Latest Income Tax Slab rate - Old and New Regime!

Latest Income Tax Slab rate - Old and New Regime!

Tax Slabs for AY 2022-23

For Individual (resident or non-resident) less than 60 years of age. 

AGE GROUP: <60

New Tax Regime:

Income tax slabs	Income tax rates
0 to Rs 3 lakh	Nil
Rs 3 lakh to Rs 6 lakh	5%
Rs 6 lakh to Rs 9 lakh	10%
Rs 9 lakh to Rs 12 lakh	15%
Rs 12 lakh to Rs 15 lakh	20%
Income above Rs 15 lakh	30%

Note:

•  As per rebate under section 87A if individual net taxable income is below 7 lakhs then he/she will not be required to pay any tax. But sill we need to file the 0 tax returns for our income.(Beginners should be aware of this)
• Only Standard deduction is allowed and no deduction under 80C,80D, HRA.

Old Tax Regime:

Income tax slabs	Income tax rates
0 to Rs 2.5 lakh	Nil
Rs 2.5 lakh to Rs 5 lakh	5%
Rs 5 lakh to Rs 10 lakh	20%
Rs 10 lakh and above	30%

Note:

•  As per rebate under section 87A if individual net taxable income is below 5 lakhs then he/she will not be required to pay any tax. But sill we need to file the 0 tax returns for our income.(Beginners should be aware of this)
• Deductions remain same as before like Standard deduction, 80C, 80D, HRA, LTA, Housing loan interest, Education loan interest.