INCOME TAX RATE FOR PY-21-22, AY 22-23

INCOME TAX OLD SLAB TAX RATE FOR PY 2021-2022 AY 2022-2023

  1. FOR RESIDENT VERY SENIOR CITIZEN i.e., 80 YEARS OR MORE AT ANY TIME DURING PY (BORN ON OR BEFORE 1.4.1942)
INCOME TAX RATE
0-5,00,000 NIL
5,00,001-10,00,000 20%
MORE THAN 10,00,000 30%
  1. FOR RESIDENT SENIOR CITIZEN i.e., 60 YEARS OR MORE BUT LESS THAN 80 YEARS AT ANY TIME DURING PREVIOUS YEAR (BORN DURING 1.4.1942- 1.4.1962)
INCOME TAX RATE
0-3,00,000 NIL
3,00,001-5,00,000 5%
5,00,001-10,00,000 20%
MORE THAN 10,00,000 30%
  1. FOR OTHER INDIVIDUAL, HUF, AOP, BOI, & AJP (RESIDENT OR NON-RESIDENT) (BORN ON OR AFTER 1.2.1962)
INCOME TAX RATE
0-2,50,000 NIL
2,50,001-500,000 5%
500,001-10,00,000 20%
MORE THAN 10,00,000 30%
  1. FIRM & LLP (LIMITED LIABILITY PARTNERSHIP)- FLAT TAX RATE OF 30%
  2. DOMESTIC COMPANY- 30% TAX RATE
  3. FOREIGN COMPANY- FLAT TAX RATE 40%
  4. NEW TAX SLAB RATE FOR INDIVIDUAL AND HUF (RESIDENT OR NON-RESIDENT) (SEC- 115 BAC)
INCOME TAX RATE
O-2,50,000 NIL
2,50,001-500,000 5%
5,00,001-7,50,000 10%
7,50,001-10,00,000 15%
10,00,001-12,50,000 20%
1250,001-1500,000 25%
MORE THAN 15,00,000 30%

BUT THIS TAX RATE APPLICABLE SHALL BE AS ABOVE, IF AN INDIVIDUAL AND HUF EXERCISE AN OPTION TO NOT TO CLAIM VARIOUS EXEMPTION OR DEDUCTIONS PROVIDED.

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