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India’s income tax slab is published annually by the Minister of Finance. There are presently 2 different income tax regimes. You cannot claim tax benefits under the new rules. Under the old regime, taxpayers could claim tax incentives.

Now, if you are wondering about the income tax slab for ay 2022-23. Let’s move on.

This year, on 1 February 2022, Finance Minister Nirmala Sitharaman announced the 2022 Union budget. The previous budget proposed no changes to the existing income tax plate and tax rate.

Individual taxpayers must pay income tax based on the applicable slab system. Depending on an individual’s income, it may be classified into different tax amounts. Therefore, people with higher incomes have to pay more taxes. 

This slab system was introduced to maintain a fair tax system in the country. slab tends to change with each budget announcement.

What Is the Basic Exemption Limit for AY 2022 23

If your income is less than ₹2.5 lakh, then you are not required to file an Income Tax Return (ITR).

The new income tax slab for the fiscal year (2022-23) under the new tax system will not change based on the age of the taxpayer. The tax-exempt income limit is Rs 2,500,000 regardless of the individual taxpayer’s age.

What Is the Income Tax Slab for 2022?

Here are the income tax slab for the ay 2022-23 under both the Hindu Undivided Family (HUF) and Non-Resident Indian (NRI) tax regimes under the age of 60. Let’s see.

Net Taxable IncomeIncome Tax Slab Rates (FY 2022)under the New Tax RegimeIncome Tax Slab Rates (FY 2022)under the Old Tax Regime
Up to Rs 2.5 lakhExemptExempt
Rs 2,50,001 to Rs 5 lakh5%  5%
Rs 5,00,001 to Rs 7.5 lakh10%20%
Rs 7,50,001 to Rs 10 lakh15%20%
Rs 10,00,001 to Rs 12.5 lakh20%30%
Rs 12,50,001 to Rs 15 lakh25%30%
Over Rs. 15 lakh30%30%
What Is the Income Tax Slab for 2022

Income Tax Slabs FY 2022-23  for Senior Citizen Taxpayers 

In India, senior citizen taxpayer is between the ages of above 60 and below 80. These taxpayers enjoy a higher basic exemption of Rs 300,000 compared to under-60 taxpayers under the old tax regime. However, senior taxpayers who choose the new tax regime will not be able to benefit from higher tax reliefs. The following table summarizes (FY2022-23) income tax rates for seniors in India.

Net Taxable IncomeIncome Tax Slab Rates (FY 2022)under the New Tax RegimeIncome Tax Slab Rates (FY 2022)under the Old Tax Regime
Rs 2,50,001 to Rs 3 lakhNilNil
Rs 3,00,001 to Rs 5 lakh5%  5%
Rs 5,00,001 to Rs 7.5 lakh10%20%
Rs 7,50,001 to Rs 10 lakh15%20%
Rs 10,00,001 to Rs 12.5 lakh20%30%
Rs 12,50,001 to Rs 15 lakh25%30%
Over Rs. 15 lakh30%30%
Income Tax Slabs FY 2022-23  for Senior Citizen Taxpayers 

What is income tax slab for AY 2023-24?

The table below shows the revised income tax table for AY 2023-24. The table for the new tax regime slabs-

Tax SlabRates
Rs. 2.5 lakhNIL
Rs. 2.5 lakhs – Rs. 5 lakh5.00%
Rs. 5 lakhs – Rs. 7.50 lakhs10.00%
Rs. 7.50 lakhs – Rs. 10 lakhs15.00%
Rs. 10 lakhs – Rs. 12.50 Lakhs20.00%
Rs. 12.50 lakhs – Rs. 15 lakhs25.00%
Rs. 15 lakhs and more30.00%
Income tax slab for AY 2023-24

Income Tax Slab for Senior Citizens Between 60 to 80 Years

Tax SlabsRates
Rs. 3 lakhsNIL
Rs. 3 lakhs – Rs. 5 lakhs5.00%
Rs. 5 lakhs – Rs. 10 lakhs20.00%
Rs. 10 lakhs and more30.00%
Income Tax Slab for Senior Citizens Between 60 to 80 Years

Income Tax Slab for Super Senior Citizen More than 80 Years

Tax SlabsRates
Rs. 5 lakhsNIL
Rs. 5 lakhs – Rs. 10 lakhs20.00%
Rs, ten lakhs and more30.00%
Income Tax Slab for Super Senior Citizen More than 80 Years

Tax Slabs from Domestic Companies

Turnover of the CompanyRates
Rs. 250 crores for the previous years25%
More than Rs. 250 for the previous year’s turnover30%
Tax Slabs from Domestic Companies

Surcharge

Income Range2022-23 Rates2023-24 Rates
Rs.50 lakhs to Rs.1 crore10%10%
Rs.1 crore to Rs.2 crore15.00%15%
Rs.2 crores to Rs.5 crore25.00%25%
Rs.5 crores to Rs.10 crore37.00%37%
More than Rs.10 crore37.00%37%
Surcharge

What Is the Standard Deduction for Fy 2022-23?

Standard deduction is a fixed deduction of Rs. 50,000 from taxable income based on the main salary. This tax benefit can be claimed regardless of the actual amount spent on transportation expenses, and medical allowance.

The purpose of introducing the standard deduction is to:

  1. Reduce paperwork and allow deductions regardless of actual expenses.
  2. Tax relief for middle-class employees
  3. provide benefits to pensioners

The standard deduction cannot exceed the salary amount. The maximum deduction is Rs. 50,000 or the salary amount, whichever is less.

What Is Income Tax Slab Rate?

Income tax is a simple tax that must be paid on your income during the financial year. The income tax system in India is a progressive tax system, where the lower the income, the lower the tax rate, and the higher the income, the higher the tax rate.

To determine the rate at which income tax must be paid, the Government of India has introduced an income tax slab and applicable tax rates. Income tax slabs specify the regions where a given tax rate applies. Based on the income tax category to which the taxpayer falls, the applicable income tax rate is determined and used to calculate the income tax liability for the applicable tax.

Indian taxpayers currently have two different tax regimes to choose from: the old tax regime and the new tax regime.

The income tax slab and rate for the fiscal year 2022-23 (the fiscal year 2023-24) will vary depending on whether the taxpayer has opted for the new tax system or the old tax system to calculate tax liability for the fiscal.

What Is the Minimum Salary to Pay Income Tax?

It is obligatory to file a personal ITR if your total gross income in any fiscal year exceeds Rs.2,50,000. This limit is over Rs.3,00,000 for seniors and Rs.5,00,000 for super seniors.

What Is 80D in Income Tax?

The Section 80D deduction can save taxpayers a lot of expensive medical bills.

To take full advantage of these perks and benefits, you need to know the finer points of your health insurance Section 80D deduction. Here’s everything you need to know!

You don’t have to provide any evidence for the application process, but you do need to know who qualifies. Self, dependent parent, spouse, and dependent child qualify for that.

Please note that Section 80D tax benefits are not available if the premium payment is paid in cash. You should write a check for this so you can take advantage of all the benefits.

You may pay your health insurance premiums in a non-cash manner to claim the tax benefits under this section. The benefits will be available for the amount paid for the treatment of senior citizens (aged 60 years and above) along with medical expenditure for a preventive health check-up.

Under Section 80D of the ITA, you can claim tax exemption up to ₹5,000 for both yourself and your family members, and you can also pay the amount in cash.

You get to know the 80D maximum limit and how much you can actually save by opting for this

Here are the deduction limits according to eligibility:

  1.  For insurance premium payments (spouse, children, and self), the maximum deductible is Rs. 25,000.
  2. If the taxpayer paying the health insurance premium is above 60 years of age, a deduction of up to Rs 1,00,000 can be claimed.
  3. Individuals can claim an 80D deduction of up to ₹50,000 for dependent parents under the age of 60. The maximum amount is ₹75,000 if your parents are over 60 years of age.

Frequently Asked Questions (FAQs):-

Is 80C deduction available in new tax regime?

The new tax regime does not allow many deductions and exemptions available in the old or existing tax rate regime. The deduction u/s 80C can’t be claimed if the taxpayer is opting for concessional tax slab rates as per the new regime.

Do pensioners have to file ITR?

For those aged above 60 to below 80, the tax rate starts from Rs. 3,00,000, and for those aged 80 and over, the tax rate starts from Rs. 5,00,000. If you are in this age group and your respective income is lower, you do not need to file a tax return.

Normally, a pensioner is required to file ITR 1 or Sahaj unless her pension or income exceeds Rs 50 lakh.

How many income is tax free?

The basic exemption limit for individuals below the age of 60 years is Rs.2.50 lakhs. For those aged above 60 to below 80, the tax rate starts from Rs. 3,00,000, and for those aged 80 and over, the tax rate starts from Rs. 5,00,000 are tax-free.

Conclusion

In this article you got to know about income tax slab for ay 2022-23. Income tax is a simple tax that must be paid on your income during the financial year. The income tax system in India is a progressive tax system, where the lower the income, the lower the tax rate, and the higher the income, the higher the tax rate.

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