What is Income Tax?
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them. It is commonly called taxable income.
Income tax generally is computed as the product of a tax rate times the taxable income.
Taxation rates may vary by type or characteristics of the taxpayer and the type of income. Every year Government declares Income Tax slabs.
Financial Year: 2022-2023
Income Tax slabs for New Tax Regime: 115BAC
| Tax Slab | New Regime Tax Slab Rates for FY 2022-23 |
| Rs 0.0 – Rs 2,50000 | NIL |
| Rs 250001 – Rs 5,00000 | 5% above Rs. 2,50,000 |
| Rs. 5,00001 – Rs 7,50000 | Rs.12,500 + 10% above Rs. 5,00000 |
| Rs 7,50001 – Rs 10,00000 | Rs. 37,500 + 15% above Rs. 7,50000 |
| Rs 10,00001 – Rs. 12,50000 | Rs. 75,000 + 20% above Rs. 10,00000 |
| Rs. 12,50001 – Rs. 15,00000 | Rs. 120000 + 25% above Rs. 12,50000 |
| More than Rs. 15,00000 | Rs. 1,87,500 + 30% above Rs. 15,00000 |
Download the Excel Sheet to calculate the individual tax-
Click on the following Image-
Income Tax slabs for Old Tax Regime:
| Tax Slab | Old Regime Tax Slab Rates for FY 2022-23 |
| Up to Rs 2.5 lakhs | Nil |
| Rs. 2.50001 -Rs. 5,00000 | 5% above Rs. 2,50000 |
| Rs. 5,00001 – Rs. 10,00000 | Rs. 12500 + 20% above Rs. 5,00000 |
| More than Rs 10,00000 | Rs.1,12500 + 30% above Rs. 10,00000 |
Click on the following image to calculate your tax–
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Income Tax calculator and other information is only for Guidance. Do consult your C.A. to get authentic information.
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