Tax Slab

Tax Slabs for AY 2022-23

Individuals and HUFs can opt for the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act) The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain Exemptions and Deductions (like 80C, 80D,80TTB, HRA) available in the Existing Tax Regime.

Age Group
<60

For Individual (resident or non-resident) less than 60 years of age anytime during the previous year: 

Existing Tax Regime New Tax Regime u/s 115BAC
Income Tax Slab Income Tax Rate Income Tax Slab Income Tax Rate
Up to ₹ 2,50,000     Nil Up to ₹ 2,50,000 Nil
₹ 2,50,001 - ₹ 5,00,000     5% above ₹ 2,50,000 ₹ 2,50,001 - ₹ 5,00,000 5% above ₹ 2,50,000
₹ 5,00,001 - ₹ 10,00,000 ₹ 12,500 + 20% above ₹ 5,00,000 ₹ 5,00,001 - ₹ 7,50,000 ₹ 12,500 + 10% above ₹ 5,00,000
Above ₹ 10,00,000  ₹ 1,12,500 + 30% above ₹ 10,00,000 ₹ 7,50,001 - ₹ 10,00,000 ₹ 37,500 + 15% above ₹ 7,50,000
    ₹ 10,00,001 - ₹ 12,50,000 ₹ 75,000 + 20% above ₹ 10,00,000
    ₹ 12,50,001 - ₹ 15,00,000 ₹ 1,25,000 + 25% above ₹ 12,50,000
    Above ₹ 15,00,000 ₹ 1,87,500 + 30% above ₹ 15,00,000

Age Group
60+

For Individual (resident or non-resident), 60 years or more but less than 80 years of age anytime during the previous year:

Existing Tax Regime New Tax Regime u/s 115BAC
Income Tax Slab Income Tax Rate Income Tax Slab Income Tax Rate
Up to ₹ 3,00,000 Nil Up to ₹ 2,50,000 Nil
₹ 3,00,001 - ₹ 5,00,000 5% above ₹ 3,00,000
 		 ₹ 2,50,001 - ₹ 5,00,000 5% above ₹ 2,50,000
₹ 5,00,001 - ₹ 10,00,000 ₹ 10,000 + 20% above ₹ 5,00,000 ₹ 5,00,001 - ₹ 7,50,000 ₹ 12,500 + 10% above ₹ 5,00,000
Above ₹ 10,00,000 ₹ 1,10,000 + 30% above ₹ 10,00,000 ₹ 7,50,001 - ₹ 10,00,000 ₹ 37,500 + 15% above ₹ 7,50,000
    ₹ 10,00,001 - ₹ 12,50,000 ₹ 75,000 + 20% above ₹ 10,00,000
    ₹ 12,50,001 - ₹ 15,00,000 ₹ 1,25,000 + 25% above ₹ 12,50,000
    Above ₹ 15,00,000 ₹ 1,87,500 + 30% above ₹ 15,00,000

Age Group
80+

For Individual (resident or non-resident) 80 years of age or more anytime during the previous year:

Existing Tax Regime New Tax Regime u/s 115BAC
Income Tax Slab Income Tax Rate Income Tax Slab Income Tax Rate
Up to ₹ 5,00,000   Nil Up to ₹ 2,50,000 Nil
₹ 5,00,001 - ₹ 10,00,000 20% above ₹ 5,00,000 ₹ 2,50,001 - ₹ 5,00,000 5% above ₹ 2,50,000
Above ₹ 10,00,000  ₹ 1,00,000 + 30% above ₹ 10,00,000 ₹ 5,00,001 - ₹ 7,50,000 ₹ 12,500 + 10% above ₹ 5,00,000
    ₹ 7,50,001 - ₹ 10,00,000 ₹ 37,500 + 15% above ₹ 7,50,000
    ₹ 10,00,001 - ₹ 12,50,000 ₹ 75,000 + 20% above ₹ 10,00,000
    ₹ 12,50,001 - ₹ 15,00,000 ₹ 1,25,000 + 25% above ₹ 12,50,000
    Above ₹ 15,00,000 ₹ 1,87,500 + 30% above ₹ 15,00,000