Income Tax Slab For Ay 2023-24 Pdf

What is the assessment year for 2023 2024?

Revised Income Tax Slab Rate FY 2023-24 (AY 2023-24) – For New Regime –

Income Slabs	Income Tax Rates FY 2023-24 (AY 2024-25)
Up to Rs 3,00,000	Nil
Rs 3.00,000 to Rs 6,00,000	5% on income which exceeds Rs 3,00,000
Rs 6,00,000 to Rs 900,000	Rs.15,000 + 10% on income more than Rs 6,00,000
Rs 9,00,000 to Rs 12,00,000	Rs.45,000 + 15% on income more than Rs 9,00,000
Rs 12,00,000 to Rs 1500,000	Rs.90,000 + 20% on income more than Rs 12,00,000
Above Rs 15,00,000	Rs.150,000 + 30% on income more than Rs 15,00,000

What is the tax rate for 24 lakhs salary in India?

What are the income tax rates? – Individuals with an income above Rs.5 lakhs a year are expected to pay income tax to the government on their earnings for the financial year April 1- March 31. The amount you have to pay in tax depends on which income tax slab you fall under.

• Individuals (male and female below the age of 60 years) and HUF
• Senior Citizens – Individuals (male and female between 60-80 years)
• Super Senior Citizens – Individuals above the age of 80 years

Business Entities (including cooperative societies, local authorities, domestic firms and foreign companies) Tax rate for individuals (below 60 years) and HUFs:

Tax Slabs	Tax Rates
Income up to Rs.2.5 lakhs	NIL
Income between Rs.2.5 lakhs and Rs.5 lakhs	10% of amount exceeding Rs.2.5 lakhs
Income between Rs.5 lakhs to Rs.10 lakhs	20% of amount exceeding Rs.5 lakhs
Income above Rs.10 lakhs	30% of amount exceeding Rs.10 lakhs

Individuals above 60 years:

Tax Slabs	Tax Rates
Income up to Rs.3 lakhs	NIL
Income between Rs.3 lakhs and Rs.5 lakhs	10% of amount exceeding Rs.3 lakhs
Income between Rs.5 lakhs to Rs.10 lakhs	20% of amount exceeding Rs.5 lakhs
Income above Rs.10 lakhs	30% of amount exceeding Rs.10 lakhs

Individuals over 80 years:

Tax Slabs	Tax Rates
Income up to Rs.5 lakhs	NIL
Income between Rs.5 lakhs to Rs.10 lakhs	20% of amount exceeding Rs.5 lakhs
Income above Rs.10 lakhs	30% of amount exceeding Rs.10 lakhs

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If an individual attains 60 or 80 years of age during a fiscal year, their income for the whole year is taxed at the senior or super senior slab respectively.

Surcharge is applicable at 10% of income above Rs.1 crore in a fiscal year.

Educational cess is levied at 2% and SHEC (secondary and higher secondary education cess) is levied at 1%.

What is the highest income tax rate in India?

The highest surcharge levied under personal income tax has been reduced significantly from 37% to 25% in the new tax regime. As a result the maximum tax rate on highest income slab with income above Rs 5 crore, which is currently is 42.744% that includes all surcharges, will come down to 39%.

Currently the surcharge on income-tax under both old regime and new regime is 10 per cent if income is above Rs 50 lakh and up to Rs 1 crore, 15 per cent if income is aboveRs 1 crore and up to Rs 2 crore, 25 per cent if income is above Rs 2 crore and up to Rs 5 crore, and 37 per cent if income is above Rs 5 crore.

“My fourth announcement in personal income tax is regarding the highest tax rate which in our country is 42.74 per cent. This is among the highest in the world. I propose to reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime.

This would result in reduction of the maximum tax rate to 39 per cent” said the Union Finance Minister in her Budget 2023 speech. However this reduction of surcharge will only be applicable under the new tax regime as no change in surcharge is proposed for those who opt to be under the old regime. Shalini Jain, Tax Partner, EY India says, “Reduction of highest surcharge rate applicable under new tax regime maybe the biggest incentive for HNIs who earn more than Rs 5 crores as they will benefit from reduction in maximum tax rate from 42.74% to 39%.” The budget speech annexure has specified the category of taxpayers on which this would apply “It is proposed that the for those individuals, HUF, AOP (other than co-operative), BOI and AJP under the new regime, surcharge would be same except that the surcharge rate of 37 per cent will not apply.

Highest surcharge shall be 25 per cent for income above Rs 2 crore. This would reduce the maximum rate from about 42.7 per cent to about 39 per cent. ” The new surcharge table

Taxable income	Surcharge (%)
Income above Rs 50 lakh up to Rs 1 crore	10
Income above Rs 1 crore but up to Rs 2 crore	15
Income above Rs 2 crore	25

Prior to this change the surcharge table looked like this

Taxable income	Surcharge (%)
Income above Rs 50 lakh but up to Rs 1 crore	10
Income above Rs 1 crore but up to Rs 2 crore	15
Income above Rs 2 crore but up to Rs 5 crore	25
Income above Rs 5 crore	37

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How much tax is deducted from salary in India?

Tax Rates – Add up all your income from the heads listed above. This is your gross total income. From your gross total income, deductions under Section 80 are allowed to be claimed. The resulting number is the income on which you have to pay tax. ClearTax’s app lets you determine your tax refund or dues for the year Download the app here.

Tax Slab	FY 2022-23 Tax Rate (Old tax regime)	Tax Slab	FY 2022-23 Tax Rate (New tax regime)
Up to Rs 2,50,000	No tax	Up to Rs 3,00,000	No tax
Rs 2,50,000 – Rs 5,00,000	5%	Rs 3,00,000 – Rs 6,00,000	5%
Rs 5,00,000 – Rs 10,00,000	20%	Rs 6,00,000 – Rs 9,00,000	10%
Rs 10,00,000 and beyond	30%	Rs 9,00,000 – Rs 12,00,000	15%
NA	NA	Rs 12,00,000 – Rs 15,00,000	20%
NA	NA	Rs 15,00,000 and beyond	30%

Cess:

For FY 2022-23 – Health and education cess is 4% of the sum of total income tax and surcharge

Basic Exemption limit for senior citizens (age of 60 years or more but up to 80 years)

For FY 2022-23 is Rs.2.5 lakh

Basic Exemption limit for super senior citizens (age of 80 years or more)

For FY 2022-23 is Rs.5 lakh

Rohit’s total taxable income for FY 2022-23 is Rs 8,00,000 under the old tax regime. How will the tax slabs be applied to him?

Income up to Rs 2,50,000	Nil
Income between Rs 2,50,000 – Rs 5,00,000	5% of (Rs 5,00,000 – Rs 2,50,000) = Rs 12,500
Income between Rs 5,00,000 – Rs 8,00,000	20% of (Rs 8,00,000 – Rs 5,00,000) = Rs 60,000
Total	Rs 72,500
Education Cess (4% on the sum of total income tax)	Rs 2,900
Tax payable	Rs 75,400

Skip the steps and use our updated income tax calculator instead.

What is the assessment year for 1 April 2023 to 31 March 2024?

Examples of Assessment Year and Financial Year

Period	Financial Year	Assessment Year
1 April 2021 to 31st March 2022	2021-22	2022-23
1 April 2023 to 31st March 2024	2023-24	2024-25

What are the dates for FY 2023?

When is the U.S. government’s fiscal year? – The federal government’s fiscal year runs from the first day of October of one calendar year through the last day of September of the next. For example, Fiscal Year 2021 (FY 2021) started on Oct.1, 2020, and ended on Sept.30, 2021. The current fiscal year, FY 2022, ends on Sept.30, 2022. FY 2023 starts Oct.1, 2022, and ends Sept.30, 2023.

What will be the tax for 25 lakhs in India?

Salary rate Annual Month Semimonthly Weekly Day Hour Health and Education Cess Summary If you make ₹ 2,500,000 a year living in India, you will be taxed ₹ 885,000, That means that your net pay will be ₹ 1,615,000 per year, or ₹ 134,583 per month. Your average tax rate is 35.4% and your marginal tax rate is 43.2%,

This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of ₹ 100 in your salary will be taxed ₹ 43.20, hence, your net pay will only increase by ₹ 56.80, Bonus Example A ₹ 1,000 bonus will generate an extra ₹ 568 of net incomes. A ₹ 5,000 bonus will generate an extra ₹ 2,840 of net incomes.

₹ 1,905,000 ₹ 1,910,000 ₹ 1,915,000 ₹ 1,920,000 ₹ 1,925,000 ₹ 1,930,000 ₹ 1,935,000 ₹ 1,940,000 ₹ 1,945,000 ₹ 1,950,000 ₹ 1,955,000 ₹ 1,960,000 ₹ 1,965,000 ₹ 1,970,000 ₹ 1,975,000 ₹ 1,980,000 ₹ 1,985,000 ₹ 1,990,000 ₹ 1,995,000 ₹ 2,000,000 NOTE* Withholding is calculated based on the tables of India, income tax.

What is the tax for 50 lakhs in India?

How to calculate income tax on salary above 50 lakhs? Tax calculation example

Gross Salary	50,00,000
Net Taxable Income	42,47,600
Tax on the above income	10,86,780
Rebate u/s 87A	NA
Total Tax	10,86,780 + 4% cess

What is the tax rate for 40 lakh salary in India?

Salary rate Annual Month Semimonthly Weekly Day Hour Health and Education Cess Summary If you make ₹ 4,000,000 a year living in India, you will be taxed ₹ 1,533,000, That means that your net pay will be ₹ 2,467,000 per year, or ₹ 205,583 per month. Your average tax rate is 38.3% and your marginal tax rate is 43.2%,

1. This marginal tax rate means that your immediate additional income will be taxed at this rate.
2. For instance, an increase of ₹ 100 in your salary will be taxed ₹ 43.20, hence, your net pay will only increase by ₹ 56.80,
3. Bonus Example A ₹ 1,000 bonus will generate an extra ₹ 568 of net incomes.
4. A ₹ 5,000 bonus will generate an extra ₹ 2,840 of net incomes.

₹ 1,905,000 ₹ 1,910,000 ₹ 1,915,000 ₹ 1,920,000 ₹ 1,925,000 ₹ 1,930,000 ₹ 1,935,000 ₹ 1,940,000 ₹ 1,945,000 ₹ 1,950,000 ₹ 1,955,000 ₹ 1,960,000 ₹ 1,965,000 ₹ 1,970,000 ₹ 1,975,000 ₹ 1,980,000 ₹ 1,985,000 ₹ 1,990,000 ₹ 1,995,000 ₹ 2,000,000 NOTE* Withholding is calculated based on the tables of India, income tax.

Is 1 crore a good salary in India?

Ever heard this song by ABBA: Money, money, money. It’s so funny, in a rich man’s world. Now, picture this: you are dining out. Yet, you don’t ever have to look at the right side of the menu. You have lost your AirPods. So what? You get it replaced the very next day using hard cash.

1. You have travel plans: That is easier.
2. You don’t have to start searching early for cheaper airfare.
3. That’s how a few people get to lead their lives.
4. In Mumbai, Varun Kakkar is living it up with his annual income of about ₹ 1 crore.
5. What this income provides is the ability of not having to think about smaller things.

My family and I can live freely without budgeting for day-to-day expenses,” said Kakkar, who works at an FMCG company. Kakkar lives in a 3-bhk apartment in a posh township in Thane that he bought in 2021. “It was an expensive purchase. I pay about 40% of my monthly income towards home loan EMIs,” he said.

He compensates for this by driving a mid-range Honda sedan that he and his wife bought nine years back. “This kind of income will allow you to fund one big-ticket purchase at a time,” Kakkar said. Akash Sethia, who earns ₹ 6.5 lakh (post-tax) per month, no longer budgets for certain luxury experiences.

On a recent vacation to Europe with his wife and parents, he rented a convertible that cost him ₹ 60,000 for three days. He also went on a paragliding adventure that cost ₹ 80,000. “Each month I’m left with substantial surplus. So, I can easily spend on such experiences without giving it much thought,” said Sethia, a management consultant. View Full Image, Kakkar and Sethia are just two of the many people who have an envious salary. Income tax data shows that only 131,000 Indians earned above ₹ 1 crore annually in FY21, roughly 0.01% of the country’s population. A 2020 Bloomberg report said India’s top-paid 1% earn ₹ 55 lakh and above.

To be sure, many businesses and self-employed individuals under-report incomes to avoid higher taxes. Mint spoke to several ‘crorepatis’ aged between 27 years and 37 years about their lifestyles. Most of them believe that ₹ 1crore doesn’t make them wealthy enough but unanimously agreed that the income gives them ample financial freedom.

Is ₹ 1 crore enough? The number of years it takes to reach this income level, inflation, tax of above 30%, and other financial obligations make a difference. Sumit Saurabh, 27, a Noida-based techie, doesn’t consider himself particularly wealthy, though he earns over ₹ 6 lakh a month (post tax).

1. My cash flows can afford me a luxurious lifestyle, but it falls short if I want to create meaningful assets,” he said.
2. Saurabh has so far repaid the ₹ 22 lakh debt taken by his parents for his education and his sister’s wedding, bought back his mother’s gold jewellery she had pledged and bought his parents, who live in Bihar, a mid-range car.

“If I were to buy an apartment in Noida, I can easily afford the EMIs, but the challenge is to arrange the down payment,” Saurabh said. “The value of ₹ 1 crore earnings for me would be what ₹ 50 lakh is for a lot of people who have ancestral wealth and are not the sole breadwinners.” Bangalore-based Rohan Chandrashekhar, who runs a content management firm, lives a minimalist lifestyle despite earning a little over ₹ 1 crore annually.

1. He drives a hatchback worth ₹ 7 lakh and shops online from mid-segment clothing brands.
2. ₹ 1 crore is not enough to do everything one may want, he said.
3. If you consider the rate of inflation and high taxation coupled with my social impact aspirations as well as willingness to provide unconditional comfort for my family, then the income starts to feel a bit insufficient,” said the 37-year-old.

In Ghaziabad, Shubham Garg, 27, says a particular income level is not a milestone for a successful career for him. “Beyond the first ₹ 2 lakh, the incremental income has become a number for me,” said Garg, founder of a software development company, who earns about ₹ 12 lakh every month.

• Yes, we (Shubham and his family) have upgraded to a bigger house, like any middle class family does when income rises, but my personal lifestyle hasn’t changed in a big way.” Tax and inflation bite, said Bangalore-based Devraj, who insisted on using only his first name.
• What bothers me more is that even with the high taxes, I still pay separately for private medical care, higher studies and drive everywhere or take cabs because of the lack of good public transportation options,” said the 32-year-old.

Where do they invest? Chandrashekhar’s savings can put many to shame. He invests about 80% of his total income in direct stocks and a mix of active and passive mutual funds. He has made this possible by choosing to live below his means. “I’m a big proponent of FIRE (Financially Independent Retiring Early) ideology and have social impact goals.

I want to build a ₹ 100 crore portfolio of liquid assets by 2030 that can fund both,” said Chandrashekhar. It also helps that he lives in his own home and doesn’t have any EMIs to pay. Meanwhile, Sethia saves about 30% of his income without even trying. “I pay my bills and EMIs, send money to parents, spend through the month and save whatever is left at the end,” he said.

“I am experimenting with alternative investment products such as P2P lending, invoice discounting, fractional real estate investing, etc., that offer high-yield and have limited risk buffer. Until now I couldn’t do so as these products have minimum investment amount restrictions,” he said.

1. A significant disposable income and regular bonuses can also ensure that you are able to build assets early before other financial responsibilities take over.
2. Garg, for instance, has already invested in two real estate properties and recently started investing in mutual funds.
3. Fulfilling their dreams For most, high incomes help fulfil small aspirations that seemed out of reach while growing up.

“The frequent international and domestic vacations I am able to take and the ability to spend on experiences were distant dreams,” said Devraj, who works with a multinational company. He is quick to add that his middle-class upbringing prevents him from splurging even though he and his wife together earn about ₹ 1.3 crore annually.

Kakkar said flying business class evokes a special feeling even now. Another is when he funded a trip for his parents and siblings. “I flew them to Kerala and Kashmir and arranged for their stay in top hotels. It brought them unmatchable joy,” he said. For others, high income enables them to give back to the society.

Saurabh is passionate about supporting the underprivileged, but he believes in being a capitalist first and then a philanthropist. “I pursued these causes after my income reached a certain level,” he said. He has founded a non-profit organization that upskills gig workers and sponsors scholarships for students who do not have the means to fund their education.

Who is no 1 income tax payer in India?

Who was the Highest Taxpayer in India in 2021? – Akshay Kumar was awarded “Samman Patra ” for being the highest taxpayer in India for the last five years by Income Tax Department. He has been at the top of the list of individual taxpayers in India, even in 2021. As per several reports, Akshay Kumar pays approximately Rs.25.5 crore in taxes yearly.

Is TDS refundable?

All Indian nationals who earn more than a certain amount are required to pay taxes at the current tax slab rates under Indian tax* regulations. However, Tax Deducted at Source ( TDS ) is withheld by the employer prior to the salary being paid to your account.

What is the TDS limit?

Rs.50,000 per month 5 – – 20 The Threshold Limit is Rs.50,000 per month for the Payment of rent by an individual or HUF not liable to tax audit and 5% TDS is applicable on resident Indians.

How much tax for 16 LPA in India?

Salary rate Annual Month Semimonthly Weekly Day Hour Health and Education Cess Summary If you make ₹ 1,600,000 a year living in India, you will be taxed ₹ 496,200, That means that your net pay will be ₹ 1,103,800 per year, or ₹ 91,983 per month. Your average tax rate is 31.0% and your marginal tax rate is 43.2%,

This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of ₹ 100 in your salary will be taxed ₹ 43.20, hence, your net pay will only increase by ₹ 56.80, Bonus Example A ₹ 1,000 bonus will generate an extra ₹ 568 of net incomes. A ₹ 5,000 bonus will generate an extra ₹ 2,840 of net incomes.

₹ 1,605,000 ₹ 1,610,000 ₹ 1,615,000 ₹ 1,620,000 ₹ 1,625,000 ₹ 1,630,000 ₹ 1,635,000 ₹ 1,640,000 ₹ 1,645,000 ₹ 1,650,000 ₹ 1,655,000 ₹ 1,660,000 ₹ 1,665,000 ₹ 1,670,000 ₹ 1,675,000 ₹ 1,680,000 ₹ 1,685,000 ₹ 1,690,000 ₹ 1,695,000 ₹ 1,700,000 NOTE* Withholding is calculated based on the tables of India, income tax.

What is assessment year 2024 25?

Income Tax Slab 2023-24 Nirmala Sitharaman, the Finance Minister of India presented the Union Budget 2023 on 1st February, 2023 and introduced new income tax slabs and rates for the new tax regime. The new tax regime was introduced in Budget 2020 with 6 slabs, which have now been decreased to 5 income tax slabs for regular individuals, senior citizens and HUF (Hindu Undivided Family).

Which assessment year to select?

The AY starts right after the FY ends. Therefore the assessment year for FY 2022-23 will be AY 2023-24.

What is the tax year UK?

Self Assessment is the process by which you advise HM Revenue & Customs (HMRC) of your income, gains and relevant expenses for a tax year. You currently do this by completing a tax return, sending it to HMRC and calculating your own tax liability (note the HMRC online return will do the calculation for you automatically). You can find out more about Self Assessment on the How do I pay tax on self-employed income? and Self Assessment: understanding the basics pages, If you have only a small amount of self-employment income and can use the trading allowance then you may not need to register with HMRC or complete a Self Assessment tax return. However, the government announced some time ago that it is their intention to phase out tax returns as the method of reporting details of taxable income in due course (although not before April 2026) and replace them with a predominantly digital system. The project is known as ‘Making Tax Digital’. There is more information about HMRC’s digital services generally in our tax basics section. To find out more about ‘Making Tax Digital’ and how it will affect self-employed businesses go to Making Tax Digital for Income tax, If you are registered for VAT, you can read about the ‘Making Tax Digital for VAT’ programme which came into effect on 1 April 2019 on our page What is Making Tax Digital for VAT?, When we talk about dates for tax, often the date is said to be ‘during the tax year’ or ‘following the end of the tax year’. A UK tax year runs from 6 April to the following 5 April. So, if we are talking about the tax year 2022/2023 it started on 6 April 2022 and finished on 5 April 2023. The 31 January during the tax year was 31 January 2023, the 5 October following the end of the tax year would be 5 October 2023 and the 31 January following the end of the tax year would be 31 January 2024. Not all of the dates listed below may apply to you even if you are self-employed. You can follow the links that give you more information to help you decide if you need to take some action by that date.

31 January (during the tax year) The first payment on account for the tax year ending the following 5 April is due. For example, the first payment on account for the 2022/23 tax year was due by 31 January 2023. Find out more about payments on account on our How do I pay tax on self-employed income? page. Not everyone has to pay these payments on account. April (following the end of the tax year) The tax year ends on 5 April and shortly after this date anyone who is required to file a tax return will receive a notice advising that you must file a tax return for the tax year just ended. If you are newly self-employed, you will need to register with HMRC for tax and National Insurance (NIC) for this to happen. If you have stopped trading during the tax year, you will still need to complete a tax return for your last year of business. There is more information on what to do when your business ceases to trade in our section ‘Stopping your business’ on our guide to self-employment, 31 July (following the end of the tax year) The second payment on account for the tax year ending the previous 5 April is due. For example, the second payment on account for the 2022/23 tax year is due by 31 July 2023. Find out more about payments on account on our How do I pay tax on self-employed income? page. Not everyone has to pay these payments on account. 5 October (following the end of the tax year) The 5 October is the date by which you need to notify HMRC that you have income that has not been taxed before you received it, or capital gains in excess of the annual exempt amount (£12,300 for 2022/23 and £6,000 for 2023/24). This is so that HMRC can send you a notice a file a tax return. If you are self-employed, you need to register with HMRC for tax purposes by this date. Find out more on our How do I register for tax and National Insurance? page if you are self-employed. 31 October (following the end of the tax year) If you are sending HMRC a paper tax return this must be submitted by 31 October. If you send the form after this date there will be a penalty even if you have no tax to pay. See our penalties section for further information. The deadline for filing a paper tax return for 2022/23 for the purpose of establishing when late filing penalties become due is 31 October 2023, and for other tax years the filing deadline for paper tax returns is 31 October following the tax year. Find out more about tax returns for the self-employed and the options for paper or online returns in the section on how to complete your Self Assessment tax return in our self-employment tax guide, 30 December (following the end of the tax year) If you file your tax return online, you will need to submit it by this date if you have employment or pension income and want HMRC to collect the self-employed tax through your PAYE tax code. This may be possible where you owe less than £3,000. If your income is more than £30,000, even more tax may be collected through your PAYE tax code. See How do I pay tax on self-employed income? for more information. 31 January (following the end of the tax year) All tax returns filed online must be submitted by this date. If you miss this deadline a penalty will be charged even if you have no tax to pay or have already paid all of the tax you owe. See our penalties section for more information. The deadline for filing an online tax return for 2022/23 for the purpose of establishing when late filing penalties become due is 31 January 2024, and for other tax years the filing deadline for online tax returns is 31 January following the tax year. Also, your balancing payment of tax is due at this time. For example, your balancing payment for 2022/23 is due on 31 January 2024. See our How do I pay tax on self-employed income? page. You may also have a payment on account to make at this time. For example, you may have a payment on account to pay for the 2023/24 tax year on 31 January 2024. Find out more about payments on account on our How do I pay tax on self-employed income? page. Not everyone has to pay these payments on account. 31 January (following the end of the tax year) + 1 year If you become aware that an entry on your paper or online tax return is incorrect you can amend that return up to 12 months after 31 January following the end of the tax year. For example, if you need to amend your 2022/23 return you have until 31 January 2025 to make the amendment. This applies whether you filed manually using a paper return or completed it online.

What fiscal year is 2023 24?

Fiscal Calendar – DABS A fiscal year is a one-year period that is used to provide budgets and financial reports. The state of Utah’s fiscal year runs from July 1 to June 30. The fiscal year is commonly referred to using the latter of the two calendar years.

Fiscal Year	Period	Calendar Month	Begins	Ends	Number of Days
FY 2024	Period 1	July 2023	7/1/2023	7/29/2023	29
FY 2024	Period 2	August 2023	7/30/2023	9/2/2023	35
FY 2024	Period 3	September 2023	9/3/2023	9/30/2023	28
FY 2024	Period 4	October 2023	10/1/2023	10/28/2023	28
FY 2024	Period 5	November 2023	10/29/2023	12/2/2023	35
FY 2024	Period 6	December 2023	12/3/2023	12/30/2023	28
FY 2024	Period 7	January 2024	12/31/2023	1/27/2024	28
FY 2024	Period 8	February 2024	1/28/2024	2/24/2024	28
FY 2024	Period 9	March 2024	2/25/2024	3/30/2024	35
FY 2024	Period 10	April 2024	3/31/2024	4/27/2024	28

Fiscal Calendar – DABS

What is the financial year 2024?

Fiscal year 2024 means the period from July 1, 2023, through June 30, 2024.

What is fy 2023 india?

India’s Economy to Grow by 6.4% in FY2023, Rise to 6.7% in FY2024 NEW DELHI, INDIA (4 April 2023) — The Asian Development Bank (ADB) projects growth in India’s gross domestic product (GDP) to moderate to 6.4% in fiscal year (FY) 2023 ending on 31 March 2024 and rise to 6.7% in FY2024, driven by private consumption and private investment on the back of government policies to improve transport infrastructure, logistics, and the business ecosystem.

• The projection is part of the latest edition of ADB’s flagship economic publication,, released today.
• The growth moderation for India in FY2023 is premised on an ongoing global economic slowdown, tight monetary conditions, and elevated oil prices.
• However, FY2024 is expected to see faster growth in investment, thanks to supportive government policies and sound macroeconomic fundamentals, lower nonperforming loans in banks, and significant corporate deleveraging that will enhance bank lending, according to ADO April 2023.

“Despite the global slowdown, India’s economic growth rate is stronger than in many peer economies and reflects relatively robust domestic consumption and lesser dependence on global demand,” said ADB Country Director for India Takeo Konishi. “The Government of India’s strong infrastructure push under the Prime Minister’s Gati Shakti (National Master Plan for Multimodal Connectivity) initiative, logistics development, and industrial corridor development will contribute significantly to raising industrial competitiveness and boosting future growth.” Improving labor market conditions and consumer confidence will drive growth in private consumption.

The central government’s commitment to significantly increase capital expenditure in FY2023, despite targeting a lower fiscal deficit of 5.9% of GDP, will also spur demand. Helped by recovery in tourism and other contact services, the services sector will grow strongly in FY2023 and FY2024 as the impact of COVID-19 wanes.

However, manufacturing growth in FY2023 is expected to be tamped down by a weak global demand, but it will likely improve in FY2024. Recent announcements to boost agricultural productivity, such as setting up digital services for crop planning and support for agriculture startups will be important in sustaining agriculture growth in the medium term.

Inflation will likely moderate to 5% in FY2023, assuming moderation in oil and food prices, and slow further to 4.5% in FY2024 as inflationary pressures subside. In tandem, monetary policy in FY2023 is expected to be tighter as core inflation persists, while becoming more accommodative in FY2024. The current account deficit is projected to decline to 2.2% of GDP in FY2023 and 1.9% in FY2024.

Growth in goods exports is forecast to moderate in FY2023 before improving in 2024, as production-linked incentive schemes and efforts to improve the business environment, such as streamlined labor regulations, improve performance in electronics and other areas of manufacturing growth.

1. Services exports growth has been robust and is expected to continue to strengthen India’s overall balance of payments position.
2. However, geopolitical tensions and weather-related shocks are key risks to India’s economic outlook.
3. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.

Established in 1966, it is owned by 68 members—49 from the region.

What is the assessment year for?

What is Assessment Year? – The Assessment Year is the 12 month-period that comes right after the financial year. It is the period from April 1 to March 31, during which revenue produced during the fiscal year is taxed. For example, the Assessment Year for any revenue produced between April 1, 2022, and March 31, 2023, would be 2023-24.

Are we in Financial Year 2023?

What do I need to know about EOFY? – The 2022/23 financial year in Australia runs from 1 July 2022 to 30 June 2023. The End of Financial Year (EOFY) is an important time for all businesses. You’ll need to make sure your books are up to date, complete tax returns and plan for the new financial year.

What is assessment year 22?

Important Differences between Assessment Year and Financial Year – Financial Year is the year within which income is earned. In other words, the year before the Assessment Year is known as the Financial Year, and it is the period in which tax returns are filed.

Both the Financial Year and Assessment Year end on the 31st of March and begin on the 1st of April. Financial Year is, therefore, the year in which business people, salaried professionals, and senior citizens earn their money. In contrast, the following year is the Assessment Year, where the income that has been previously earned gets evaluated.

Taxation and evaluation are carried out for income that has been earned in the year before AY, which is the financial year. For this reason alone, Income Tax Return Forms are known to use the term AY instead of FY. While income is always earned in the period known as the financial year, it cannot ever be taxed before having been earned.

1. Hence, it is only after an individual’s money has first been earned that it will be evaluated for taxation; the latter takes place during the Assessment Year.
2. For example, if the Financial Year is from the 1st of April 2021 to the 31st of March 2022, then its term will be known as FY 2021-22.
3. The Assessment Year for the income earned during this period will start after the end of the financial year, that is, the 1st of April 2022 to the 31st of March 2023.

This means the Assessment Year for FY 2021-22 will be AY 2022-23.

Which is the last assessment year?

Assessment and Financial Year in India for the Recent Years –

Period	Financial Year	Previous Year	Assessment Year
1 April 2018 to 31st March 2019	2018-19	2018-19	2019-20
1 April 2019 to 31st March 2020	2019-20	2019-20	2020-21
1 April 2020 to 31st March 2021	2020-21	2020-21	2021-22
1 April 2021 to 31st March 2022	2021-22	2021-22	2022-23
1 April 2022 to 31st March 2023	2022-23	2022-23	2023-24