2021 vs 2022 income tax brackets how to#
2021 vs 2022 income tax brackets pdf#
2021 vs 2022 income tax brackets full#

Therefore, the highest surcharge rate on the tax payable for such incomes will be 15%.

Surcharge rates of 25% or 37%, will not be applicable to the income which is taxable under sections 111A (Short Term Capital Gain on Shares), 112A (Long Term Capital Gain on Shares), and 115AD (Tax on income of Foreign Institutional Investors).

* In Budget 2023, the highest surcharge rate of 37% has been reduced to 25% under the new tax regime.

37% of Income tax if total income > Rs.5 crore.

25% of Income tax if total income > Rs.2 crore.

15% of Income tax if total income > Rs.1 crore.

10% of Income tax if total income > Rs.50 lakh.

Surcharge: In case the income exceeds a certain threshold, surcharge will be applicable.

*In Budget 2023, rebate under new regime has been increased and therefore, income upto Rs 7 lakh will be tax-free from FY 2023-24. tax liability will be NIL in both – New and old/existing tax regimes.

Individuals with Net taxable income less than or equal to Rs 5 lakh will be eligible for tax rebate u/s 87A i.e.

Individuals, Senior citizens and Super senior citizens.

Please note that the tax rates in the New tax regime is the same for all categories of Individuals, i.e.

Important points to note if you select the new tax regime: senior citizens and super senior citizens, the Income tax limit for availing the exemption would be Rs 3,00,000 & Rs 5,00,000 respectively. *Please note that Rohit is an individual taxpayer assessee having an income tax exemption of Rs 2,50,000. Rohit wants to know his tax dues for FY 2022-23 (AY 2023-2024). Deductions under section 80 have also been reduced. This income has been calculated by including income from all sources such as salary, rental income, and interest income. Rohit has a total taxable income of Rs 8,00,000.

2021 vs 2022 income tax brackets how to#

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2021 vs 2022 income tax brackets full#

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2021 vs 2022 income tax brackets pdf#

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