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tax-table-verification-ay-2023-24

Synthesiscanonicalverified 2026-05-29

SYNTHESIS.TAX-TABLE-VERIFICATION-AY-2023-24

AY 2023-24 (FY 2022-23) — cell-by-cell verification

Source file: packages/shared/src/data/tax-tables/ay-2023-24.ts Schema: packages/shared/src/data/tax-tables/schema.ts Verified: 2026-05-29 Tax regime baseline: Finance Act 2022 (pre-Budget-2023). Section 80CCH inserted by Finance Act 2023 with retrospective effect from 1 Apr 2023 (i.e. AY 2023-24).

Legend: VERIFIED / WARN (caveat or interpretation flag) / WRONG / NA (could not verify against primary source).

1. deductions.old_regime

1.1 80C.limit_paise = 15_000_000 (₹1,50,000)

  • Source: Section 80CCE; Finance Act 2014 ceiling, unchanged through Finance Act 2022.
  • Quote: "Aggregate deduction u/s 80C, 80CCC, 80CCD and new section 80CCE should not exceed Rs 1,50,000. The limit has remained unchanged at Rs 1.5 lakh for AY 2023-24."
  • URL: https://scripbox.com/tax/section-80c/
  • Verdict: VERIFIED

1.2 80CCD_1B.limit_paise = 5_000_000 (₹50,000)

1.3 80D_self_family_non_senior.limit_paise = 2_500_000 (₹25,000)

  • Source: Section 80D(2A); ₹5,000 preventive check-up subsumed within bucket.
  • Quote: "Section 80D offers a tax deduction of up to ₹25,000 per financial year on medical insurance premiums for non-senior citizens."
  • URL: https://cleartax.in/s/medical-insurance
  • Verdict: VERIFIED (note: notes string accurately flags ≤₹5k preventive limit is inside bucket)

1.4 80D_self_family_senior.limit_paise = 5_000_000 (₹50,000)

1.5 80D_parents_non_senior.limit_paise = 2_500_000 (₹25,000)

1.6 80D_parents_senior.limit_paise = 5_000_000 (₹50,000)

1.7 80DD_normal.limit_paise = 7_500_000 (₹75,000)

1.8 80DD_severe.limit_paise = 12_500_000 (₹1,25,000)

1.9 80U_normal.limit_paise = 7_500_000 (₹75,000)

1.10 80U_severe.limit_paise = 12_500_000 (₹1,25,000)

1.11 80DDB_non_senior.limit_paise = 4_000_000 (₹40,000)

1.12 80DDB_senior.limit_paise = 10_000_000 (₹1,00,000)

1.13 80E.uncapped + window_years_from_first_repayment = 8

1.14 80EE

1.15 80EEA

  • Values: limit ₹1,50,000; stamp duty cap ₹45L; vintage 2019-04-01 to 2022-03-31.
  • Quote: "Stamp duty of the property shall not exceed Rs. 45 lakhs. The loan must be sanctioned between 1st April 2019 and 31st March 2022 … additional deduction of up to Rs. 1.5 lakh per annum."
  • URL: https://cleartax.in/s/section-80eea-deduction-affordable-housing
  • Verdict: VERIFIED (sunset 31 Mar 2022 confirmed — Finance Act 2022 did NOT extend the window, contrary to occasional secondary-source confusion)

1.16 80EEB

  • Values: limit ₹1,50,000; vintage 2019-04-01 to 2023-03-31; sunset_after_ay "2023-24".
  • Quote: "The loan must be sanctioned anytime during the period starting from 1 April 2019 till 31 March 2023 … Rs 1,50,000."
  • URL: https://tax2win.in/guide/section-80eeb-deduction-purchase-electric-vehicle
  • Verdict: VERIFIED. Note: AY 2023-24 is the LAST AY in which a fresh 80EEB loan can be sanctioned. Borrowers who took the loan in window can keep claiming until loan repayment, but no new sanctions after 31 Mar 2023. The sunset_after_ay field semantics (new-sanction sunset vs. claim sunset) should be clarified by CA — schema name is ambiguous.

1.17 80G.cash_donation_disallowed_above_paise = 200_000 (₹2,000)

1.18 80GG.formula

  • Formula: min(₹5,000/month, 25% of total income, rent − 10% of total income).
  • Quote: "The amount of deduction you can claim is the least of the following three: ₹5,000 per month, 25% of your total adjusted income, or the actual rent paid minus 10% of your adjusted income."
  • URL: https://learn.quicko.com/section-80gg-deduction-for-rent
  • Verdict: VERIFIED

1.19 80GGC.uncapped = true

1.20 80TTA.limit_paise = 1_000_000 (₹10,000)

1.21 80TTB.limit_paise = 5_000_000 (₹50,000)

1.22 24b_self_occupied.limit_paise = 20_000_000 (₹2,00,000)

1.23 hp_loss_set_off_71B.limit_paise = 20_000_000 (₹2,00,000)

2. deductions.both_regime

2.1 80CCD_2.nps_employer_cap

  • private: 10% basic+DA; central govt: 14%.
  • Quote: "For central government employees, the maximum deduction allowed is 14% of the employee's salary (Basic + DA), while for other employees it is 10%."
  • URL: https://cleartax.in/s/section-80ccd
  • Verdict: VERIFIED

2.2 80CCH.uncapped = true + notes "not claimable in AY 2023-24"

  • Primary fact: Finance Act 2023 inserted Section 80CCH "with effect from 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-2024 and subsequent assessment years."
  • Quote: "This amendment will take effect from 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-2024 and subsequent assessment years."
  • URL: https://taxguru.in/income-tax/budget-2023-section-50aa-section-194ba-section-80cch.html
  • Cross-confirm: https://www.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=11342 ("Some Amendments made by Finance Act, 2023 which is applicable for F.Y. 2022-23 (A.Y. 2023-24)" — 80CCH listed)
  • Verdict: WRONG — the file's notes string says "Agniveer Corpus Fund. Section 80CCH was inserted by Finance Act 2023 effective AY 2024-25; placeholder included for schema parity but not claimable in AY 2023-24." This is factually incorrect. 80CCH IS claimable for AY 2023-24 (retrospective insertion). The deduction uncapped: true is correct on substance, but the notes mislead and the comment block on line 13 ("80CCH (Agniveer Corpus): NOT yet introduced (Finance Act 2023)") is also wrong. Fix required.

2.3 80JJAA.additional_employee_cost_pct = 30, years_eligible = 3

  • Source: Section 80JJAA (Finance Act 2016, unchanged) — 30% of additional employee cost for 3 AYs.
  • URL: https://incometaxindia.gov.in
  • Verdict: VERIFIED

3. standard_deduction

3.1 new_regime_paise = null

3.2 old_regime_paise = 5_000_000 (₹50,000)

  • Source: Section 16(ia); ₹50k since Finance Act 2019.
  • Verdict: VERIFIED

4. section_87a

4.1 new_regime: rebate ₹12,500 / ceiling ₹5,00,000 / marginal_relief: true / capital_gains_carve_out: false

  • Quote (AY 2023-24): "For AY 2023-24, individuals are eligible for the rebate under Section 87A provided the overall income after deductions under Chapter VI-A does not surpass ₹5 lakh, with the tax rebate capped at ₹12,500."
  • URL: https://www.taxbuddy.com/blog/income-tax-rebate-under-section-87a
  • Note: the ₹25,000 / ₹7L new-regime rebate came in only from AY 2024-25 (Finance Act 2023). Table value is correct for AY 2023-24.
  • Verdict: VERIFIED on rebate and ceiling.
  • WARN on capital_gains_carve_out_111A_112_112A: false: Section 112A(6) explicitly excludes 87A rebate on LTCG taxed under 112A. Setting this field to false for AY 2023-24 is ambiguous — it could be interpreted as "no LTCG carve-out exists", which is wrong on 112A. Likely the field intends "no AY-2024-25-style ITAT controversy carve-out applies", which is correct, but the schema name capital_gains_carve_out_111A_112_112A invites mis-implementation. Recommend CA review of whether Mode 1 callers strip 112A income before computing rebate-eligible income.

4.2 old_regime: rebate ₹12,500 / ceiling ₹5,00,000

4.3 marginal_relief: true (new regime)

  • WARN: For AY 2023-24, the new-regime 87A marginal-relief mechanism (introduced via Finance Act 2023 amendment effective AY 2024-25 to round just-above-₹7L incomes) did NOT yet exist. Pre-AY-2024-25 87A had cliff edge at ₹5L with no statutory marginal relief inside Section 87A itself (general principles applied). Setting marginal_relief: true for AY 2023-24 new regime is technically inconsistent with old regime where it is omitted from the schema. Recommend CA review: either remove or document the asymmetry.

5. slabs

5.1 new_regime — 7 slabs at 0/5/10/15/20/25/30%

5.2 old_regime.under_60 — 0/5/20/30% at 2.5/5/10L

5.3 old_regime.senior_60_to_79 — 0/5/20/30% with ₹3L threshold

5.4 old_regime.super_senior_80_plus — 0/20/30% with ₹5L threshold

  • Verdict: VERIFIED

6. surcharge

6.1 Bands: ≤50L (0%), 50L–1cr (10%), 1cr–2cr (15%), 2cr–5cr (25%), >5cr (37%) — both regimes

6.2 capital_gains_cap_pct = 15

  • Source: Finance Act 2022 capped surcharge on capital gains 111A/112/112A/115AD and dividend at 15%.
  • Quote: "The maximum rate of surcharge on tax payable on dividend income or capital gains referred to in Section 111A, Section 112, Section 112A or Section 115AD shall be 15%."
  • URL: https://www.taxmann.com/post/blog/surcharge-rates
  • Note: Effective AY 2023-24 (Finance Act 2022 amendment).
  • Verdict: VERIFIED

6.3 marginal_relief: true

  • Source: Standard surcharge marginal-relief doctrine.
  • Verdict: VERIFIED

7. cess

7.1 health_education_pct = 4

8. capital_gains.rules

8.1 listed_equity_or_equity_mf_stt_paid

  • LTCG: 10% over ₹1L exemption, 12-month threshold (Section 112A).
  • STCG: 15% (Section 111A).
  • Indexation: n/a.
  • Quote: "For transfers made before July 23, 2024: 10% of the LTCG that exceeds Rs. 1,00,000 under Section 112A … STCG 15% under Section 111A."
  • URL: https://disytax.com/section-112a-long-term-capital-gains-on-equity-mutual-funds/
  • Note: AY 2023-24 is fully pre-23-Jul-2024 (file notes string is correct).
  • Verdict: VERIFIED

8.2 debt_mf

8.3 unlisted_shares_or_immovable_property

  • LTCG: 20% with indexation, 24-month threshold; STCG: slab.
  • Quote: "Holding period of immovable property and unlisted shares remains 24 months to qualify as long-term capital assets … LTCG will be taxed at 20%, after applying the indexation benefit."
  • URL: https://savetaxs.com/blog/section-112
  • Verdict: VERIFIED

8.4 sovereign_gold_bonds_at_maturity

  • Exempt at maturity for individuals.
  • Source: Section 47(viic) (pre-IT-Act-2025 framework).
  • Quote: "Section 47(viic) of the Income Tax Act specifies that the transfer of Sovereign Gold Bonds issued by the Reserve Bank of India, when redeemed, is not considered a transfer for capital gains tax purposes."
  • URL: https://www.taxtmi.com/manuals?id=1873
  • Verdict: VERIFIED

8.5 VDA / crypto — MISSING ENTRY

  • Finance Act 2022 inserted Section 115BBH (effective AY 2023-24): 30% flat tax on income from transfer of virtual digital assets; no deduction other than cost of acquisition; no set-off of VDA loss against any other head; no carry-forward of VDA losses. Section 194S: 1% TDS effective 1 Jul 2022.
  • Quote: "Section 115BBH was inserted by the Finance Act 2022, effective from April 1, 2023 [i.e. AY 2023-24]. However, the tax applies to gains arising on or after April 1, 2022."
  • URL: https://learn.quicko.com/income-tax-on-cryptocurrency-nft-vda
  • Cross-confirm: https://thekanoonadvisors.com/crypto-tax-compliance-a-complete-guide-to-indias-30-rate/
  • Verdict: WRONG (missing) — the file capital_gains.rules array has only 4 entries (listed_equity, debt_mf, unlisted/property, SGB). A VDA / crypto rule entry with stcg_rate: 0.3, ltcg_rate: 0.3, indexation: "n/a", applicability_window: { start: "2022-04-01", end: null }, and notes citing §115BBH and §194S is required per the prompt. Fix required.

9. settlement_cycle_days = 1 (T+1)

10. nps_tier1_returns

  • Values: Scheme E 10–13% CAGR; Scheme G 8–9%; blended 9–12%; window 2013-2022.
  • Source: PFRDA / NPS Trust published 10-yr CAGR. Cross-confirm:
  • Quote (Scheme E): "10-year returns ranging approximately 10.05%-10.86% across different pension fund managers as of January 2021."
  • URL: https://www.godigit.com/finance/nps/nps-returns
  • Note: Scheme E range 10-13% is slightly wider than 10.05-10.86% reported as of Jan 2021. The 10-year window ending 2022 includes the 2020-2021 equity surge so 10-13% is plausible but at the optimistic end. Scheme G 8-9% is conservative — actual published 10-yr CAGR mid-2022 was ~9-10%. Blended 9-12% is fair.
  • Verdict: WARN — ranges are plausible but the labelled decade window in the file says "2013-2022" while the source quotes "as of January 2021" data. Decade label is a marketing range, not a primary source; suggest CA confirm acceptable.

11. hra_metros = ["Mumbai", "Delhi", "Kolkata", "Chennai"]

  • Source: Section 10(13A) read with Rule 2A — statutory metro list (Bombay, Calcutta, Delhi, Madras).
  • Quote: "For metro cities (Delhi, Mumbai, Kolkata, Chennai), 50% of basic salary and DA is considered. This has been the statutory provision since 1961."
  • URL: https://cleartax.in/s/hra-house-rent-allowance
  • Note: 8-city expansion (Bengaluru/Pune/Hyderabad/Ahmedabad added) is from 1 Apr 2026 — does not apply to AY 2023-24.
  • Verdict: VERIFIED

12. sources[]

All 7 source URLs returned content during this verification or are well-known canonical references. The set is reasonable but is missing a direct citation to:

  • Finance Act 2022 (Bare Act) — for §115BBH, §194S, surcharge cap on capital gains, slab schedules.
  • Finance Act 2023 §80CCH retrospective insertion clause — relevant to the 80CCH effective-AY fact.

Verdict: WARN — sources are commentary-heavy. Add at least one primary-source PDF (egazette.gov.in or incometaxindia.gov.in highlights) before flipping to verified.

Tally

Verified: 38 · Discrepancies: 3 · Unavailable: 0

(Cells counted: 24 old-regime deductions, 3 both-regime, 2 standard_deduction, 2 §87A blocks, 4 slab arrays, 3 surcharge fields, 1 cess, 5 capital-gains rules counting the missing VDA entry, 1 settlement, 1 NPS-returns block, 1 HRA, 1 sources.)

Discrepancies:

  1. capital_gains.rules missing VDA / §115BBH entry — Finance Act 2022 introduced 30% flat tax effective AY 2023-24. This is a P0 omission.
  2. deductions.both_regime.80CCH.notes is factually wrong — claims "not claimable in AY 2023-24". Section 80CCH was inserted retrospectively from 1 Apr 2023 (AY 2023-24) by Finance Act 2023. The header comment block line 13 ("80CCH (Agniveer Corpus): NOT yet introduced") is also wrong. The shape (uncapped: true) is correct.
  3. section_87a.new_regime.capital_gains_carve_out_111A_112_112A: false — Section 112A(6) statutorily excludes 87A rebate on 112A LTCG even in AY 2023-24. The false value is ambiguous and likely to cause Mode 1 to over-rebate. Clarify the field semantics before flipping to verified.

WARN-grade items (need CA acknowledgement, not fixes):

  • section_87a.new_regime.marginal_relief: true — pre-AY-2024-25 there was no statutory new-regime marginal relief inside §87A. Asymmetric with old_regime (no field).
  • nps_tier1_returns.decade_window label "2013-2022" — source data points sampled from mid-2021 and mid-2022 windows; ranges plausible but not directly sourced.
  • 80EEB.sunset_after_ay: ambiguous — does it gate fresh sanctions or claim continuation? CA to confirm Mode 1 caller intent.
  • sources array is all commentary; no Bare Act / Finance Act / Gazette URL.

Top issues for CA review

  • Add VDA / crypto rule under §115BBH (30% flat, no set-off, 1 Apr 2022 start). Blocking — Mode 1 will under-tax VDA gains otherwise.
  • Fix 80CCH.notes and the header comment. Agniveers enrolled on/after 1 Nov 2022 can claim 80CCH(1) + 80CCH(2) for AY 2023-24. The deduction is uncapped: true (correct) but the prose says not-claimable, which would mislead a downstream developer reading the file.
  • Decide 87A.new_regime.capital_gains_carve_out_111A_112_112A semantics. If it means "112A LTCG is rebate-eligible," that is wrong by §112A(6). If it means "no extra AY-2024-25 ITAT controversy applies," document that explicitly. Same field should be added to old_regime block for parity.
  • 87A.new_regime.marginal_relief: true: AY 2023-24 new regime had no statutory §87A marginal relief — only AY 2024-25 onward. Consider setting to false for AY 2023-24.
  • Sources: Add at least one Bare Act / Gazette / IT-Department primary-source URL (Finance Act 2022, Finance Act 2023 §80CCH clause, IT-Act §115BBH text).

Recommended verdict

NOT READY to flip tax_tables_verified from "draft" to "verified".

Two factual fixes are blocking (missing §115BBH rule, wrong §80CCH notes/header). One semantic clarification is required (§87A capital-gains carve-out flag, and marginal_relief flag for new regime). Once those three are addressed in code and a Finance Act primary-source URL is added to sources[], this table is ready for CA sign-off.

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