Income Tax Slab Rates for financial year 2022-23; AY 2023-24
Income tax Slab rates For: Individuals aged less than60 years, Hindu undivided families (HUF), Non-resident Indians having income in India.
| Net taxable income | New tax regime Income tax slab rates for FY 2022-23 | Old tax regime Income tax slab rates for FY 2022-23 |
|---|---|---|
| Up to Rs2.5 Lakhs | Exempt | Exempt |
| Above Rs.2.5 Lakhs to Rs.5 Lakhs | 5% | 5% |
| Above Rs.5 Lakhs to Rs.7.5 Lakhs | 10% | 20% |
| Above Rs.7.5 Lakhs to Rs.10 Lakhs | 15% | 20% |
| Above Rs. 10 Lakhs to Rs.12.5 Lakhs | 20% | 30% |
| Above Rs.12.5 Lakhs to Rs.15 Lakhs | 25% | 30% |
| Above Rs.15 Lakhs | 30% | 30% |
Income tax Slab rates For: Individuals Senior Citizens aged above 60 years of age but below 80 years of age.
| Net taxable income | New tax regime Income tax slab rates for FY 2022-23 | Old tax regime Income tax slab rates for FY 2022-23 |
|---|---|---|
| Up to Rs2.5 Lakhs | Exempt | Exempt |
| Above Rs.2.5 Lakhs to Rs.3 Lakhs | 5% | Exempt |
| Above Rs.3 Lakhs to Rs.5 Lakhs | 5% | 5% |
| Above Rs.5 Lakhs to Rs.7.5 Lakhs | 10% | 20% |
| Above Rs.7.5 Lakhs to Rs.10 Lakhs | 15% | 20% |
| Above Rs. 10 Lakhs to Rs.12.5 Lakhs | 20% | 30% |
| Above Rs.12.5 Lakhs to Rs.15 Lakhs | 25% | 30% |
| Above Rs.15 Lakhs | 30% | 30% |
Income tax Slab rates For: Super senior citizens aged 80 years or more.
| Net taxable income | New tax regime Income tax slab rates for FY 2022-23 | Old tax regime Income tax slab rates for FY 2022-23 |
|---|---|---|
| Up to Rs2.5 Lakhs | Exempt | Exempt |
| Above Rs.2.5 Lakhs to Rs.5 Lakhs | 5% | Exempt |
| Above Rs.5 Lakhs to Rs.7.5 Lakhs | 10% | 20% |
| Above Rs.7.5 Lakhs to Rs.10 Lakhs | 15% | 20% |
| Above Rs. 10 Lakhs to Rs.12.5 Lakhs | 20% | 30% |
| Above Rs.12.5 Lakhs to Rs.15 Lakhs | 25% | 30% |
| Above Rs.15 Lakhs | 30% | 30% |
Surcharge on Income Tax in AY 2023-24.
| Net taxable income | Surcharge as % on Income tax |
|---|---|
| Rs.50 lakh to Rs.1 Crore | 10% |
| Rs.1 Crore to Rs.2 Crore | 15% |
| Rs.2 crore to Rs.5 Crore | 25% |
| Rs.5 crore and above | 37% |
Example `1: How to calculate the Income tax based on above slabs?
Mr.Balamurgan, aged 40 years has net taxable income of Rs.875000/-. What is the income tax to be paid?
The computation of tax amount basis the new and old tax regime slab rates is given below.
| Net taxable income | New tax regime Income tax slab rates for FY 2022-23 | Old tax regime Income tax slab rates for FY 2022-23 |
|---|---|---|
| Up to Rs2.5 Lakhs | Exempt | Exempt |
| Above Rs.2.5 Lakhs to Rs.5 Lakhs | 5% X (500000-25000)250000= Rs.12500/- | 5% X (500000-25000) 250000= Rs.12500/= |
| Above Rs.5 Lakhs to Rs.7.5 Lakhs | 10% X (750000-500000) 250000= Rs.25000/- | 20% X (750000-500000) 250000= Rs.50000/- |
| Above Rs.7.5 Lakhs to Rs.10 Lakhs | 15% X (875000-750000)= Rs.18750/- | 20% X (875000-750000)= Rs.25000/- |
| Total | Rs.56,250/- | Rs.87,500/- |
