In this article discover the Income Tax slab for FY 2022-23 and information on new tax regime. Many People fill their income tax return and also pay income tax. SO all want to know what is latest income tax slabs.
What is Income tax Slab rates 2022?
In India people have to pay tax on their income and Income Tax System follows Income Tax slabs for paying the tax on the income of an individual or non-individual. Indian Govt divide tax in various slabs according to income earned in year. The income tax slabs keep changing from year to year. Some time it remain same as previous year. The Finance Minister announces the slab rates of Income Tax in the Union Budget each year on 1 Feb.
Latest Income Tax Slab Rates for FY 2022-23
Income Tax rates for FY 2022-23 for Individual
If your annual income up to Rs 2.5 lakh then its tax free. If your income is between 2.5 to 5 lakhs then you will have to pay 5% tax on 5 lakhs – 2.5 lakhs = 2.5 lakhs. However, by taking advantage of Section 87A of the Income Tax Act, you will still be able to save tax on annual income up to Rs 5 lakh.
The government charge income tax at the rate of 5% on income from 2.5 lakh to 5 lakh, but waives this tax under section 87A of the Income Tax Act. This means that if someone’s annual taxable income is up to Rs 5 lakh, then he does not have to pay any income tax, but if your income is Rs 5 lakh 10 thousand, then instead of paying tax on Rs 10 thousand, you have to pay Rs 5.10 lakh – 2.5 lakh. = 2.60 lakh to be taxed.
Currently 2 options for filing income tax return
Right now 2 options for filing Income Tax Return i.e. ITR. 1 April 2020 Govt introduce new option income tax return. In the new tax slab, the tax rates on income above Rs 5 lakh were kept low, but No deduction given. but, if you choose the old tax slab, then you can take advantage of various tax deductions.
Income tax rates/slabs for for Individuals – Old Regime
For Individual (resident or non-resident) below the age less than 60 years
| No. |
Income Slab |
Income Tax rate |
| 1 |
Up to ₹ 2,50,000 |
Nil |
| 2 |
₹ 2,50,001 – ₹ 5,00,000 |
5% above ₹ 2,50,000 |
| 3 |
₹ 5,00,001 – ₹ 10,00,000 |
₹ 12,500 + 20% above ₹ 5,00,000 |
| 4 |
Above ₹ 10,00,000 |
₹ 1,12,500 + 30% above ₹ 10,00,000 |
For Individual (resident or non-resident) for Senior citizens (above 60 years but below 80 years)
| No. |
Income Slab |
Income Tax rate |
| 1 |
Up to ₹ 3,00,000 |
Nil |
| 2 |
₹ 3,00,001 – ₹ 5,00,000 |
5% above ₹ 3,00,000 |
| 3 |
₹ 5,00,001 – ₹ 10,00,000 |
₹ 10,000 + 20% above ₹ 5,00,000 |
| 4 |
Above ₹ 10,00,000 |
₹ 1,10,000 + 30% above ₹ 10,00,000 |
For Individual (resident or non-resident) for very senior citizens (above the age of 80 years)
| No. |
Income Slab |
Income Tax rate |
| 1 |
Up to ₹ 5,00,000 |
Nil |
| 2 |
₹ 5,00,001 – ₹ 10,00,000 |
20% above ₹ 5,00,000 |
| 3 |
Above ₹ 10,00,000 |
₹ 1,00,000 + 30% above ₹ 10,00,000 |
Income tax rates/slabs for for Individuals – New Regime
| No. |
Income Slab |
Income Tax rate |
| 1 |
Upto 250,000 |
Nil |
| 2 |
₹ 2,50,001 – ₹ 5,00,000 |
5% above ₹ 2,50,000 |
| 3 |
₹ 5,00,001 – ₹ 7,50,000 |
₹ 12,500 + 10% above ₹ 5,00,000 |
| 4 |
₹ 7,50,001 – ₹ 10,00,000 |
₹ 37,500 + 15% above ₹ 7,50,000 |
| 5 |
₹ 10,00,001 – ₹ 12,50,000 |
₹ 75,000 + 20% above ₹ 10,00,000 |
| 6 |
₹ 12,50,001 – ₹ 15,00,000 |
₹ 1,25,000 + 25% above ₹ 12,50,000 |
| 7 |
Above ₹ 15,00,000 |
₹ 1,87,500 + 30% above ₹ 15,00,000 |
Income Tax Rates For Non-Individual
Income tax rates/slabs for AOP / BOI / AJP
| No. |
Income Slab |
Income Tax rate |
| 1 |
Up to ₹ 2,50,000 |
Nil |
| 2 |
₹ 2,50,001 – ₹ 5,00,000 |
5% of income in excess of ₹ 2,50,000 |
| 3 |
₹ 5,00,001 – ₹ 10,00,000 |
₹ 12,500 + 20% of income in excess of ₹ 5,00,000 |
| 3 |
Above ₹ 10,00,000 |
₹ 1,12,500 + 30% of income in excess of ₹ 10,00,000 |
Income tax rates/slabs for Local Authority
| No. |
Income Slab |
Income Tax rate |
| 1 |
Total Income |
30% |
Income tax rates/slabs for Partnership Firm & LLP
| No. |
Income Slab |
Income Tax rate |
| 1 |
Total Income |
30% |
Income tax rates/slabs for Domestic Company
| No. |
Income Slab |
Income Tax rate |
| 1 |
Turnover or Gross Receipt in previous year 2018-19 not exceed ₹ 400 crores |
25% |
| 2 |
If opted for Section 115BA |
25% |
| 3 |
If opted for Section 115BAA |
22% |
| 4 |
If opted for Section 115BAB |
15% |
| 5 |
Any other Domestic Company |
30% |
Note: We give all information based on govt site. You much visit official website for more detail and confirmation at https://www.incometax.gov.in
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