New income tax regime (2023 – 24)
|Up to Rs 3 lakh||0% tax|
|Between Rs 3 and 6 lakh – 5% tax||5% tax|
|Between Rs 6 and 9 lakh – 10% tax||10% tax|
|Between Rs 9 lakh and Rs 12 lakh – 15% tax||15% tax|
|Between Rs 12 lakh and Rs 15 lakh – 20% tax||20% tax|
- Salaried individuals, pensioners and family pensioners can pay no tax on income up to Rs 7.5 lakh under the new tax regime.
- Basic exemption limit is hiked to Rs 3 lakh from Rs 2.5 lakh.
- Highest surcharge rate reduced from 37 per cent to 25 per cent in the new tax regime
Tax on maturity amount received from Life Insurance Policy
From the start of the new fiscal year (1 April 2023), The income received from life insurance policy having annual premium over 5 lakh would be taxed. And It will also not affect insurance policies issued till 31 March 2023. Check out important highlight for tax on maturity amount received from Life Insurance Policy.
- The maturity amount on Insurance premium over 5L will be taxed.
- It will also not affect insurance policies issued till 31 March 2023.
- It won’t have an impact on the tax break offered on the sum received in the event of an insured person’s demise.
- The new income tax rule won’t be applicable to ULIP (Unit Linked Insurance Plan).