income tax slabs

income tax slabs

Income tax slabs refer to the different rates at which income tax is levied on individuals based on their taxable income. In India, income tax slabs are categorized based on the individual's age and income level. Here are the income tax slabs for the financial year 2022-23 (assessment year 2023-24) for individuals below the age of 60:

1. For individuals below 60 years of age:
   • Up to ₹2,50,000: No tax
   • ₹2,50,001 to ₹5,00,000: 5% of the income exceeding ₹2,50,000
   • ₹5,00,001 to ₹10,00,000: ₹12,500 + 20% of the income exceeding ₹5,00,000
   • Above ₹10,00,000: ₹1,12,500 + 30% of the income exceeding ₹10,00,000
2. For individuals aged 60 years and above but below 80 years (senior citizens):
   • Up to ₹3,00,000: No tax
   • ₹3,00,001 to ₹5,00,000: 5% of the income exceeding ₹3,00,000
   • ₹5,00,001 to ₹10,00,000: ₹10,000 + 20% of the income exceeding ₹5,00,000
   • Above ₹10,00,000: ₹1,10,000 + 30% of the income exceeding ₹10,00,000
3. For individuals aged 80 years and above (super senior citizens):
   • Up to ₹5,00,000: No tax
   • ₹5,00,001 to ₹10,00,000: 20% of the income exceeding ₹5,00,000
   • Above ₹10,00,000: ₹1,00,000 + 30% of the income exceeding ₹10,00,000

It's important to note that these tax slabs are subject to change based on announcements made in the Union Budget and amendments to the Income Tax Act by the Government of India. Additionally, certain deductions and exemptions may apply, which can affect the final tax liability. Taxpayers are advised to consult with a tax professional or refer to the latest tax regulations for accurate information.