Income Tax Slab 2021-22/2022-23

Income Tax Slab 2021-22/2022-23

Income Tax Slab  is important  for determine Income tax amount for a particular assessment year.  Central Government has provided various  income tax slab  individual  HUF/AOP/BOI if Annual Income is low income tax Slab  rate also low and higher  annual income income tax slab rate is higher.

 Tax Rate

Individual

 

Total Tax able Income                      Rate of Income Tax
 A Y Year 2021-21  A Y 2022-23
 Up to Rs 250000        Nil  Nil
 Rs. 250000 to Rs 500000                   5%                 5%
Rs 500000 to Rs 10,0000                 20%                 20%
Above Rs. 10,00,000                  30%                30%

 

Note

 Senior Citizen having special normal exemption limit

If a Senior Citizen having age  above 60 years but less than age 80 years  during any time in the previous year  Normal Examption limit is Rs 3,00,000

If a senior citizen having age above 80  years during  any time  in the previous year normal exemption limit Rs 5,00,000

 

Tax Rate under new regime

Under new Income Tax regime by Financial Act 2020 has provided an option to individuals and HUF for payment of  Income Tax  these rate are given below

Before claim new tax regime there should be cleared in the mind there is no deduction allowable like

Standard deduction

Deduction under chapter VI A

 Total Income ( Rs)  Income Tax Rate
 Up to Rs. 2,50,000

            NIl

Above Rs. 2,50,000    up to Rs.5,00,000

                      5%

Above Rs.5,00,000    upto Rs.7,50,000

10%

Above Rs 7,50,000  upto Rs10,00,000

15%

Above Rs10,00,000  upto Rs. 12,50,000

20%

Above Rs. 12,50,000  upto Rs. 15,00,000

25%

 Above Rs. 15,00,000

30%

 

Surchage also applicable

If taxable income is  more than Rs. 50,00,000 but up to Rs. 1 Crore 10% surchage

If taxable income is  more than Rs. 1 Crore  but up to Rs. 2 Crore 15% surchage

If taxable income is  more than Rs. 2 but up to Rs. 5 Crore 25% surchage

If taxable income is  more than Rs. 5Crore but up to Rs. 10 Crore 37% surchage

 In addition to 4% Health and Education cess will be applicable on total tax amount

Today Gold Price in India 23-08-2021

https://www.incometax.gov.in/iec/foportal/

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