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Income Tax Slab Rates for FY 21-22 (AY 2022-23)

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Income tax may be a tax obligatory on people or entities (taxpayers) in respect of the financial gain or profits earned by them (commonly referred to as taxable income). Taxation usually is computed because of the product of a rate times the taxable financial gain. Taxation rates might vary by sort or characteristics of the payer and therefore the variety of financial gain.

The rate might increase as taxable financial gain will increase (referred to as graduated or tax rates). The tax obligatory on corporations is sometimes called company tax and is often levied at a flat rate. Individual financial gain is commonly taxed at progressive rates wherever the rate applied to every extra unit of financial gain will increase (e.g. the primary $10,000 of financial gain taxed at zero percent, consecutive $10,000 taxed at 1 percent, etc.). Most jurisdictions exempt native charitable organizations from tax. Financial gain from investments could also be taxed at completely different (generally lower) rates than alternative kinds of financial gain. Credits of varied kinds could also be allowed that cut back tax. Some jurisdictions impose the upper of associate taxation or a tax on another base or life of financial gain.

Taxable financial gain of taxpayers resident within the jurisdiction is usually total financial gain less financial gain manufacturing expenses and alternative deductions. Generally, solely internet gain from sale of property, as well as merchandise control purchasable, is enclosed in financial gain. Financial gain of a corporation's shareholders sometimes includes distributions of profits from the corporation. Deductions usually embrace all financial gain manufacturing or business expenses as well as associate allowance for recovery of prices of business assets. Several jurisdictions permit notional deductions for people, and should permit deduction of some personal expenses. Most jurisdictions either don't tax financial gain earned outside the jurisdiction or permit a credit for taxes paid to alternative jurisdictions on such income. Nonresidents square measure taxed solely on sure kinds of financial gain from sources among the jurisdictions, with few exceptions.

Most jurisdictions need self-assessment of the tax and need payers of some kinds of financial gain to withhold tax from those payments. Advance payments of tax by taxpayers could also be needed. Taxpayers not timely paying tax owed square measure are usually subject to important penalties, which can include jail for people or revocation of an associate entity's legal existence.

Income Tax Slab Rates for FY 21-22 (AY 2022-23)

In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person

Individuals

(Other than senior and super senior citizen)

Net Income Range

Rate of Income-tax (%)

Assessment Year 2022-23 (AY)

Assessment Year 2021-22 (AY)

Up to Rs. 2,50,000

nil

nil

Rs. 2,50,000 - Rs. 5,00,000

5%

5%

Rs. 5,00,000 - Rs. 10,00,000

20%

20%

More than Rs. 10,00,000

30%

30%


Senior Citizen

(Who is having age of 60 years or more at any time during the previous year)

Net Income Range

Rate of Income-tax (%)

Assessment Year 2022-23 (AY)

Assessment Year 2021-22 (AY)

Up to Rs.  3,00,000

nil

nil

Rs 3,00,000 - Rs. 5,00,000

5%

5%

Rs. 5,00,000 - Rs. 10,00,000

20%

20%

More than Rs. 10,00,000

30%

30%


Super Senior Citizen

(Who is having age of 80 years or more at any time during the previous year)

Net Income Range

Rate of Income-tax (%)

Assessment Year 2022-23 (AY)

Assessment Year 2021-22 (AY)

Up to Rs.  5,00,000

nil

nil

Rs 5,00,000 - Rs. 10,00,000

20%

20%

More than Rs. 10,00,000

30%

30%


Hindu Undivided Family (Including AOP, BOI and Artificial Juridical Person)

Net Income Range

Rate of Income-tax (%)

Assessment Year 2022-23 (AY)

Assessment Year 2021-22 (AY)

Up to Rs. 2,50,000

nil

nil

Rs. 2,50,000 - Rs. 5,00,000

5%

5%

Rs. 5,00,000 - Rs. 10,00,000

20%

20%

More than Rs. 10,00,000

30%

30%


Add:

  1. Surcharge: Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:-

Rate of Surcharge


Assessment Year 2022-23 (AY)


Range of Income









Assessment Year 2021-22 (AY)







Range of Income








Rs. 50 Lakhs - Rs. 1 Crore

Rs. 1 Crore - Rs. 2 Crores

Rs. 2 Crores - Rs. 5 Crores


Rs. 5 crores - Rs. 10 Crores

More than Rs. 10 Crores

Rs. 50 Lakhs - Rs. 1 Crore

Rs. 1 Crore - Rs. 2 Crores

Rs. 2 Crores - Rs. 5 Crores


Rs. 5 crores - Rs. 10 Crores

More than Rs. 10 Crores

10%

15%

25%

37%

37%

10%

15%

25%

37%

37%


Note: The increased surcharge of twenty five & thirty seven percent, because the case is also, isn't levied, from financial gain indictable to tax below sections 111A, 112A and 115AD. Hence, the utmost rate of surcharge on tax owed on such incomes shall be fifteen percent. However, marginal relief is offered from surcharge in following manner-

  • Just in case wherever income exceeds Rs. Fifty lacs however does not exceed Rs. One Crore, the number collectible as tax and surcharge shall not exceed the entire amount collectible as tax on total financial gain of Rs fifty large integer by quite the number of financial gain that exceeds Rs Fifty lacs. 

  • Just in case wherever earnings exceed Rs. One Crore however does not exceed Rs. Two Crore, marginal relief shall be on the market from surcharge in such a way that the number collectable as tax and surcharge shall not exceed the overall amount collectable as financial gain-tax on total income of Rs. One Crore by quite the quantity of financial gain that exceeds Rs. One Crore. 

  • Just in case wherever earnings exceed Rs. Two Crore however does not exceed Rs. Five Crore, marginal relief shall be on the market from surcharge in such a manner that the number collectable as tax and surcharge shall not exceed the overall amount collectable as financial gain-tax on total income of Rs. Two Crore by quite the quantity of financial gain that exceeds Rs. Two crore.

  • Just in case wherever earnings exceed Rs. Five Crore, marginal relief shall be on the market from surcharge in such a way that the number owed as tax and surcharge shall not exceed the overall amount owed as financial gain-tax on total income of Rs. Five Crore by quite the number of financial gains that exceeds Rs. Five Crore.

  1. Health and Education Cess: Health and Education Cess is levied at the rate of Four percent on the number of income-tax and surcharge.

Note: A resident individual (whose net doesn't exceed Rs. 5,00,000) will avail rebate below section 87A. It's deductible from income-tax before scheming education cess. The rebate is a hundred percent of income-tax or Rs. 12,500, whichever is a smaller amount.

  1. Special tax Rate for Individual and HUFs: The Finance Act, 2020, has given an option to Individuals and HUF for payment of taxes at the following deducted rates from Assessment Year 2021-22 (AY) and onwards:

Total Income (Rs)

Rate (%)

Up to 2,50,000

-

From 2,50,001 to 5,00,000

5%

From 5,00,001 to 7,50,000

10%

From 7,50,001 to 10,00,000

15%

From 10,00,001 to 12,50,000

20%

From 12,50,001 to 15,00,000

25%

Above 15,00,000

30%


Add:

  1. Surcharge: Surcharge is levied on the amount of income-tax at following rates if total income of an assessee surpasses specified limits:-


                                  Assessment Year 2022-23 (AY)

                                       Range of Income

Rs. 50 Lakhs - Rs. 1 Crore

Rs. 1 Crore - Rs. 2 Crores

Rs. 2 Crores - Rs. 5 Crores


Rs. 5 crores - Rs. 10 Crores

More than Rs. 10 Crores

10%

15%

25%

37%

37%


Note: The increased surcharge of twenty and thirty seven percent, as the case may be, isn’t levied, from financial gain indictable to tax under sections 111A112A and 115AD. Hence, the utmost rate of surcharge on tax owed on payable on such incomes shall be fifteen percent. However, marginal relief is available from surcharge in following manner-

  • Just in case wherever income exceeds Rs. Fifty lacs however does not exceed Rs. One Crore, the number collectible as tax and surcharge shall not exceed the entire amount collectible as tax on total financial gain of Rs fifty large integer by quite the number of financial gain that exceeds Rs Fifty lacs. 

  • Just in case wherever earnings exceed Rs. One Crore however does not exceed Rs. Two Crore, marginal relief shall be on the market from surcharge in such a way that the number collectable as tax and surcharge shall not exceed the overall amount collectable as financial gain-tax on total income of Rs. One Crore by quite the quantity of financial gain that exceeds Rs. One Crore. 

  • Just in case wherever earnings exceeds Rs. Two Crore however does not exceed Rs. Five Crore, marginal relief shall be on the market from surcharge in such a manner that the number collectable as tax and surcharge shall not exceed the overall amount collectable as financial gain-tax on total income of Rs. Two Crore by quite the quantity of financial gain that exceeds Rs. Two crore.

  • Just in case wherever earnings exceeds Rs. Five Crore, marginal relief shall be on the market from surcharge in such a way that the number owed as tax and surcharge shall not exceed the overall amount owed as financial gain-tax on total income of Rs. Five Crore by quite the number of financial gains that exceeds Rs. Five Crore.

  1. Health and Education Cess: Health and Education Cess is levied at the rate of four percent on the number of income-tax and surcharge.

Note 1: A resident individual (whose net income doesn’t exceed Rs. 5,00,000) will avail rebate below section 87A. It is deductible from income-tax before scheming education cess. The amount of rebate is hundred per cent of income-tax or Rs. 12,500, whichever is a smaller amount.

Note 2: The option to pay tax at less rates shall be available only if the total income of assessee is calculated without claiming particular exemptions or deductions:

Domestic Company


Assessment Year 2021-22 (AY)

Assessment Year 2022-23 (AY)

  • Where its total turnover or gross receipt during the previous year 2018-19 doesn’t cross Rs. 400 crore

25%

N/A

  • Where its total turnover or gross receipt during the last year 2019-20 doesn’t cross Rs. 400 crore

N/A

25%

  • Any other domestic company

30%

30%


Co-operative Society

Assessment Year 2021-22 and Assessment Year 2022-23 (AY)

Taxable income

Tax Rate (%)

Up to Rs. 10,000

10%

Rs. 10,000 to Rs. 20,000

20%

Above Rs. 20,000

30%


Special tax rates applicable to a Co-operative societies

Assessment Year 2022-23 (AY)

Taxable income

Tax Rate (%)

Any income

22%


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Author
Shamshad Alam
Experienced Digital Marketer with a demonstrated history of working in the internet industry. He likes to write about the latest technology trends, Skilled in Digital Marketing likes. Search Engine Optimization, SMO, SEM, PPC, Content Writing, and, Designing, etc.