These income tax slabs are the ones that has been announced in this Year’s Budget which is for the financial year from 2022-23 and there has been no major changes in the Income tax slabs for the upcoming year compared to the previous year 2021-2022. The tax slabs for old and new regimes for the finanical year 2022-2023 (April 1st 2022 to March 31st 2023 ) are shown below
Old Tax Regime
| Old Tax Regime | Tax Percentage | Tax in Rupees |
|---|---|---|
| 0 to 2,50,000 | NIL | Rs 0 |
| 2,50,001 – 5,00,000 | 5% | 5% of Total Income exceeding 2,50,000 |
| 5,00,001 – 10,00,000 | 20% | Rs.12500 + 20% of Total Income exceeding 5,00,000 |
| Above 10,00,000 | 30% | Rs.112500 + 30% of Total Income exceeding 10,00,000 |
New Tax Regime
| New Tax Regime | Tax % | Tax in Rupees |
|---|---|---|
| 0 to 2,50,000 | NIL | Rs 0 |
| 2,50,001 – 5,00,000 | 5% | 5% of Total Income exceeding 2,50,000 |
| 5,00,001 – 7,50,000 | 10% | Rs.12500 + 10% of Total Income exceeding 5,00,000 |
| 7,50,001 – 10,00,000 | 15% | Rs.37500 + 15% of Total Income exceeding 7,50,000 |
| 10,00,001 – 12,50,000 | 20% | Rs.75000 + 20% of Total Income exceeding 10,00,000 |
| 12,50,001-15,00,000 | 25% | Rs.125000 + 25% of Total Income exceeding 12,50,000 |
| above 15,00,000 | 30% | Rs.187500 + 30% of Total Income exceeding 15,00,000 |