Income Tax Slabs/ Rates for the Financial Year 2022-23 - OLD TAX REGIME

For Individuals/AOP/BOI/HUF (including Ladies):

Upto Rs.2.50 lacs:   Nil

Rs.2.50 lacs to Rs.5.00 lacs:  5%

Rs.5.00 to Rs.10.00 lacs    :   20%

Rs.10. 00 lacs and above:       30%

Education Cess of 4% (i.e., Secondary Education cess of 3% and Higher Secondary Education cess of 1% are to be added to the calculated tax liability

NOTE THAT IF TOTAL INCOME IS LESS THAN RS.5.00 LACS, INDIVIDUALS ARE ENTITLED TO A MAXIMUM REBATE OF RS.12,500/- FROM INCOME TAX U/S 87A OF THE ACT.

For Senior Citizens (i.e., Individuals whose age is 60 years or more but less than 80 Years)

Upto Rs.3.00 lacs:   Nil

Rs.3.00 lacs to Rs.5.00 lacs:  5%

Rs.5.00 to Rs.10.00 lacs    :   20%

Rs.10. 00 lacs and above:       30%

Education Cess of 4% (i.e., Secondary Education cess of 3% and Higher Secondary Education cess of 1% are to be added to the calculated tax liability

NOTE THAT IF TOTAL INCOME IS LESS THAN RS 5.00 LACS, INDIVIDUALS ARE ENTITLED TO A MAXIMUM REBATE OF RS.10,000/- FROM INCOME TAX U/S 87A OF THE ACT.

For Super Senior Citizens (i.e., Individuals whose age is 80 years or more )

Upto Rs.5.00 lacs:   Nil

Rs.5.00 to Rs.10.00 lacs    :   20%

Rs.10. 00 lacs and above:       30%

Education Cess of 3% (i.e., Secondary Education cess of 2% and Higher Secondary Education cess of 1% are to be added to the calculated tax liability

 

PLEASE NOTE INCOME TAX ACT HAS INTRODUCED NEW RATES UNDER SECTION 115 BAC CALLED NEW TAX REGIME - REFER SEPARATE BLOG FOR THIS.