Income Tax Slab Rates for AY 2022-23

🟢 Union Budget 2022-23 Highlights!

Table of Contents:

1. Income Tax Slab Rate for Individuals opting for old tax regime
   • Individual (resident or non-resident), who is of the age of fewer than 60 years on the last day of the relevant previous year
   • Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year
   • Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year
2. Income Tax Rates For HUF/AOP/BOI/Any other Artificial Juridical Person under the old tax regime
3. Income tax rates applicable to Individuals and HUF under new optional tax regime (Section 115BAC)
4. Income Tax Rate for Partnership Firm
5. Tax Rate for Companies
   • Tax rates for domestic companies
   • Tax rates for foreign companies
6. Income Tax Slab Rate for Co-operative Society
   • A co-operative society is liable to pay tax as per the following rates
   • AMT
   • Income tax applicable to Co-operative Society under new optional tax regime (Section 115BAD)
7. Income Tax Slab Rate for Local Authority:

Dive Deeper:
Income Tax Slab Rates for A.Y. 2024-25 | F.Y. 2023-24

1. Income Tax Slab Rate for Individuals opting for old tax regime

1.1  Individual (resident or non-resident), who is of the age of fewer than 60 years on the last day of the relevant previous year:

1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:

1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:

Plus:

a. Surcharge: –

• 10% of income tax where total income exceeds Rs. 50,00,000.
• 15% of income tax where total income exceeds Rs. 1,00,00,000.
• 25% of income tax where total income exceeds Rs. 2,00,00,000
• 37% of income tax where total income exceeds Rs. 5,00,00,000.

b. Health and Education cess:– 4% of income tax and surcharge.

Note: A resident individual is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.

Read about;
1. Normal Tax Rates
2. Special tax rates
3. Rate of Surcharge
4. Marginal Relief
5. Health and Education Cess and much more.. Click Here

2. Income Tax Rates For HUF/AOP/BOI/Any other Artificial Juridical Person under the old tax regime

Plus:

a. Surcharge: –

• 10% of income tax where total income exceeds Rs. 50,00,000.
• 15% of income tax where total income exceeds Rs. 1,00,00,000.
• 25% of income tax where total income exceeds Rs. 2,00,00,000
• 37% of income tax where total income exceeds Rs. 5,00,00,000.

b. Health and Education cess:– 4% of income tax and surcharge.

3. Income tax rates applicable to Individuals and HUF under new optional tax regime (Section 115BAC)

A new tax regime for Individual and HUF under the Income Tax Act to tax the income of such assessees at lower tax rates if they agree to forego prescribed deductions and exemptions under the Act. Special provision for calculating income of assessees opting for this section is prescribed under the said section.

Plus:

a. Surcharge: –

• 10% of income tax where total income exceeds Rs. 50,00,000.
• 15% of income tax where total income exceeds Rs. 1,00,00,000.
• 25% of income tax where total income exceeds Rs. 2,00,00,000
• 37% of income tax where total income exceeds Rs. 5,00,00,000.

b. Health and Education cess:– 4% of income tax and surcharge.

4. Income Tax Rate for Partnership Firm:

A partnership firm (including LLP) is taxable at 30%.

Plus:

a. Surcharge:- 12% of tax where total income exceeds Rs. 1 crore.

b. Health and Education cess: 4% of income tax plus surcharge.

5. Tax Rate for Companies

5.1 Tax rates for domestic companies

Plus:

a. Surcharge: –

b. Health and Education cess:– 4% of income tax and surcharge.

5.2 Tax rates for foreign companies

A foreign company is liable to pay tax at the flat rate of 40% of normal taxable income.

Plus

a. Surcharge:

• 2% if the income exceeds Rs. 1 crore but does not exceed Rs. 10 crore
• 5% on income exceeding Rs. 10 crore

b. Health and Education Cess: – 4% of income tax plus surcharge.

6. Income Tax Slab Rate for Co-operative Society

6.1  A co-operative society is liable to pay tax as per the following rates:

Plus:

a. Surcharge:- 12% of tax where total income exceeds Rs. 1 crore.

b. Health and Education cess: 4% of income tax plus surcharge.

6.2 AMT

A co-op. society is liable to pay Alternative Minimum Tax, on total income computed as per normal provisions of the Act, is less than 18.5% of ‘adjusted total income’.

Plus:

a. Surcharge:- 12% of tax where total income exceeds Rs. 1 crore.

b. Health and Education cess: 4% of income tax plus surcharge.

6.3 Income tax applicable to Co-operative Society under new optional tax regime (Section 115BAD)

If a co-operative society opts for this regime, the income shall be taxable at the rate of 22%.

Plus

a. Surcharge: – Surcharge shall be levied at a flat rate of 10% of the income tax, irrespective of the income of such society.

b. Health and education cess: – 4% of income tax plus surcharge.

7. Income Tax Slab Rate for Local Authority:

A local authority is taxable at 30%.

Plus:

a. Surcharge: – 12% of tax where total income exceeds Rs. 1 crore.

b. Health and Education cess: – 4% of income tax plus surcharge.