These are the new IncomeTax slabs for the financial year 2021 to 2022 (From April 1st 2021 to March 31st 2022). Once you choose this Income tax slab you can’t switch back to the old regime during the current financial year.You can switch back to the old regime only during the next financial year. The big difference between Old and New tax regimes is you can’t claim any of the deduction including PF or under 80C (See the Tax slab below)
| New Regime Tax Slab | Tax Percentage | Tax in Rupees |
| 0 to 2,50,000 | NIL | 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 |
Total Income Tax significantly differs from the amount quoted above as a Cess of 4% is levied on the tax amount. Example if your tax is 2,00,000 then 8,000 is levied as tax amount so your total tax will be Rs.2,08,000