It is very important to know the income tax slabs or tax rates for FY 2022-23 while calculating your income tax. What are the income tax slabs for FY 2022-23, are tax rates same for male and female, what is the basic exemption limit for income tax in India, and similar questions will be answered in this article.
Income Tax Slabs in India are divided into 2 Tax Regimes:
- Old Tax Regime
- New Tax Regime
Old Tax Regime is the one that works in same way from a very long time with high slab rates and deductions available. New Tax Regime was introduced in Budget 2020 with reduced Slab rates and no deductions available.
You have the option to choose between Old and New Tax Regime to calculate income tax. Which is better? Depends on your income and investments used to claim deductions.
For some, New Tax Regime will be better if they don’t use any Tax Saving options to claim deductions, whereas for others, Old Tax Regime is still better.
Let us see Old Tax Regime and New Tax Regime Slab Rates for all age groups.
- Income Tax Slabs for Age below 60 Years
- Income Tax Slabs for Age between 60 to 79 Years (Senior Citizen)
- Income Tax Slabs for Age above 80 Years (Super Senior Citizen)
- Income Tax Calculation FY 2022-23 Video
- What is the Basic Exemption Limit for Income Tax in India?
- Are there separate slab rates for male and female?
- How can I calculate my income tax?
- Which is Better – Old vs New Tax Regime
- Conclusion
Income Tax Slabs for Age below 60 Years
First, let us consider the age below 60 years of age which are non senior citizens of India. Below is the Income Tax Slabs with Old Tax Regime (and Deductions available):
Old Tax Regime Slab Rates
| Income Tax Slabs | Old Tax Rates for Age below 60 Years |
|---|---|
| Rs, 0 – Rs. 2,50,000 | 0% |
| Rs. 2,50,000 – Rs. 5,00,000 | 5% |
| Rs. 5,00,000 – Rs. 10,00,000 | 20% |
| More than Rs. 10,00,000 | 30% |
As seen in above Old Tax Regime Slab Rates table, you get basic exemption on income up to Rs. 2.5 Lakhs in financial year.
But if you can make some investments or claim deductions and get your taxable income below Rs. 5 Lakhs in FY 2022-23, you get Tax rebate under Section 87A, based on which your income tax will be Rs. 0 even if you belong to 5% tax bracket.
You can watch tax rebate calculation example video here.
Let us now see New Tax Regime slab rates.
New Tax Regime Slab Rates
| Income Tax Slabs | New Tax Rates for Age below 60 Years |
|---|---|
| Rs, 0 – Rs. 2,50,000 | 0% |
| Rs. 2,50,000 – Rs. 5,00,000 | 5% |
| Rs. 5,00,000 – Rs. 7,50,000 | 10% |
| Rs. 7,50,000 – Rs. 10,00,000 | 15% |
| Rs. 10,00,000 – Rs. 12,50,000 | 20% |
| Rs. 12,50,000 – Rs. 15,00,000 | 25% |
| More than Rs. 15,00,000 | 30% |
It is important to note that you will not get any deduction in New Tax regime, so your gross income will be your taxable income on which income tax will be calculated, as opposed to Old Tax Regime in which you can claim deductions to save income tax.
Let us see the Income Tax Slab Rates for Senior Citizens.
Income Tax Slabs for Age between 60 to 79 Years (Senior Citizen)
First we will see Old Tax Regime Slab Rates.
Old Tax Regime Slab Rates
| Income Tax Slabs | Old Tax Rates for Senior Citizens |
|---|---|
| Rs, 0 – Rs. 3,00,000 | 0% |
| Rs. 3,00,000 – Rs. 5,00,000 | 5% |
| Rs. 5,00,000 – Rs. 10,00,000 | 20% |
| More than Rs. 10,00,000 | 30% |
As seen in above, Old Tax Regime Slab rates for senior citizens gives little relief for senior citizens of India, as their basic exemption limit is Rs. 3 Lakhs in FY 2022-23, on which they don’t have to pay income tax.
And also, tax rebate under Section 87A is applicable to them as well, if their annual income is below Rs. 5 Lakhs in a financial year. This tax rebate under section 87A is also applicable in New Tax Regime.
Let us now see new tax regime slab rates for senior citizens.
New Tax Regime Slab Rates
| Income Tax Slabs | New Tax Rates for Senior Citizens |
|---|---|
| Rs, 0 – Rs. 2,50,000 | 0% |
| Rs. 2,50,000 – Rs. 5,00,000 | 5% |
| Rs. 5,00,000 – Rs. 7,50,000 | 10% |
| Rs. 7,50,000 – Rs. 10,00,000 | 15% |
| Rs. 10,00,000 – Rs. 12,50,000 | 20% |
| Rs. 12,50,000 – Rs. 15,00,000 | 25% |
| More than Rs. 15,00,000 | 30% |
Important: New Tax Regime slab rates for senior citizens are same as that of non senior citizens as seen above. So, if any senior citizen want to choose new tax regime to calculate income tax, they will have same slab rates as that of non senior citizens and there are no additional benefits as seen in Old Tax Regime.
You can also go through the additional Tax Benefits for Senior citizens, to know more about tax benefits using Old Tax Regime.
Let us now see Income Tax Slabs for super senior citizens
Income Tax Slabs for Age above 80 Years (Super Senior Citizen)
First we will see Old Tax Regime slab rates for super senior citizens.
Old Tax Regime Slab Rates
| Income Tax Slabs | Old Tax Rates for Super Senior Citizen |
|---|---|
| Rs, 0 – Rs. 5,00,000 | 0% |
| Rs. 5,00,000 – Rs. 10,00,000 | 20% |
| More than Rs. 10,00,000 | 30% |
As seen above, there is no 5% tax bracket for super senior citizen in India. So they don’t have to pay any income tax on income up to Rs. 5 Lakhs in FY 2022-23. But other tax brackets remain same for them compared to non senior citizens.
Let us see new tax regime for super senior citizens.
New Tax Regime Slab Rates
| Income Tax Slabs | New Tax Rates for Super Senior Citizen |
|---|---|
| Rs, 0 – Rs. 2,50,000 | 0% |
| Rs. 2,50,000 – Rs. 5,00,000 | 5% |
| Rs. 5,00,000 – Rs. 7,50,000 | 10% |
| Rs. 7,50,000 – Rs. 10,00,000 | 15% |
| Rs. 10,00,000 – Rs. 12,50,000 | 20% |
| Rs. 12,50,000 – Rs. 15,00,000 | 25% |
| More than Rs. 15,00,000 | 30% |
Important: New Tax Regime slab rates for super senior citizens are same as that of non senior citizens as seen above. So, if any super senior citizen want to choose new tax regime to calculate income tax, they will have same slab rates as that of non senior citizens and there are no additional benefits as seen in Old Tax Regime.
You can also go through the additional Tax Benefits for Super Senior citizens, to know more about tax benefits using Old Tax Regime.
So these were the Income Tax Slabs for FY 2022-23 for various age groups.
Let us now see how income tax is calculated using examples in video.
Income Tax Calculation FY 2022-23 Video
Watch more Videos on YouTube Channel
Also, you can check this article for income tax calculation for senior citizens in India.
What is the Basic Exemption Limit for Income Tax in India?
The basic exemption limit based on Old Tax Regime is displayed as below:
| Age Groups | Basic Exemption Limit in Old Tax Regime |
|---|---|
| Below 60 Years | Rs. 2,50,000 |
| Senior Citizen (Age 60 to 79 Years) | Rs. 3,00,000 |
| Super Senior Citizen (Age above 80 Years) | Rs. 5,00,000 |
The above limits are applicable only if you choose Old Tax Regime in FY 2022-23. Up to these limits, you don’t have to pay income tax based on the age group you belong to.
Using New Tax Regime, the basic exemption limit will be Rs. 2.5 Lakhs irrespective of your age.
Are there separate slab rates for male and female?
No, there are no separate income tax slab rates for male and female in India. All are treated equally in terms of finances.
How can I calculate my income tax?
You can easily calculate your income tax using the calculator I made for you. Use below calculator:
Also, read this article with Examples on Income Tax Calculation.
Which is Better – Old vs New Tax Regime
We observed that Rs. 15 Lakhs is the income level on which you’ll pay almost same income tax in both tax regime, given that you make Rs. 2.5 Lakhs investments for deduction with Old Tax Regime.
Since New Tax Regime has reduced Tax Slab Rates, the income tax will be less on Rs. 15 Lakhs income, without any deductions benefits used.
So it depends on your income and investments you make, to choose between Old or New Tax Regime and which is better for you.
Thumb rule over here is if your income is above Rs. 15 Lakhs, you should go for New Tax Regime without making any investments, but if your income is below Rs. 15 Lakhs, you can take benefit of deduction options available and choose Old Tax Regime to save more income tax.
Old vs New Tax Regime Calculator Video
Conclusion
As seen above, senior citizens get some relief with Old Tax Regime slab rates. But with new tax regime, individuals in all age groups or gender are treated equally as far as income tax calculation is concerned in FY 2022-23.
Above mentioned income tax slabs are for FY 2022-23, which may be changed in upcoming years, so we have to stay updated accordingly. You can Subscribe to my YouTube Channel where I post about personal finances for you to be updated about latest news.
Some more reading:
- Income Tax Calculator FY 2022-23 Excel Download
- All Deductions in Section 80
- 6 Tax Saving Options to save income tax
- New Tax Regime Benefits
- Section 80C Deductions List
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Income Tax Calculator App – FinCalC
For Income Tax Calculation on your mobile device, you can Download my Android App “FinCalC” which I have developed for you to make your income tax calculation easy.
What you can do with this mobile App?
- Calculate Income Tax for new FY 2023-24 and previous FY 2022-23
- Enter estimated Investments to check income tax with Old and New Tax Regime
- Save income tax details and track regularly
- Know how much to invest more to save income tax
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