INCOME TAX OLD SLAB TAX RATE FOR PY 2021-2022 AY 2022-2023
- 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% |
- 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% |
- 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% |
- FIRM & LLP (LIMITED LIABILITY PARTNERSHIP)- FLAT TAX RATE OF 30%
- DOMESTIC COMPANY- 30% TAX RATE
- FOREIGN COMPANY- FLAT TAX RATE 40%
- 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.
