Tax Information
Understand income tax slabs, deductions, and smart tax planning strategies to optimize your financial planning.
Income Tax Slabs (FY 2023-24)
New Tax Regime - Simplified tax structure without most deductions
| Income Range | Tax Rate | Tax Amount |
|---|---|---|
| Up to ₹3,00,000 | 0% | ₹0 |
| ₹3,00,001 - ₹6,00,000 | 5% | ₹0 - ₹15,000 |
| ₹6,00,001 - ₹9,00,000 | 10% | ₹15,000 - ₹45,000 |
| ₹9,00,001 - ₹12,00,000 | 15% | ₹45,000 - ₹90,000 |
| ₹12,00,001 - ₹15,00,000 | 20% | ₹90,000 - ₹1,50,000 |
| Above ₹15,00,000 | 30% | ₹1,50,000+ |
Important Notes:
- • Standard deduction of ₹50,000 is available in the new tax regime
- • Health and Education Cess of 4% is applicable on total tax
- • You can choose between old and new tax regime
- • Tax rates may vary for senior citizens
Tax Saving Tips
Smart strategies to reduce your tax liability legally
Invest in ELSS
Equity Linked Savings Schemes offer tax deduction up to ₹1.5 lakh under Section 80C with potential for good returns.
Keep Receipts
Maintain proper documentation for all your investments and expenses to claim legitimate deductions.
Plan Early
Start tax planning at the beginning of the financial year rather than rushing at the end.
Choose Wisely
Compare old vs new tax regime based on your deductions and choose the one that saves more tax.
Common Tax Deductions
Available in the old tax regime
Section 80C
PPF, ELSS, Life Insurance, Home Loan Principal
Section 80D
Health Insurance Premiums
Section 80TTA
Interest on Savings Account
Section 24
Home Loan Interest
Note: Most deductions are not available in the new tax regime. Choose the regime that offers better tax savings based on your situation.