Budget 2022: Income Tax Slab for FY 2022-23
There are no changes in the income tax slab for FY 2022-23. An individual taxpayer will continue to pay the same rate of tax depending on the tax regime chosen for FY 2022-23.
Income Tax Slab for FY 2022-23 & Rates for Individual & HUF
(A) Individual (Resident or Resident but not Ordinarily Resident or non-resident), who is of the age of fewer than 60 years on the last day of the relevant previous year & for HUF:
| Taxable income | Tax Rate (Existing Scheme) | Tax Rate (New Scheme) |
|---|---|---|
| Up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 20% | 15% |
| Rs. 10,00,001 to Rs. 12,50,000 | 30% | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 30% | 25% |
| Above Rs. 15,00,000 | 30% | 30% |
(B) Resident or Resident but not Ordinarily Resident senior citizen, i.e., each individual, being an inhabitant or Resident yet not Ordinarily Resident in India, who is of the age of 60 years or more yet under 80 years whenever during the earlier year:
| Taxable income | Tax Rate (Existing Scheme) | Tax Rate (New Scheme) |
|---|---|---|
| Up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 3,00,000 | Nil | 5% |
| Rs. 3,00,001 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 20% | 15% |
| Rs. 10,00,001 to Rs. 12,50,000 | 30% | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 30% | 25% |
| Above Rs. 15,00,000 | 30% | 30% |
(C) Resident or Resident but not Ordinarily Resident super senior citizen, i.e., each individual, being an inhabitant or Resident but not Ordinarily Resident in India, who is of the age of 80 years or more at whenever during the earlier year:
| Taxable income | Tax Rate (Existing Scheme) | Tax Rate (New Scheme) |
|---|---|---|
| Up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | Nil | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 20% | 15% |
| Rs. 10,00,001 to Rs. 12,50,000 | 30% | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 30% | 25% |
| Above Rs. 15,00,000 | 30% | 30% |
Surcharge:
a) 10% of Income-tax where total income surpasses Rs.50 lakh.
b) 15% of Income-tax where total income surpasses Rs.1 crore.
c) 25% of Income-tax where total income surpasses Rs.2 crore.
d) 37% of Income-tax where total income surpasses Rs.5 crore.
Note: Upgraded surcharge rates (25% or 37%) are not applicable in case of specified incomes I.e. short-term capital gain u/s 111(A), long-term capital gain u/s 112(A), and short-term or long-term capital gain u/s 115AD(1)(b).
Education cess: 4% of income tax plus surcharge
Note:
- A resident or Resident but not Ordinarily Resident individual is entitled to a rebate under section 87(A) if his total income does not surpassed Rs. 5, 00,000.
- The amount of rebate shall be 100% of income tax or Rs. 12,500, whichever is less. rebate under section 87(A) is available in both schemes I.e. existing scheme as well as the new scheme.
Disclaimer: Tax laws are subject to amendments made thereto from time to time.
Income Tax Calculator – Online Income Tax Calculator AY 2022-23
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