What is the tax on 1 crore?

Surcharge Income Range 2022-23 Rates 2023-24 Rates Rs.50 lakhs to Rs.1 crore 10% 10% Rs.1 crore to Rs.2 crore 15.00% 15% Rs.2 crores to Rs.5 crore 25.00% 25% Rs.5 crores to Rs.10 crore 37.00% 37% 1 more row

groww.in - Income Tax Slab for FY 2022-23 & AY 2023-24 - Groww

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In India, income tax is calculated using income tax slabs and rates for the applicable financial year (FY) and assessment year (AY). The income tax slab for AY 2023-24 was published as part of the Union Budget 2022-23, and they are the same as the income tax slabs and rates for FY 2022-23. (AY 2023-24).

Income Tax Slab

Individual taxpayers must pay income tax based on the slab system into which they fall. Individuals may fall into a different tax bracket depending on their Income. As a result, persons with higher incomes will have to pay more taxes. The slab system was implemented to keep the country's tax system equitable. The slabs change with each budget announcement.

Income Tax Slab for FY 2022-23 (AY 2023-24)

The following tables show the Revised Income Tax Slabs and not the old tax regime. The table for the new tax regime slabs- Tax Slab Rates Rs. 2.5 lakh NIL Rs. 2.5 lakhs - Rs. 5 lakh 5.00% Rs. 5 lakhs - Rs. 7.50 lakhs 10.00% Rs. 7.50 lakhs - Rs. 10 lakhs 15.00% Rs. 10 lakhs - Rs. 12.50 Lakhs 20.00% Rs. 12.50 lakhs - Rs. 15 lakhs 25.00% Rs. 15 lakhs and more 30.00%

Income Tax Slab for People Between 60 to 80 Years

Tax Slabs Rates Rs. 3 lakhs NIL Rs. 3 lakhs - Rs. 5 lakhs 5.00% Rs. 5 lakhs - Rs. 10 lakhs 20.00% Rs. 10 lakhs and more 30.00%

Income Tax Slab for People More than 80 Years

Tax Slabs Rates Rs. 5 lakhs NIL Rs. 5 lakhs - Rs. 10 lakhs 20.00% Rs, ten lakhs and more 30.00%

Tax Slabs from Domestic Companies

Turnover of the Company Rates Rs. 250 crores for the previous years 25% More than Rs. 250 for the previous year's turnover 30%

Surcharge

Income Range 2022-23 Rates 2023-24 Rates Rs.50 lakhs to Rs.1 crore 10% 10% Rs.1 crore to Rs.2 crore 15.00% 15% Rs.2 crores to Rs.5 crore 25.00% 25% Rs.5 crores to Rs.10 crore 37.00% 37% More than Rs.10 crore 37.00% 37% Individuals, trusts, businesses, and other entities are all subject to income tax. As a result, there are numerous forms of income that can be taxed in India. Mentioned below are some of the different types of taxable income in India-

Business Income

Profits earned by businesses are also counted as taxable income. The tax in this category is derived from the presumed or real income that the profession or business may generate. However, it is only done once the permitted deductions have been adjusted. Different rates apply to individual and corporate business income in the fiscal year 2022-23. Individuals with business income will be taxed in accordance with income tax slabs and rates for the fiscal year 2023-24.

Salary or Pension

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Taxes are frequently levied on the base salary, allowances, and salary profit in this category. The income tax slab also applies to an individual's pension after retirement. The income tax slabs rates for FY 2022-23 differ based on the age of the individual earning a salary or pension during the fiscal year.

Property Income

Owning many houses and renting them out is an easy method to supplement your income. In such circumstances, however, revenue from house renting is recognized as part of the taxpayer's income. As a result, this income is taxable at the income tax slab rates for the fiscal year 2022-23.

Capital Gains Income

Capital Gains income can be generated by selling assets such as gold, real estate, mutual funds units, stocks, debentures, and so on. It can be characterized as a long-term or short-term capital gain depending on the type of asset and the earnings produced on it over time. Despite the fact that these earnings are subject to income taxation, the capital gains tax regulations for 2022-23 are separate from the income tax slabs for 2023-24.

Lottery, Races, and More Income

In India, winnings from lotteries, horse races, and other similar activities are taxable. However, under current tax legislation, these profits are taxed separately rather than as part of the income slab rates for the fiscal year 2022-23.

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.

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

To begin with, the new tax regime has more tax slabs with lower tax rates than the old tax regime. As a result, the income 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 tax regime. Tax deductions and exclusions enable taxpayers to decrease their tax liability by investing, saving, or spending on specified financial instruments. Though income tax slab rates for AY 2023-24 are lower than under the previous regime, the new tax regime 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.

groww.in - Income Tax Slab for FY 2022-23 & AY 2023-24 - Groww

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