Looking for the Income Tax slabs and rates for the financial year (FY) 2021-22 or Assessment year (AY) 2022-23 in India? This article might help you discover the Income Tax slab for AY 2021-22 and information on new tax regime.
Indian Income Tax System follows Income Tax slabs for levying the tax on the income of an individual or non-individual. Various slabs are accounted for.
In India, the income tax is charged on the income earned. This tax applies to the range of income, which is called Income Tax Slabs. The slabs of income tax keep changing from year to year. The Finance Minister announces the slab rates of Income Tax in the Union Budget each year. The Income Tax rates Slab in India can be categorized into four slabs,
Surcharge (EC) and secondary and higher secondary education cess (SHEC) are also charged over and above the tax.
1. By Gender
2. By Age
3. For Hindu Undivided Family (HUF)/ Association Of Person (AOP)/ Body Of Individual (BOI)/ Artificial Judicial Person (AJP)
4. On Non-individuals
No. |
Income Slab |
Income Tax rate |
1. |
Upto 250,000 |
Nil |
2. |
250,000 to 500,000 |
5% of the amount exceeding 250,000 |
3. |
500,000 to 1,000,000 |
Rs.12,500 + 20% of the amount exceeding 500,000 |
4. |
1,000,000 & above |
Rs.112,500 + 30% of the amount exceeding 1,000,000 |
Income tax rates/slabs for Senior citizens(above 60 years but below 80 years)
No. |
Income Slab |
Income Tax rate |
1. |
Upto 300,000 |
Nil |
2. |
300,000 to 500,000 |
5% of the amount exceeding 300,000 |
3. |
500,000 to 1,000,000 |
Rs.10,000 + 20% of the amount exceeding 500,000 |
4. |
1,000,000 & above |
Rs.110,000 + 30% of the amount exceeding 1,000,000 |
Income tax rates/slabs for very senior citizens (above the age of 80 years)
No. |
Income Slab |
Income Tax rate |
1. |
Upto 500,000 |
Nil |
2. |
500,000 to 1,000,000 |
20% of the amount exceeding 500,000 |
3. |
1,000,000 & above |
Rs.100,000 + 30% of the amount exceeding 1,000,000 |
No. |
Income Slab |
Income Tax rate |
1. |
Upto 250,000 |
Nil |
2. |
250,000 to 500,000 |
5% of the amount exceeding 250,000 |
3. |
500,000 to 7,50,000 |
Rs.12,500 + 10% of the amount exceeding 500,000 |
4. |
7,50,000 to 1,000,000 & above |
Rs.37,500 + 15% of the amount exceeding 750,000 |
5. |
1,000,000 to 1,250,000 |
Rs.75,000 + 20% of the amount exceeding 1,000,000 |
6. |
1,250,000 to 1,500,000 |
Rs.125,000 + 25% of the amount exceeding 1,250,000 |
7. |
1,500,000 & above |
Rs.187,500 + 30% of the amount exceeding 1,500,000 |
Important Note: If you opt in for the new regime with slashed Income Tax rates, you need to forego certain tax exemptions.
Informative Read: The Tax exemptions and Deductions that will not be entertained in new tax regime .
No. |
Income Slab |
Income Tax rate |
1. |
Upto Rs. 10,000 |
10% of the income |
2. |
Rs. 10,000 – Rs. 20,000 |
Rs. 1000 + 20% of (total income minus Rs. 10,000) |
3. |
Above Rs. 20,000 |
Rs. 3,000 + 30% of (total income minus Rs.20,000) |
No. |
Income Slab |
Income Tax rate |
1. |
Total Income |
30% |
No. |
Income Slab |
Income Tax rate |
1. |
Total Income |
30% |
No. |
particulars |
Income Tax rate |
1. |
Company opting for section 115BA |
25% |
2. |
Gross turnover upto 250 Cr. in the previous year |
25% |
3. |
Company opting for section 115BAA |
22% |
4. |
Company opting for section 115BAB |
15% |
5. |
Gross turnover exceeding 250 Cr. in the previous year |
30% |
No. |
Income Slab |
Income Tax rate |
|
On total income as consists of (a) royalties received from government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after 31-3-1961 but before 1-4-1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after 29-2-1964 but before 1-4-1976, and where such agreement has, in either case, been approved by the Central Government |
50% |
|
On the balance, if any, of the total income |
40% |
Surcharge on Income tax
Health and Education Cess on Income tax:
Hope this article was helpful. Suggested Read: TDS Rate chart for the FY 2021-22 (AY 2022-23)
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