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:
Table of Contents
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 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% |
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% |
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.
Frequently Asked Questions
Top Stories
- Income Tax Department: Today is the last date for application for settlement of outstanding income tax cases
- Atal Pension Yojana: Open an account in this government
- Irs Tax Debt Relief Program
- Sukanya Samriddhi Yojana 2022: Apply now, check your Eligibility
- Sukanya Samriddhi Yojana: Daughter’s education to marriage