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

Income Tax Slabs & Tax Rates for FY 2022-23 (AY 2023-24) as proposed in Budget dated 01.02.2022

Rates / Slabs under old and new Tax regime

Income Tax Calculator FY 21-22

Financial Year / Assessment Year
Rates / Slabs under old and new Tax regime
Select Age - of Resident Individual
Aged below 60 years
Aged above 60 years but below 80 years
Aged below 80 years

Resident Individual (aged below 60 years)

Tax Rates Under Old Regime (Applicable if Sec. 115BAC is Not Opted)

Income SlabTax Rate
Upto ₹ 2,50,000/-NIL
Above ₹ 2,50,000/- to ₹ 5,00,000/-5% of (taxable income - 2,50,000). If taxable income is upto ₹ 5 lacs, the tax liability is NIL on account of Tax Relief u/s 87A.
Above ₹ 5,00,000/- to ₹ 10,00,000/-₹ 12,500/- + 20% of (taxable income - 5,00,000).
Above ₹ 10,00,000/-₹ 112,500/- + 30% of (taxable income - 10,00,000).
Surcharge ( subject to Marginal Relief ) 10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
25% of Income Tax, in case taxable income is above ₹ 2 crore.
37% of Income Tax, in case taxable income is above ₹ 5 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

Rates under New Tax Regime (Applicable if Sec. 115BAC is Opted)

Income SlabTax Rate
Upto ₹ 2,50,000/-NIL
Above ₹ 2,50,000/- to ₹ 5,00,000/-5% of (taxable income - 2,50,000). If taxable income is upto ₹ 5 lacs, the tax liability is NIL on account of Tax Relief u/s 87A.
Above ₹ 5,00,000/- to ₹ 7,50,000/-₹ 12,500/- + 10% of (total income - 5,00,000)
Above ₹ 7,50,000/- to ₹ 10,00,000/-₹ 37,500/- + 15% of (total income - 7,50,000).
Above ₹ 10,00,000/- to ₹ 12,50,000/-₹ 75,000/- + 20% of (total income - 10,00,000).
Above ₹ 12,50,000/- to ₹ 15,00,000/-₹ 125,000/- + 25% of (total income - 12,50,000).
Above ₹ 15,00,000/-₹ 187,500/- + 30% of (total income - 15,00,000).
Surcharge ( subject to Marginal Relief ) 10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
25% of Income Tax, in case taxable income is above ₹ 2 crore.
37% of Income Tax, in case taxable income is above ₹ 5 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

Senior Citizen (residents aged above 60 years but below 80 years)

Tax Rates Under Old Regime (Applicable if Sec. 115BAC is Not Opted)

Income SlabTax Rate
Upto ₹ 3,00,000/-NIL
Above ₹ 3,00,000/- to ₹ 5,00,000/-5% of (taxable income - 3,00,000). If taxable income is upto ₹ 5 lacs, the tax liability is NIL on account of Tax Relief u/s 87A.
Above ₹ 5,00,000/- to ₹ 10,00,000/-₹ 10,000/- + 20% of (taxable income - 5,00,000).
Above ₹ 10,00,000/-₹ 110,000/- + 30% of (taxable income - 10,00,000)
Surcharge ( subject to Marginal Relief ) 10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
25% of Income Tax, in case taxable income is above ₹ 2 crore.
37% of Income Tax, in case taxable income is above ₹ 5 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

Rates under New Tax Regime(Applicable if Sec. 115BAC is Opted)

Income SlabTax Rate
Upto ₹ 2,50,000/-NIL
Above ₹ 2,50,000/- to ₹ 5,00,000/-5% of (taxable income - 2,50,000). If taxable income is upto ₹ 5 lacs, the tax liability is NIL on account of Tax Relief u/s 87A.
Above ₹ 5,00,000/- to ₹ 7,50,000/-₹ 12,500/- + 10% of (total income - 5,00,000)
Above ₹ 7,50,000/- to ₹ 10,00,000/-₹ 37,500/- + 15% of (total income - 7,50,000).
Above ₹ 10,00,000/- to ₹ 12,50,000/-₹ 75,000/- + 20% of (total income - 10,00,000).
Above ₹ 12,50,000/- to ₹ 15,00,000/-₹ 125,000/- + 25% of (total income - 12,50,000).
Above ₹ 15,00,000/-₹ 187,500/- + 30% of (total income - 15,00,000).
Surcharge ( subject to Marginal Relief ) 10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
25% of Income Tax, in case taxable income is above ₹ 2 crore.
37% of Income Tax, in case taxable income is above ₹ 5 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

Very / Super Senior Citizen (Residents aged above 80 years)

Tax Rates Under Old Regime (Applicable if Sec. 115BAC is Not Opted)

Income SlabTax Rate
Upto ₹ 5,00,000/-NIL
Above ₹ 5,00,000/- to ₹ 10,00,000/-20% of (taxable income - 5,00,000).
Above ₹ 10,00,000/-₹ 100,000/- + 30% of (taxable income - 10,00,000)
Surcharge ( subject to Marginal Relief ) 10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
25% of Income Tax, in case taxable income is above ₹ 2 crore.
37% of Income Tax, in case taxable income is above ₹ 5 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

Rates under New Tax Regime (Applicable if Sec. 115BAC is Opted)

Income SlabTax Rate
Upto ₹ 2,50,000/-NIL
Above ₹ 2,50,000/- to ₹ 5,00,000/-5% of (taxable income - 2,50,000). If taxable income is upto ₹ 5 lacs, the tax liability is NIL on account of Tax Relief u/s 87A.
Above ₹ 5,00,000/- to ₹ 7,50,000/-₹ 12,500/- + 10% of (total income - 5,00,000)
Above ₹ 7,50,000/- to ₹ 10,00,000/-₹ 37,500/- + 15% of (total income - 7,50,000).
Above ₹ 10,00,000/- to ₹ 12,50,000/-₹ 75,000/- + 20% of (total income - 10,00,000).
Above ₹ 12,50,000/- to ₹ 15,00,000/-₹ 125,000/- + 25% of (total income - 12,50,000).
Above ₹ 15,00,000/-₹ 187,500/- + 30% of (total income - 15,00,000).
Surcharge ( subject to Marginal Relief ) 10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
25% of Income Tax, in case taxable income is above ₹ 2 crore.
37% of Income Tax, in case taxable income is above ₹ 5 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

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