Income Tax Rates Slab for FY 2022-23 (AY 2023-24)

Every year, after the budget it is necessary to check whether there is any change in the Income Tax Rates in India. Well, this year as well the Finance Ministry has prioritized Health and Infrastructure Sector, Finance Minister has kept the income-tax rates unchanged with minute changes in surcharge rates.So, if you are looking for the Income Tax slabs and rates for the financial year (FY) 2022-23 or Assessment year (AY) 2023-24 in India? This article might help you discover the Income Tax slab for AY 2023-24 and information on new tax regime.

Income Tax Rates Slab for FY 2022-23 or AY 2023-24

Looking for the Income Tax slabs and rates for the financial year 2022-23 or Assessment year 2023-24? This article might help you discover the same.

What are Income tax Slab rates in India?

The 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 slab rate can be mainly bifurcated as under:

• By Gender

• • Male; and

  • Female.

• By Age

• • Resident; and

  • Non-resident in India.

• For Hindu Undivided Family (HUF)/ Association Of Person (AOP)/ Body Of Individual (BOI)/ Artificial Judicial Person (AJP)

• On Non-individuals

• • Partnership Firms or LLPs;

  • Domestic Company;

  • Foreign Company;

  • Co-operative Societies; and

  • Local Authorities.

Income Tax Rates for Individual

Important Note: If you opt-in for the new regime with slashed Income Tax rates, you need to forego certain tax exemptions.

Income Tax Rates For Non-Individual

Suggested Read: TDS Rate chart for the FY 2022-23 (AY 2023-24)

Surcharge on Income tax

• For Partnership Firms, Local Authorities and Co-operative Societies, the rate of surcharge shall be 12%.

• If taxable income of a domestic company is more than Rs 1 crore but less than Rs 10 crore surcharge would be 7% and If taxable income is more than Rs 10 crore surcharge would be 12% and

• If income of a foreign company is between 1 crore and 10 crores the surcharge shall be 2% and the surcharge will be 5% if income is greater than 10 crores.

Health and Education Cess on Income tax

• The amount of income tax shall be increased by Health and Education Cess on Income Tax at the rate of 4% percent of the income tax payable by both resident and non-resident assessees.

Hope this article was helpful.