Here I will show income tax slab for Financial Year 2022-23. We will see Income tax Rate for Both Existing Regime and New Regime with Sample Calculation. Before Start I face some Common Questions always from My clients Which We see below first.
- Individual and Huf’s Can Opt For the New regime or Existing Regime as per their Convenient.
- Please note In New regime there are lower tax rate but not get deduction like 80C,80D,HRA etc. we will see sample calculation in both regime later.
- There will be 4% Health and Education Cess Extra on Tax Amount in both regime.
- section 87 A rebate to individual available in both Regime. Under this section tax rebate available 100% or Rs. 12500 (tax amount consider without health and education cess) )Whichever less if total income below 500000. Here total income will consider after deduction all exemptions and deduction in old regime. yes will see sample calculation for this also.
Income Tax Slab for Age Group Below 60 Years (Residential and Non Residential)–Existing Regime
| Income Slab | Income Tax Rate |
| Up to Rs. 2,50,000 | NIL |
| 250,001 to 5,00,000 | 5% on Above 2,50,000 |
| 5,00,001 to 10,00,000 | Rs. 12,500 + 20% on Above 5,00,000 |
| Above 10,00,000 | Rs. 1,12,500 + 30% on Above 10,00,000 |
Income Tax Slab for Age Group Below 60 Years (Residential and Non Residential)–NEW Regime
| Income Slab | Income Tax Rate |
| Up to 2,50,000 | NIL |
| 2,50,001 to 5,00,000 | 5% on Above 2,50,000 |
| 5,00,001 to 7,50,000 | Rs. 12,500 + 10% on Above 5,00,000 |
| 7,50,001 to 10,00,000 | Rs. 37,500 + 15% on Above 7,50,000 |
| 10,00,001 to 12,50,000 | Rs. 75,000 + 20% on Above 10,00,000 |
| 12,50,001 to 15,00,000 | Rs. 1,25,000 + 25% on Above 12,50,000 |
| Above 15,00,000 | Rs. 1,87,500 + 30% on Above 15,00,000 |
Income Tax Calculation For Individual Below 60 Years Age in Existing Tax Regime :
Case 1 – Suppose Individual person Annual Income is Rs. 6,40,000/-. His 80C deduction is rs. 150,000/- and 80D deduction is 15,000/-. So, His Taxable Income will be Rs. 4,75,000/- (6,40,000-1,50,000-15,000). Here as per Table 1.1 he is on second slab where income tax rate is 5% on above 2,50,000.it mean Rs.4,75,000 – 2,50,000 = 2,25,000.
5% on 2,25000 = Rs. 11250 Income Tax + Rs.450 (4% Health and Education Cess) = Rs.11700.
Here Because Person Taxable Income is Below 5,00,000 So, Section 87A will apply 100% or Rs. 12500 tax rebate which ever is less. So, in above case he will get 100% tax rebate and Tax will be Zero.
Case 2 – Here we will do another calculation if person annual income is rs. 9,50,000. 80C Deduction 1,50,000 and 80D deduction 15,000. income after deduction will be rs. 7,85,000. so, as per table 1.1 he is in third tax slab where tax is Rs. 12,500 + above 20% 5,00,000 so, tax will be rs. 12500 + 57000 (20% on 285000) = 69500 + 2780 (4% Health and Education Cess) = Rs. 72280 Tax will be payable. Because income is above 5 Lakh After deduction There will be No 87A section Apply
Income Tax Calculation For Individual Below 60 Years Age in New Tax Regime :
Case 1 – We will continue with above example available in Case 1 Whose Annual income is Rs. 6,40,000 and in New Tax Regime there is be no exemptions / Deduction available so, we will direct calculate tax. As per table 1.2 Above he is in third tax slab where tax is Rs. 12500 + 10% on above 5,00,000. His tax will be Rs.12500 +14000 (10% on 140000) = 26500 + 1060 (4% health and education cess) = 27560.
Case 2 – A person having Annual income rs. 490000 in New Tax Regime then, as per table 1.2 he is second slab where tax is rs. 5% on above 2,50,000 which will be 12000 (5% on 240000). Here because Income is less then 5,00,000 Section 87A will be apply so Tax Payable will be Zero.
Income Tax Slab for Age Group Above 60 Years and Below 80 Years (Residential and Non Residential)– Existing Regime
| Income Slab | Income Tax Rate |
| Up to 3,00,000 | NIL |
| 3,00,001 to 5,00,000 | 5% on Above 3,00,000 |
| 5,00,001 to 10,00,000 | Rs.10000 + 20% on Above 5,00,000 |
| Above 10,00,000 | Rs.1,10,000 + 30% on Above 10,00,000 |
Income Tax Slab for Age Group Above 60 Years and Below 80 Years (Residential and Non Residential)– New Regime
| Income Slab | Income Tax Rate |
| Up to 2,50,000 | NIL |
| 2,50,001 to 5,00,000 | 5% on Above 2,50,000 |
| 5,00,001 to 7,50,000 | Rs. 12,500 + 10% on Above 5,00,000 |
| 7,50,001 to 10,00,000 | Rs. 37,500 + 15% on Above 7,50,000 |
| 10,00,001 to 12,50,000 | Rs. 75,000 + 20% on Above 10,00,000 |
| 12,50,001 to 15,00,000 | Rs. 1,25,000 + 25% on Above 12,50,000 |
| Above 15,00,000 | Rs. 1,87,500 + 30% on Above 15,00,000 |
Income Tax Slab for Age Group Above Above 80 Years (Residential and Non Residential)– Existing Regime
| Income Slab | Income Tax Rate |
| Up to 5,00,000 | NIL |
| 5,00,001 to 10,00,000 | 20% on Above 5,00,000 |
| Above 10,00,000 | Rs. 1,00,000 + 30% on Above 10,00,000 |
Income Tax Slab for Age Group Above Above 80 Years (Residential and Non Residential)– New Regime
| Income Slab | Income Tax Rate |
| Up to 2,50,000 | NIL |
| 2,50,001 to 5,00,000 | 5% on Above 2,50,000 |
| 5,00,001 to 7,50,000 | Rs.12,500 + 10% on Above 5,00,000 |
| 7,50,001 to 10,00,000 | Rs.37,500 + 15% on Above 7,50,000 |
| 10,00,001 to 12,50,000 | Rs.75,000 + 20% on Above 10,00,000 |
| 12,50,001 to 15,00,000 | Rs.1,25,000 + 25% on Above 12,50,000 |
| Above 15,00,000 | Rs.1,87,500 + 30% on Above 15,00,000 |