Income Tax Rates for Assessment Year 2022-2023
Income Tax Rates for Assessment Year 2022-2023
The present article covers the income tax slab rates as applicable for the Assessment Year 2021-2022 (Financial Year 2021-2022).
Income tax slab for individuals (including resident senior citizen and resident super senior citizen) opting for old tax regime-
| Individual (resident/ non-resident) below 60 years | Resident senior citizen (60 years or more but less than 80 years) | Resident super senior citizen above 80 years | |||
| Net Income | Income Tax Rates | Net Income | Income Tax Rates | Net Income | Income Tax Rates |
| Up to INR 2,50,000 | NIL | Up to INR 3,00,000 | NIL | Up to INR 5,00,000 | Nil |
| INR 2,50,001 to INR 5,00,000 | 5% | INR 3,00,001 to INR 5,00,000 | 5% | INR 5,00,001 to INR 10,00,000 | 20% |
| INR 5,00,001 to INR 10,00,000 | 20% | INR 5,00,001 to INR 10,00,000 | 20% | Above INR 10,00,000 | 30% |
| Above INR 10,00,000 | 30% | Above INR 10,00,000 | 30% | – | – |
Other points-
- Surcharge-
Surcharge is leviable at following rates on the amount of income tax-
| Particulars | Surcharge rates |
| Total income exceeds INR 50 Lakhs | 10% of the income tax |
| Total income exceeds INR 1 Crore | 15% of the income tax |
| Total income exceeds INR 2 Crores | 25% of the income tax |
| Total income exceeds INR 5 crores | 37% of the income tax |
- Health and Education Cess-
Health and Education Cess is leviable @4% on the amount of income tax + surcharge.
- Rebate under section 87A-
Rebate under section 87A is available to resident individual having total income less than INR 5 Lakhs. Lower of the following amounts is available as rebate-
- 100% of the income tax; or
- INR 12,500.
Income tax slab for HUF/ AOP/ BOI/ any other artificial juridical person opting for old tax regime-
| Net Income | Income Tax Rates |
| Up to INR 2,50,000 | NIL |
| INR 2,50,001 to INR 5,00,000 | 5% |
| INR 5,00,001 to INR 10,00,000 | 20% |
| Above INR 10,00,000 | 30% |
Other points-
- Surcharge-
Surcharge is leviable at following rates on the amount of income tax-
| Particulars | Surcharge rates |
| Total income exceeds INR 50 Lakhs | 10% of the income tax |
| Total income exceeds INR 1 Crore | 15% of the income tax |
| Total income exceeds INR 2 Crores | 25% of the income tax |
| Total income exceeds INR 5 crores | 37% of the income tax |
- Health and Education Cess-
Health and Education Cess is leviable @4% on the amount of income tax + surcharge.
Income tax slab for Individual and HUF opting for new tax regime (section 115BAC)-
| Total Income | Income Tax Rates |
| Up to INR 2,50,000 | NIL |
| INR 2,50,001 to INR 5,00,000 | 5% |
| INR 5,00,001 to INR 7,50,000 | 10% |
| INR 7,50,001 to INR 10,00,000 | 15% |
| INR 10,00,001 to INR 12,50,000 | 20% |
| INR 12,50,001 to INR 15,00,000 | 25% |
| Above INR 15,00,000 | 30% |
Other points-
- Surcharge-
Surcharge is leviable at following rates on the amount of income tax-
| Particulars | Surcharge rates |
| Total income exceeds INR 50 Lakhs | 10% of the income tax |
| Total income exceeds INR 1 Crore | 15% of the income tax |
| Total income exceeds INR 2 Crores | 25% of the income tax |
| Total income exceeds INR 5 crores | 37% of the income tax |
- Health and Education Cess-
Health and Education Cess is leviable @4% on the amount of income tax + surcharge.
- As per the new regime, the benefit of lower rates are available only if the total income is calculated without claiming specified exemptions or deductions.
Income tax slab for partnership firm (including LLP)-
| Particulars | Corresponding Rates |
| Income tax rates | 30% |
| Surcharge applicable when total income exceeds INR 1 Crore | 12% of the amount of income tax |
| Health and Education Cess | 4% of the amount of income tax + surcharge. |
Income tax slab for domestic company (normal rates and special rates)-
Normal Rates-
| Particulars | Rates |
| Company having turnover/ gross recipients up to INR 400 Crores in the previous year 2019-2020 | 25% |
| Any other domestic company | 30% |
- Surcharge-
Surcharge is leviable at following rates on the amount of income tax-
| Range of Total Income | Surcharge rates |
| INR 1 Crore to INR 10 Crores | 7% of the income tax |
| Above INR 10 Crores | 12% of the income tax |
- Health and Education Cess-
Health and Education Cess is leviable @4% on the amount of income tax + surcharge.
Special Rates-
| Particulars | Income Tax Rates |
| Domestic Company opting under section 115BA | 25% |
| Domestic Company opting under section 115BAA | 22% |
| Domestic Company opting under section 115BAB | 15% |
- Surcharge-
Surcharge is leviable at following rates on the amount of income tax-
| Particulars | Surcharge rates |
| Domestic company opting under section 115BAA | 10% of the income tax (irrespective of the amount of total income) |
| Domestic company opting under section 115BAB | 10% of the income tax (irrespective of the amount of total income) |
- Health and Education Cess-
Health and Education Cess is leviable @4% on the amount of income tax + surcharge.
- Applicability of MAT-
Domestic company opting under section 115BAA and section 115BAB is exempted from the provisions of MAT. Accordingly, MAT provisions are applicable to domestic company opting under section 115BA.
Income tax slab for foreign company-
| Particulars | Corresponding Rates |
| Income tax rates | 40% |
| Surcharge |
· 2% for total income ranging between INR 1 Crore to INR 10 Crores. · 5% for total income ranging above INR 10 Crores. |
| Health and Education Cess | 4% of the amount of income tax + surcharge. |
Income tax slab for Co-operative society-
| Income | Rates |
| Up to INR 10,000 | 10% |
| INR 10,001 to INR 20,000 | 20% |
| Above INR 20,000 | 30% |
- Surcharge-
Surcharge is leviable at the rates of 12% only when the total income exceeds INR 1 Crore.
- Health and Education Cess-
Health and Education Cess is leviable @4% on the amount of income tax + surcharge.
- Income tax rates for co-operative society opting under section 115BAD-
| Particulars | Corresponding Rates |
| Income tax rates | 22% |
| Surcharge | 10% of the amount of income tax |
| Health and Education Cess | 4% of the amount of income tax + surcharge |
Income tax slab for local authority-
| Particulars | Corresponding Rates |
| Income tax rates | 30% |
| Surcharge | 12% of the amount of income tax when the total income exceeds INR 1 Crore. |
| Health and Education Cess | 4% of the amount of income tax + surcharge |
Latest Update on the Pay Later Option for Income Tax Filing
The Income Tax e-filing portal has recently rolled out a ‘Pay Later’ option, allowing you to complete your tax filing process before making any tax payments. You can pay taxes after you are done filing. For additional information, please refer to our guide – Pay later option for the Income tax return filing.
