rebates by opting into the old regime and paying tax at the existing higher rate.

વિરલભાઈ પટેલની ઇન્કમટેક્ષ ફાઈલ વર્ષ-૨૦૨૩/૨૪ની Excel File ડાઉનલોડ કરવા માટે અહીં ક્લિક કરો.

Distinction Between the Old Regime and the New Regime

In the fiscal year 2020-21, a new tax regime was implemented in addition to the existing old tax regime. Taxpayers in FY 2022-23 (AY 2023-24) can select between these income tax regimes and pay tax appropriately.

નિકુંજ શાહની ઇન્કમટેક્ષ ફાઈલ વર્ષ-૨૦૨૩/૨૪ની Excel File ડાઉનલોડ કરવા માટે અહીં ક્લિક કરો.

There are two significant distinctions between India's two income tax regimes:

To begin with, the new regime of taxation has more tax slabs with lower tax rates than the old regime tax slab. As a result, the tax slabs for FY 2022-23 fluctuate depending on whether you choose the new or old tax regime.
Second, all of the important deductions and exemptions available under the previous tax regime, such as Section 80C, Section 80D, and so on, are no longer available if you choose the new regime of taxation.

Tax deductions and exclusions enable taxpayers to decrease their tax liability by investing, saving, or spending on specified financial instruments.

જગદીશ પટેલની ઇન્કમટેક્ષ ફાઈલ વર્ષ-૨૦૨૩/૨૪ની Excel File ડાઉનલોડ કરવા માટે અહીં ક્લિક કરો.

Though the income tax slab 2023-24 (AY) is lower than under the previous regime, the new regime of tax provides very few exemptions or deduction choices.

In comparison, the previous tax scheme allowed for up to 70 deductions or exclusions to reduce your taxable income and income tax liability in the fiscal year 2022-23.