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

 This year, the finance minister Nirmala Sitharaman has announced the Union Budget for 2022 on 1 February 2022. In the latest budget, no changes have been proposed for the existing income tax slabs and rates.

Note: You can now file your taxes through the New income tax portal. The new portal comes with a plethora of features and is designed to ease the tax filing process.

What is Income Tax Slab Rates?

Income Tax Slab defined as the Individual taxpayers will need to pay the income tax based on the slab system they fall under. Depending on the income of the individual, he/she may fall under a different tax slab. Therefore, individuals with a higher income will need to pay more tax. The slab system was introduced to maintain a fair tax system in the country. The slabs tend to change at every budget announcement.

Income tax slab rate FY 2021-22 (AY 2022-23) – Applicable for New Tax regime

Income Tax Slab	New Regime Income Tax Slab Rates FY 2021-22 (Applicable for All Individuals & HUF)
Rs 0.0 – Rs 2.5 lakh	NIL
Rs 2.5 lakh – Rs 3.00 lakh	5% (tax rebate u/s 87a is available)
Rs 3.00 lakh – Rs 5.00 lakh	5% (tax rebate u/s 87a is available)
Rs 5.00 lakh- Rs 7.5 lakh	10%
Rs 7.5 lakh – Rs 10.00 lakh	15%
Rs 10.00 lakhs – Rs 12.50 lakh	20%
Rs 12.5 lakhs – Rs 15.00 lakh	25%
> Rs 15 lakh	30%

Income tax slabs for individual aged below 60 years & HUF

Income Tax Slab	Individuals Below The Age Of 60 Years- Income Tax Slabs
Rs 0.0 – Rs 2.5 lakh	NIL
Rs 2.5 lakh – Rs 5.00 lakh	5%
Rs 5.00 lakh – Rs 10 lakh	20%
>Rs 10 lakh	30%

New Regime Income Tax Slab Rates for Individual

Above Rs.5 lakh - Rs.7.50 lakh, Tax Rate 10% of the total income that is more than Rs.5 lakh + Rs.12,500 Above Rs.7.50 lakh - Rs.10 lakh, 15% of the total income that is more than Rs.7.5 lakh + Rs.37,500

NOTE: 

• Income tax exemption limit is up to Rs 2,50,000 for Individuals , HUF below 60 years aged and NRIs.
• An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Surcharge:

• 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
• 15% of income tax, where the total income exceeds Rs.1 crore.