For Assessment Year (AY) 2022-23, the income tax slabs for individuals below 60 years of age in India are as follows:
- For Individuals (below 60 years):
- Up to ₹2,50,000: Nil
- ₹2,50,001 to ₹5,00,000: 5% of the amount exceeding ₹2,50,000
- ₹5,00,001 to ₹10,00,000: ₹12,500 + 20% of the amount exceeding ₹5,00,000
- Above ₹10,00,000: ₹1,12,500 + 30% of the amount exceeding ₹10,00,000
- For Senior Citizens (60 years to below 80 years):
- Up to ₹3,00,000: Nil
- ₹3,00,001 to ₹5,00,000: 5% of the amount exceeding ₹3,00,000
- ₹5,00,001 to ₹10,00,000: ₹10,000 + 20% of the amount exceeding ₹5,00,000
- Above ₹10,00,000: ₹1,10,000 + 30% of the amount exceeding ₹10,00,000
- For Super Senior Citizens (80 years and above):
- Up to ₹5,00,000: Nil
- ₹5,00,001 to ₹10,00,000: 20% of the amount exceeding ₹5,00,000
- Above ₹10,00,000: ₹1,00,000 + 30% of the amount exceeding ₹10,00,000
These tax slabs are applicable for the assessment year 2022-23, which corresponds to the financial year 2021-22. It's important to note that these slabs are subject to change based on amendments in the Income Tax Act by the government.
