Income Tax Slabs Old Regime: Income Tax Slabs and Rates for FY 2022-23

Delving deeper into the old and new tax regimes for the Indian taxpayer, the income tax slabs under both the regimes, and the rates for the FY 2022-23.

Meaning of Income Tax Slab

Before we move on to discussing the two different types of tax regimes and their key differences, let us briefly understand what an income tax slab is.

IncomeTax Slabs Old Regime

As mentioned above, with new income tax slabs being announced every year, there are currently two different types of slab systems in the country the old income tax slabs and the new tax regime slabs.

Income Tax Slabs Old Regime for <60 Years

Income Tax Slab

Rate of Income Tax Payable

Up to Rs. 2,50,000

N/A

Between Rs. 2,50,000 and Rs. 5,00,000

5% of the annual income, if it is over Rs. 2,50,000 + 4% cess (surcharge)

Between Rs. 5,00,000 and Rs. 10,00,000

20% of the annual income, if it is over Rs. 5,00,000 + Rs. 12,500 + 4% cess

Over Rs. 10,00,000

30% of the annual income, if it is over Rs. 10,00,000 + Rs. 1,12,500 + 4% cess

Old Tax Slabs for Senior Citizens

Income Tax Slab

Rate of Income Tax Payable

Up to Rs. 3,00,000

N/A

Between Rs. 3,00,000 and Rs. 5,00,000

5% of the annual income if more than Rs. 3,00,000 + 4% surcharge

Between Rs. 5,00,000 and Rs. 10,00,000

20% of the annual income if more than Rs. 5,00,000 + Rs. 10,500 + 4% surcharge

Over Rs. 10,00,000

30% of the annual income if more than Rs. 10,00,000 + Rs. 1,10,000 + 4% surcharge

Income Tax Slab for Super Senior 

Income Tax Slab

Rate of Income Tax Payable

Up to Rs. 5,00,000

N/A

Between Rs. 5,00,000 and Rs. 10,00,000

20% of the annual income if more than Rs. 5,00,000 + 4% surcharge

Over Rs. 10,00,000

30% of the annual income if more than Rs. 10,00,000 + Rs. 1,00,000 + 4% surcharge

Income Tax Slabs New Regime

Income Tax Slab

Rate of Income Tax Payable

Up to Rs. 2,50,000

N/A

Between Rs. 2,50,000 and Rs. 5,00,000

5% of the annual income which is >Rs. 2,50,000

Between Rs. 5,00,000 and Rs. 7,50,000

10% of the annual income which is >Rs. 5,00,000 + Rs. 12,500

Between Rs. 7,50,000 and Rs. 10,00,000

15% of the annual income which is >Rs. 7,50,000 + Rs. 37,500

Between Rs. 10,00,000 and Rs. 12,50,000

20% of the annual income which is >Rs. 10,00,000 + Rs. 75,000

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