However, the New Tax Regime can be beneficial for those who invest less in tax-saving options. Taxpayers opting for concessional rates under the New Tax Regime cannot avail certain exemptions and deductions (like 80C, 80D, HRA, 80TTB) available under the Existing Tax Regime. Individuals and HUFs can opt for either the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act) for FY 2023-2024. What is the Income Tax Slab for FY 2023-24 In case the aggregate deposit in one or more savings bank accounts of the person is Rs.50,000 in case of resident senior citizens) If a person’s total tax deducted and collected during the previous year is Rs.In case total gross receipt of profession is more than Rs.In case total sales, turnover or gross receipt of the business is more than Rs.An individual/HUF who has incurred expenses exceeding Rs.An individual/HUF who has incurred foreign travel expenses exceeding Rs.1 crore in one or more current accounts maintained with a banking company/co-operative bank An individual/HUF who has deposited an amount (or aggregate of amount) exceeding Rs.He is a beneficiary of any asset (including any financial interest in any entity) located outside India He has a signing authority in any account located outside IndiaĬ). He holds, as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside Indiaī). An individual who is a resident and ordinary resident in India need to file his ITR even if his income does not go beyond the maximum exemption limit in case:Ī).The following individuals/HUFs also need to file income tax returns:

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