Income Tax

Income Tax

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.

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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 SlabNew Regime Tax Slab Rates for FY 2022-23
Rs 0.0 – Rs 2,50000NIL
Rs 250001 – Rs 5,000005% above Rs. 2,50,000
Rs. 5,00001 – Rs 7,50000Rs.12,500 + 10% above Rs. 5,00000
Rs 7,50001 – Rs 10,00000Rs. 37,500 + 15% above Rs. 7,50000
Rs 10,00001 – Rs. 12,50000Rs. 75,000 + 20% above Rs. 10,00000
Rs. 12,50001 – Rs. 15,00000Rs. 120000 + 25% above Rs. 12,50000
More than Rs. 15,00000Rs. 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 SlabOld Regime Tax Slab Rates for FY 2022-23
Up to Rs 2.5 lakhsNil
Rs. 2.50001 -Rs. 5,000005% above Rs. 2,50000
Rs. 5,00001 – Rs. 10,00000Rs. 12500 + 20% above Rs. 5,00000
More than Rs 10,00000Rs.1,12500 + 30% above Rs. 10,00000

Click on the following image to calculate your tax

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Important Websites

Income Tax calculator and other information is only for Guidance. Do consult your C.A. to get authentic information.

See important information by clocking on the following image-

Income Tax

Income Tax-

Calculate your tax for year 2022-2023

Income Tax Department (Click Here for official website)

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