New Income Tax Slab & Rate in India for Financial Year 2022-2023
Dear reader, in this post we are going to update you about the latest Income Tax slab & rate for individuals applicable in the financial year 2022-23.
In India, Income tax is levied on individual taxpayers on the basis of a income slab system. In this system different tax rates have been prescribed for different slabs. Moreover, such tax rates keep increasing with an increase in the income slab.
Tax slabs undergo a change during every finance budget.
As per the existing Slabs & Tax Rate there are three categories of individual taxpayers:
- Individuals (Both Male & Female) below 60 Years of Age
- Senior Citizens (Both Male & Female) above 60 Years of Age but below 80 years
- Super Senior Citizens (Both Male & Female) 80 Years of Age
Income Tax Slab for Individuals – Financial Year 2019-2020
Tax Slab & Rate for Individual
(Both Male & Female less than 60 years old)
| Income Tax Slabs | Tax Rate |
| Up to Rs. 2,50,000 | NIL |
| Income above Rs. 2,50,000 – Upto Rs. 5,00,000 | 5% of total income exceeding Rs. 2,50,000 |
| Income above Rs.5,00,000 – Upto Rs. 10,00,000 | Rs.12,500 + 20% of the total income exceeding Rs. 500,000 |
| Income above Rs. 10,00,000 | Rs.112,500 + 30% of the total income exceeding Rs.10,00,000 |
In Addition, there is no tax up to the Income of Rs. 5,00,000 by deducting the Rebate under section 87A.
Income Tax Slab for Senior Citizens
(60 years old or more but Less than 80 Years Old)
| Income Tax Slabs | Tax Rate | Health Education Cess |
| Income up to Rs 3,00,000 | NIL | |
| Income from Rs 3,00,000 to Rs 5,00,000 | 5% | 4% of Income Tax |
| Income from Rs 5,00,000 to Rs.10,00,000 | 20% | 4% of Income Tax |
| Income more than Rs 10,00,000 | 30% | 4% of Income Tax |
Income Tax Slab & Rate for Super Senior Citizens
(80 Years Old Or More)
| Income Tax Slabs | Tax Rate | Health & Education Cess |
| Income up to Rs 5,00,000* | NIL | |
| Income from Rs 5,00,000 to Rs 10,00,000 | 20% | 4% of Income Tax |
| Income more than Rs 10,00,000 | 30% | 4% of Income Tax |
In addition to amount of tax computed as per above mentioned slab, individuals are require to pay Health & Education Cess and Surcharge.
Health & Education Cess@4% is newly introduced during 2019 finance budget
Therefore, for F.Y 2019-2020 ( A.Y 2020-2021) Health & Education Cess@4% shall be leviable on the amount of income tax.
Surcharge would be levied:
@10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
@15% of income tax, where the total income exceeds Rs.1 crore.