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