Super Tax Slabs Enhanced in Budget 2023-24

The government has revised Super Tax slabs for the fiscal year 2023-24 (FY24) and introduced major changes for individuals with higher incomes. For individuals with an income group of below Rs. 150 million, Rs. 150 million to Rs. 200 million, Rs. 200 million to Rs. 250 million, Rs. 250 million to Rs. 300 million, and Rs. 300 million to Rs. 350 million remains unchanged, with the tax rate at 0 percent, 1 percent, 2 percent, 3 percent and 4 percent respectively for both FY23 and FY24. On the other hand, the tax rate for those with income between Rs. 350 million and Rs. 400 million is to be increased from 4 percent to 6 percent for FY24. Individuals whose income falls between Rs. 400 million and Rs. 500 million to face a higher tax rate of 8 percent for FY24, compared to the previous 4 percent rate in FY23. Similarly, for individuals whose income exceeds Rs. 500 million, the tax rate to be raised to a significant 10 percent for FY24, up from 4 percent in FY23.