Income Tax Slab AY 2022-23

Income Tax Slab (AY 2022-23): This income tax slab for A.Y. 2022-23 includes all amendments up to date (includes all amendments made in Finance Bill 2021). NO change in basic exemption limit or slab rates in finance bill 2021.

Income Tax Slab (Old Tax Regime)

✔ (Individual/HUF/A.O.P/B.O.I)

✔ (A.Y. 2018-19, A.Y. 2019-20, A.Y. 2020-21, A.Y. 2021-22, A.Y. 2022-23)

Taxable IncomeSr. Citizens (80 Years or More)Sr. Citizens (60 to 80 Years)Male/Female (60 Years Below) (HUF, AOP, BOI, etc.)
Upto ₹2,50,000/-NilNilNil
₹2,50,001 to ₹3,00,000NilNil5%
₹3,00,001 to ₹5,00,000Nil5%5%
₹5,00,001 to ₹10,00,00020%₹10,000+20%₹12,500+20%
Above ₹10,00,000₹1,00,000+30%₹1,10,000+30%₹1,12,500+30%

☑ Important Notes about Income Tax Slab

The long-term capital gains and short-term capital gains (sec 111A) exclude from the taxable income, which is taxable at specified rates as per section 112 and 112A.

☑ Income Tax Rebate (Resident Individuals)

Income A.Y.
Rebate
Income up to Rs.3,50,000/-2018-19 & 2019-20Rs.2,500/- whichever is less
Income up to Rs. 5,00,000/-2020-21 & 2022-23Rs.12,500/- whichever is less

☑  Surcharge (A.Y. 2020-21, A.Y. 2021-22 & A.Y.2022-23)

IncomeSurcharge
Income between 50 Lakh to 1 crore10%
Income between 1 crore to 2 crores15%
Income between 2 crores to 5 crores [excluding dividends (for A.Y. 2021-22) or capital gains from securities referred u/s 111A, 112A or 115AD(1)(b)]25%
Income above 5 crores [excluding dividends (for A.Ys. 2021-22 & 2022-23) or capital gains from securities referred u/s 111A, 112A or 115AD(1)(b)]37%

Where total income includes any dividends (for A.Y. 2021-22 and A.Y. 2022-23) or capital gains from securities referred u/s 111A, 112A or 115AD(1)(b), the surcharge on income-tax in respect of such income shall not exceed 15%.

Surcharge (A.Y. 2018-19 & A.Y. 2019-20)

IncomeSurcharge
Income between 50 Lakh to 1 crore10%
Income Above 1 crore15%

☑  Education Cess

For A.Y. 2018-19, Education Cess @ 2% and Secondary &.Higher Education Cess 1% shall be if leviable on the amount of income-tax and surcharge, any. For A.Ys. 2019-20 to 2022-23, Health & Education Cess @ 4% shall be leviable on the amount of income-tax and surcharge, if any.

Income Tax Slab (Alternate Tax Regime)

✔ Individual/HUF (Alternate Tax Regime)

✔ (A.Y 2022-23 A.Y.2021-22)

Taxable Income (₹)Income Tax
Upto ₹2,50,000Nil
₹2,50,001 to 5,00,0005%
₹5,00,001 to ₹7,50,000₹12,500 + 10%
₹7,50,001 to ₹10,00,000₹37,500 + 15%
₹10,00,001 TO 12,50,000₹75,000 + 20%
₹12,50,001 TO 15,00,000₹1,25,000 + 25%
Above 15,00,000₹1,87,500 + 30%

☑ Important Notes about Income Tax Slab (Alternate Tax Regime)

The long-term capital gains and short-term capital gains exclude from the taxable income, which is taxable at specified rates as per section 112 and 111A.

Taxable income is computed after allowing only specified exemptions/ deductions as per section 115BAC.

☑  Surcharge (Alternate Tax Regime) (A.Y 2022-23 A.Y.2021-22)

IncomeSurcharge
Income between 50 Lakh to 1 crore10%
Income between 1 crore to 2 crores15%
Income between 2 crores to 5 crores [excluding dividends (for A.Y. 2021-22) or capital gains from securities referred u/s 111A, 112A or 115AD(1)(b)]25%
Income above 5 crores [excluding dividends (for A.Ys. 2021-22 & 2022-23) or capital gains from securities referred u/s 111A, 112A or 115AD(1)(b)]37%

☑  Education Cess

Health & Education Cess @ 4% shall be leviable on the amount of income-tax and surcharge if any.

Income Tax Slab for Partnership Firm

Taxable IncomeA.Y. 2009-10 to 2018-19A.Y. 2019-20 to 2022-23
Long-term Capital Gain u/s 11220%20%
Long-term Capital Gain from equity shares, etc. u/s 112ANil10%
Short-term Capital Gain u/s 111A15%15%
Other Income30%30%

Surcharge on Partnership Firm

Assessment YearSurcharge
A.Y. 2009-1010% (where taxable income including capital gain above Rs.1 crore)
A.Y. 2010-11 to 2013-14Nil
A.Y. 2014-15 & 2015-1610% (where taxable income including capital gain above Rs.1 crore)
A.Y. 2016-17 to 2022-2312% (where taxable income including capital gains above rs. 1 crore)

Education Cess on Partnership Firm

Assessment YearEducation Cess
A.Y. 2009-10 to 2018-192% education cess on the amount of income-tax and surchrage
A.Y. 2009-10 to 2018-191% Secondary & Higher Education Cess on the amount of Income-tax and surcharge
A.Y. 2019-20 to 2022-234% Health & Education Cess on the amount of Income-tax and surcharge

 

 

 

 

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