Income Tax slabs and tax rates for FY 2022-23 both under old and new rules

Updated on July 18, 2022 The tax slabs and tax rates for the financial year  2020-21, 2021-22, and 2022-2023  remain the same. The rules for the old tax regime and the new tax regime are also the same as in previous years. The amount of rebate u/s 87A has been kept unchanged under both the old and new income tax regimes. Section 87A provides a tax rebate up to Rs 12500 to individual taxpayers if their total income is less than Rs 5 lakh after claiming deductions. NRIs, HUFs, Associations, and corporates are not eligible to claim an income tax rebate under Section 87A. Old tax regime: Salaried individuals, who have no business income, will have to choose between the existing and new tax regimes every financial year, as per their convenience. The same rule also applies to FY 2021-22 (AY 2022-23)  and FY 2022-23 (AY 2023-24) without any changes. The taxpayer who opted for the old rule will be entitled to deductions and relief such as Leave Travel Allowance (LTA), House Rent Allowance (HRA), Conveyance, Daily expenses in the course of employment, Relocation allowance, Helper allowance, Children’s education allowance, Other special allowances [Section 10(14)], Standard deduction, Professional tax, Interest on housing loan (Section 24), Chapter VI-A deduction (80C,80D, 80E,80EEA,80EEB,80 TTA, 80TTB, etc.). The above list of exemptions and deductions will have to be given up by the taxpayer while choosing the new tax regime. New Tax regime: The new income tax rates are lower compared to the old tax rate. However, anyone opting for the new tax regime will have to forego most of the deductions available under the old tax regime. The tax slabs and tax rate under the OLD TAX REGIME  (For the people who opt for the old scheme). Born after 01.04.1961

Income Slabs	Tax & Surcharge
Income slab up to Rs.2.50 lakh	Nil
Income from 2.5 lakh to 5 lakh	5%+Cess of 4% on tax liability ([Eligible for interest rebate up to Rs.12500 u/s 87A for taxable income does not exceed Rs 5lakh
Income above 5 lakh to Rs.10 lakh	Rs.12,500+20%  on above 5 lakh up to Rs.10 lakh+(Cess of 4% on tax liability)
Income of more than 10 lakh	Rs.1,12,500+ 30% on  above10 lakh +(Cess of 4% on tax liability)
Income from 50 lakh to Rs.1 crore	13,12,500 + 30% on 50 lakh up to 1 crore+(Cess of 4% on tax liability and 10% surcharge)
Income from Rs.1 crore and above	28,12,500 +30% on above 1 crore+ (Cess of 4% on tax liability and 15% surcharge)

Senior Citizen Born on before 31.03.1961

Income Slabs	Tax
Taxable Income up to Rs.3 lakh	Nil.
Income from 3 lakh to 5 lakh	5% + Cess of 4% on tax liability [Eligible for interest rebate up to Rs.10000 u/s 87A for taxable income of below Rs5lakh]
Income from 5 lakh to Rs.10 lakh	Rs.10,000+20%  on 5 lakh up to Rs.10 lakh+(Cess of 4% on tax liability)
Income from 10 lakh to Rs.50 lakh	Rs.1,10,000+ 30% on 10 lakh up to Rs.50 lakh+ (Cess of 4% on tax liability)
Income from 50 lakh to Rs.1 crore	13,10,000 + 30% on 50 lakh up to 1 crore+ (Cess of 4% on tax liability and 10% surcharge)r
Income from Rs.1 crore and above	28,10,000 +30% on above 1 crore+(Cess of 4% on tax liability and 15% surcharge)

Super Senior Citizen (Born on before 31.03.1941)

Income Slabs	Tax + Surcharge
Income slab up to Rs.5 lakh	Nil
Income from 5 lakh to Rs.10 lakh	20%+ (Cess of 4% on tax liability)
Income from 10 lakh to Rs.50 lakh	Rs.1,00,000+ 30% on 10 lakh up to Rs.50 lakh+(Cess of 4% on tax liability)
Income from 50 lakh to Rs.1 crore	13 lakh + 30% on 50 lakh up to 1 crore+ (Cess of 4% on tax liability and 10% surcharge)
Income from Rs.1 crore and above	28 lakh +30% on above 1 crore+ (Cess of 4% on tax liability and 15% surcharge)

Tax slabs and tax rates of the NEW TAX REGIME are as under. Note: An additional 4% Health & education cess will be applicable to the tax amount calculated as above. Individuals born after 01.04.1961

Tax slabs	Tax and surcharge
Up to Rs.2.5 lakh	Nil
Income exceeding Rs 2.5 lakh up to Rs 5 lakh	5%(Tax rebate of Rs 12,500 available under section 87A)
Income exceeding Rs5 lakh up to Rs7.5 lakh	12500+10% on the income exceeding Rs.5 lakh
Income exceeding Rs7.5 lakh up to Rs10 lakh	37500+15% on the income exceeding Rs.7.5 lakh up to Rs10 lakh
Income exceeding Rs10 lakh up to Rs12.5 lakh	75000+20% on the income exceeding Rs10 lakh up to Rs12.5 lakh
Income exceeding Rs.12.5 lakh up to Rs15 lakh	125000+25% on the income exceeding Rs12.5 lakh up to Rs15 lakh
Income exceeding Rs15 lakh	187500+30% on the income exceeding Rs15 lakh

Note: An additional 4% Health & education cess will be applicable to the tax amount calculated as above. Senior citizen Born on or before 31.03.1961

Tax slabs	Tax and surcharge
Up to Rs.3 lakh	Nil
Income exceeding Rs3 lakh up to Rs5 lakh	5%(Tax rebate of Rs10000 available under section 87A)
Income exceeding Rs5 lakh up to Rs7.5 lakh	10000+10% on the income exceeding Rs.5 lakh up to Rs7.5 lakh
Income exceeding Rs7.5 lakh up to Rs10 lakh	35000+15% on the income exceeding Rs.7.5 lakh up to Rs10 lakh
Income exceeding Rs10 lakh up to Rs12.5 lakh	72500+20% on the income exceeding Rs10 lakh up to Rs12.5 lakh
Income exceeding Rs.12.5 lakh up to Rs15 lakh	122500+25% on the income exceeding Rs12.5 lakh up to Rs15 lakh
Income exceeding Rs15 lakh	185000+30% on the income exceeding 15lakh

Note: An additional 4% Health & education cess will be applicable to the tax amount calculated as above. Super Senior citizen Born on or before 31.03.1941

Tax slabs	Tax and surcharge
Up to Rs.5 lakh	Nil
Income exceeding Rs5 lakh up to Rs7.5 lakh	10% on the income exceeding Rs.5 lakh up to Rs7.5 lakh
Income exceeding Rs7.5 lakh up to Rs10 lakh	25000+15% on the income exceeding Rs.7.5 lakh up to Rs10 lakh
Income exceeding Rs10 lakh up to Rs12.5 lakh	62500+20% on the income exceeding Rs10 lakh up to Rs12.5 lakh
Income exceeding Rs.12.5 lakh up to Rs15 lakh	112500+25% on the income exceeding Rs12.5 lakh up to Rs15 lakh
Income exceeding Rs15 lakh	175000+30% on the income exceeding 15lakh

Note: An additional 4% Health & education cess will be applicable to the tax amount calculated as above.

Disclaimer

The content provided above is intended solely for informational and explanatory purposes. It should not be considered financial advice or solicitation material. The information is based on publicly available sources and subject to change. Readers are advised to consult with a qualified financial advisor or tax professional before making any financial or tax-related decisions. Related Posts:

AN OVERVIEW OF THE TAX STRUCTURE IN INDIA: CLASSIFICATION AND REGULATORY FRAMEWORK	CONCEPT OF PREVIOUS YEAR & FINANCIAL YEAR VIS-À-VIS ASSESSMENT YEAR	RESIDENTIAL STATUS UNDER THE INCOME TAX ACT IN INDIA
KEY TERMS AND FORMS IN INDIAN INCOME TAX LAW: A COMPREHENSIVE OVERVIEW	CLASSIFICATION OF INCOME UNDER THE INCOME TAX ACT 1961	COMPARATIVE ANALYSIS OF THE OLD AND NEW TAX REGIMES UNDER SECTION 115BAC
CONDITIONS AND FEATURES FOR OPTING THE NEW TAX REGIME UNDER SECTION 115BAC OF THE INCOME TAX ACT	INCOME TAX REBATE AND DEDUCTIONS AVAILABLE UNDER NEW AND OLD TAX REGIMES	FIGURE OUT THE BEST TAX SAVING INSTRUMENT THAT SUITS YOU
ESTATE PLANNING IN INDIA: STRUCTURING WILLS, TRUSTS, AND UNDERSTANDING TAX IMPLICATIONS	INCOME TAX-SLABS FOR 2025-26: NO INCOME TAX ON INCOME UP TO INCOME RS 12 LAKH PER ANNUM	INCOME TAX SLABS FOR FY 2024-25: TAX DEDUCTIONS AND REBATES EXPLAINED
INCOME TAX SLABS AND TAX RATES FOR FY 2022-23 BOTH UNDER OLD AND NEW RULES