Income Tax Slabs Rates FY 2021-22 (AY 2022-23) – New & Tax Rates for FY 2021-22/ FY 2020-21/ FY 2019-20

Share This:-

Income Tax Slabs Rates FY 2021-22: Income Tax Slabs are announced by the finance minister every year in India. Currently there are two different Income Tax regimes under which tax benefits cannot be availed. Taxpayers can get tax benefits under the old regime. The finance minister Nirmala Sitharaman has announced the Union Budget for 2022 on 1st February 2022. The recent budget did not propose any changes in the existing income tax slabs and rates. Income tax is levied on the income earned by individuals, LLPs and Corporates as per the Income tax Act of India. However, taxpayers can also avail of tax benefits under various sections of the Act. 

What is Income Tax Slabs Rates?

In India, Income tax is levied on the income earned by individuals on the basis of a slab system. Depending on the income of the individual, they may fall under a different tax slab. Therefore, individual who earned more will need to pay more tax. This system was introduced to maintain a fair tax system in the country. 

Income Tax Slabs Rates FY 2021-22 (AY 2022-23)

Income Tax Slab Tax Rates 
Rs 0.0  – Rs 2.5 lakh NIL
Rs 2.5  – Rs 3.00 lakh 5% (tax rebate u/s 87a is available)
Rs 3.00  – Rs 5.00 lakh
Rs 5.00  – Rs 7.5 lakh 10%
Rs 7.5  – Rs 10.00 lakh 15%
Rs 10.00  – Rs 12.50 lakh 20%
Rs 12.5  – Rs 15.00 lakh 25%
> Rs 15 lakh 30%

Income Tax Slabs For Individual Resident

An individual resident’s basic exemption limit is determined based on his income, divided into three groups –

  • A resident individual within 60 years of age.
  • A resident individual between 60-80 years of age.
  • A resident individual above 60 years of age.

Income Tax Slabs & Rates as Per Old Regime FY 2022 – 23

Income Tax Slab for Individual For Below 60 Years
Income Tax Slab Tax Rates 
Up to Rs.2.5 lakh NIL
Above Rs.2.50 – Rs.5.00 lakh 5% of gross income exceeding Rs.2.5 lakhs + 4% cess
Above Rs.5 – Rs.10 lakh 20% of gross income exceeding Rs.5 lakh + Rs.12,500 + 4% cess
Above Rs.10 lakh 30% of gross income exceeding Rs.10 lakh + Rs.1,12,500 + 4% cess
Income Tax Slab Between 60-80 Years
Income Tax Slab Tax Rates 
Up to Rs.2.5 lakh NIL
Above Rs.3 – Rs.5.00 lakh 5% of gross income exceeding Rs.3 lakhs + 4% cess
Above Rs.5 – Rs.10 lakh 20% of gross income exceeding Rs.5 lakh + Rs.10,500 + 4% cess
Above Rs.10 lakh 30% of gross income exceeding Rs.10 lakh + Rs.1,10,000 + 4% cess
Income Tax Slab Above 80 Years
Income Tax Slab Tax Rates 
Up to Rs.2.5 lakh NIL
Above Rs.5 – Rs.10 lakh 20% of gross income exceeding Rs.5 lakh + 4% cess
Above Rs.10 lakh 30% of gross income exceeding Rs.10 lakh + Rs.1,00,000 + 4% cess

 

Share This:-

Leave a Comment