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Income Tax Slab Rate for Individuals- FY 2022-23 [Old Regime]

Income Tax Slab Rate for Individuals – FY 2022-23 [AY 2023-24]

Dear reader, in this post we are going to update you about the latest Income Tax slab rate for individuals. Before we start to list down the income tax rates applicable for FY 2022-23 & AY 2023-24 you should know:

What is Financial Year?

A financial year is a 12-month period that starts on 1st April and ends on 31st March of next year. Thus financial year is the period in which you earn income.

What is Assessment Year?

The assessment year is the year immediately following the financial year wherein the income of the financial year is assessed.

Who is required to file an Income tax return (ITR)?

Every Individual whose taxable income during the financial year exceeds the maximum tax exemption limit (i.e. Rs.250,000), has to file their income tax return on or before the due date.

Tax will be computed as per Income Tax Slab Rates applicable to that individual.

For the purpose of ascertainment of the applicable Income tax rates, an individual can be classified as follows:

  • Individuals (Both Male & Female) below 60 Years of Age
  • Senior Citizens (Both Male & Female) above 60 Years of Age
  • Super Senior Citizen (Both Male & Female) 80 Years of Age

income tax slab rate for individual

Income Tax Slab Rate for Individual

(for Male & Female less than 60 years old)

Income Tax SlabsTax RateHealth & Education Cess
Income up to Rs 250,000NIL 
Income from Rs 250,000 to Rs 500,0005%4% of Income Tax
Income from Rs 500,000  to Rs.10,00,00020%4% of Income Tax
Income more than Rs 10,00,00030%4% of Income Tax

Income Tax Slab Rates for Senior Citizens

(60 years old or more but Less than 80 Years Old)

Income Tax SlabsTax RateHealth & Education Cess
Income up to Rs 300,000NIL 
Income from Rs 300,000 to Rs 500,0005%4% of Income Tax
Income from Rs 500,000  to Rs.10,00,00020%4% of Income Tax
Income more than Rs 10,00,00030%4% of Income Tax

Income Tax Slab for Super Senior Citizen

(80 Years Old Or More)

Income Tax SlabsTax RateHealth & Education Cess
Income up to Rs 500,000*NIL 
Income from Rs 500,000 to Rs 10,00,00020%4% of Income Tax
Income more than Rs 10,00,00030%4% of Income Tax

In addition to the amount of tax computed as per above mentioned slab, individuals are required to pay Health & Education Cess and Surcharge.

Health & Education Cess@4% is newly introduced through the 2018 finance budget

Therefore, for A.Y.2019-20 onwards, 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.

Recommended Read:

Why should you file your income tax returns on time?

What are the consequences of filing a late income tax return?

About Shubham Anand

Shubham Anand, the founder of TaxWinner.in, is a Chartered accountant, law graduate and personal finance & technology enthusiast. He loves writing about taxes, personal finance, tax planning, the latest technology, and much more. With a passion for technology and the intricacies of personal finance, he believes that financial literacy is the ultimate life hack.

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