Income tax slabs new | Income tax slabs 2022-23

Date:

Income tax slabs new: The income tax slabs in India for the financial year 2022-2023 are as follows:

Income tax is a tax levied by the government on the income earned by individuals, companies, and other entities.

It’s a way for the government to raise revenue for public services and infrastructure development.

The amount of tax owed is based on the income of the taxpayer, with higher earners paying a higher percentage of their income in tax.

The income tax system and tax rates vary from country to country, and it’s important to stay informed about the rules and regulations in your jurisdiction.

For individuals below 60 years of age:

Up to Rs. 2.5 lakhs– No tax
Rs. 2.5 to 5 lakhs– 5%
Rs. 5 to 7.5 lakhs– 10%
Rs. 7.5 to 10 lakhs– 15%
Rs. 10 to 12.5 lakhs– 20%
Rs. 12.5 to 15 lakhs– 25%
Above Rs. 15 lakhs– 30%
Income tax slabs new for individuals below 60 years of age

Income tax slabs new for individuals above 60 years but below 80 years of age:

Up to Rs. 3 lakhs– No tax
Rs. 3 to 5 lakhs– 5%
Rs. 5 to 10 lakhs– 20%
Above Rs. 10 lakhs– 30%
Income tax slabs 2022-23 for individuals above 60 years but below 80 years of age

For individuals above 80 years of age:

Up to Rs. 5 lakhs – No tax
Rs. 5 to 10 lakhs– 20%
Above Rs. 10 lakhs – 30%
Income tax slabs new for individuals above 80 years of age:

Note: The tax slabs are subject to change, and it’s always recommended to check the latest rules and regulations set by the Indian government.

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