Income tax rates for Financial Year 2022 - 2023 applied on citizens of India.

Only four months to end this Financial Year. Therefore, it is necessary to know the income tax slabs for FY 2022-23 (AY 2023-24) under both tax regimes for resident individuals aged less than 60 years, Hindu Undivided Family (HUF) and Non-Resident Indians (NRI) with income in India: 

Net Taxable Income	New Tax Regime Income Tax Slab Rates FY 2022-23	Old Tax Regime Income Tax Slab Rates FY 2022-23
Up to Rs 2.5 lakh	Exempt	Exempt
Rs 2,50,001 to Rs 5 lakh	5%	5%
Rs 5,00,001 to Rs 7.5 lakh	10%	20%
Rs 7,50,001 to Rs 10 lakh	15%
Rs 10,00,001 to Rs 12.5 lakh	20%	30%
Rs 12,50,001 to Rs 15 lakh	25%
Over Rs. 15 lakh	30%

 

Indian Senior Citizen tax payers are individuals above 60 years of age but below 80 years of age. These tax payers enjoy a higher basic exemption limit of Rs. 3 lakh as compared to individuals aged below 60 years under the old tax regime. However, this benefit of higher exemption is not available for senior citizen tax payers opting for the new tax regime. The below table summarizes the Income Tax slab rates in AY 2023-24 (FY 2022-23) for senior citizens in India: 

 

Net Taxable Income	Income Tax Slab Rates FY 2022-23 (Old Tax Regime)	Income Tax Slab Rates FY 2022-23 (New Tax Regime)
Up to Rs 2.5 lakh	Nil	Nil
Rs 2,50,001 to Rs 3 lakh		5%
Rs 3,00,001 to Rs 5 lakh	5%
Rs 5,00,001 to Rs 7.5 lakh	20%	10%
Rs 7,50,001 to Rs 10 lakh		15%
Rs 10,00,001 to Rs 12.5 lakh	30%	20%
Rs 12,50,001 to Rs 15 lakh		25%
Over Rs. 15 lakh		30%

 

Under current tax rules, super senior citizen tax payers are individuals who are aged 80 years or more. Under the old tax regime, super senior citizens have a higher basic exemption limit of Rs. 5 lakh as per income tax slab rates for the financial year 2022-23. This benefit is however not applicable under the new tax regime even though the slab rates for AY 2023-24 are lower as compared to the old tax regime. The below table summarizes the income tax slab and rates applicable to super senior citizens in FY 2022-23:  

Net Taxable Income	Old Tax Regime Income Tax Slab Rates (FY 2022-23)	New Tax Regime Income Tax Slab Rates (FY 2022-23)
Up to Rs 2.5 lakh	Nil	Nil
Rs 2,50,001 to Rs 5 lakh		5%
Rs 5,00,001 to Rs 7.5 lakh	20%	10%
Rs 7,50,001 to Rs 10 lakh		15%
Rs 10,00,001 to Rs 12.5 lakh	30%	20%
Rs 12,50,001 to Rs 15 lakh		25%
Over Rs. 15 lakh		30%

Beyond the income tax liability computed using the Income Tax slab rates for FY 2022-23, you also have to pay a 4% health and education cess as part of your overall tax outgo for the fiscal.