FY 22-23 (AY 23-24) Income tax rate slabs – ‘Existing vs New’ for Individual, senior citizen

FY 22-23 (AY 23-24) Income tax rate slabs – ‘Existing vs New’ for Individual, HUF, senior citizen, super senior citizen and Surcharge:

Major Contents in the Post: (Jump to the Section)

  1. For FY 22-23 (AY 23-24), comparison of Existing vs New New Income Tax slab
  2. Income tax rate slab for people below 60 years of age
  3. Income tax rate slab for Senior citizen, aged 60 to 80 years old
  4. Income tax rate slab for Super Senior citizen, above 80 years old
  5. Surcharge rate slabs of income tax for additional income
  6. Income tax rate slabs for Domestic companies
  7. Income tax rates for Partnership firms
  8. Income tax rates for Local Authority
  9. Income tax rates for Foreign companies
  10. Income tax rates for Co-operative societies

Every year in the General budget, the main focus of people remains on the income tax slabs. So, for FY 20-21 onward, Finance minister has introduced one new option for income tax calculation along with the existing one. In new option, FM has reduced the income tax in some slab. Income tax rate slab for Individual, HUF, senior citizen, super senior citizen, domestic company, Co-operative Society and Surcharge on higher incomes are given below.

Since FY 20-21, taxpayer can choose between two options: ‘Existing Income Tax slab’ vs ‘New Income Tax slab’:

  1. Existing Income Tax slab: Existing one with no change in income tax rate slabs in comparison to FY 19-20. Here you can claim deductions on savings like LIC, Post office deposits, provident funds, deduction on home loan interest HRA, NPS etc.
  2. New Income Tax slab: New reduced income tax rate, but without claiming any deductions except for deduction u/s 80CCD (2).

So, which one is beneficial to choose from both income tax rate slab? The option once exercised under new option cannot be subsequently withdrawn for the old or last option. In Excel calculator of Income tax, you can calculate both the tax and their difference tax amount. This will help you in deciding to choose the right tax rate slab.

Excel Income tax calculator for FY 22-23 (AY 23-24), for both tax slabs

Income tax table for the resident Indian has 3 parts:

  1. Individual less than 60 years of age or HUF.
  2. Senior citizen, between 60 to 80 years of age.
  3. Super senior citizen, 80 years or more.

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FY 22-23 (AY 23-24) Income tax rate slabs (Existing vs New) – for resident Individuals below 60 years of age and HUF:

For individuals (resident or non-resident) below 60 years of age and for Hindu Undivided Family (Including AOP, BOI and Artificial Juridical Person), the Income tax slabs table is presented below. Both income tax rate, Existing IT rate slab and New IT rate slab are shown for comparison purpose. On the total tax amount with surcharge, additional ‘Health and Education Cess’ at 4% will be added for all the taxpayers.

FY 21-22 and FY 22-23 Income tax rate slabs (Existing vs New) - for resident Individuals below 60 years of age and HUF
FY 22-23 (AY 23-24)Income tax rate slabs (Existing vs New) – for resident Individuals below 60 years of age and HUF
Income EarnedIncome Tax rate (%) Existing OptionIncome Tax rate (%) – NEW Option (FY 20-21 onward)
Up to 2.5 Lakh0 %0 %
2.5 Lakh – 5 Lakh5 %5 %
5 Lakh – 7.5 Lakh20 %10 %
7.5 Lakh – 10 Lakh20 %15 %
10 Lakh – 12.5 Lakh30 %20 %
12.5 Lakh – 15 Lakh30 %25 %
more than 15 Lakh30 %30 %
Income tax rate slab for FY 22-23, for resident Indian below 60 years of age:

FY 22-23 (AY 23-24) Income tax rate slabs (Existing vs New) – for ‘Senior citizen’ between 60 and 80 years of age:

For Senior citizen (resident or non-resident) between 60 years and 80 years of age, the tax slabs table is presented below. Both income tax rate, Existing IT rate slab and New IT rate slab are shown for comparison purpose. Here, the exemption of Rs. 3 lakh is allowed. On the tax amount with surcharge, additional ‘Health and Education Cess’ at 4% will be added for all the taxpayers.

FY 21-22 and FY 22-23 Income tax rate slabs (Existing vs New) - for 'Senior citizen' between 60 and 80 years of age
FY 22-23 (AY 23-24) Income tax rate slabs (Existing vs New) – for ‘Senior citizen’ between 60 and 80 years of age
Income EarnedIncome Tax rate (%) Existing OptionIncome Tax rate (%) – NEW Option (FY 20-21 onward)
Up to 2.5 Lakh0 %0 %
2.5 Lakh – 3 Lakh0 %5 %
3 Lakh – 5 Lakh5 %5 %
5 Lakh – 7.5 Lakh20 %10 %
7.5 Lakh – 10 Lakh20 %15 %
10 Lakh – 12.5 Lakh30 %20 %
12.5 Lakh – 15 Lakh30 %25 %
more than 15 Lakh30 %30 %
Senior citizen Income tax rate slab for FY 22-23 (AY 23-24), between 60 and 80 years of age

FY 22-23 (AY 23-24) Income tax rate slabs (Existing vs New) – for ‘Super senior citizen’ of 80 years of age or more:

For Super senior citizen (resident or non-resident), 80 years of age or more, the tax slabs table is presented below. Both income tax rate, Existing IT rate slab and New IT rate slab are shown for comparison purpose. Here, the exemption of Rs. 5 lakh is allowed. On the tax amount with surcharge, additional ‘Health and Education Cess’ at 4% will be added for all the taxpayers.

FY 21-22 and FY 22-23 Income tax rate slabs (Existing vs New) - for 'Super senior citizen' of 80 years of age or more
FY 22-23 (AY 23-24) Income tax rate slabs (Existing vs New) – for ‘Super senior citizen’ of 80 years of age or more
Income EarnedIncome Tax rate (%) Existing OptionIncome Tax rate (%) – NEW Option (FY 20-21 onward)
Up to 2.5 Lakh0 % 0 %
2.5 Lakh – 5 Lakh0 % 5 %
5 Lakh – 7.5 Lakh20 %10 %
7.5 Lakh – 10 Lakh20 %15 %
10 Lakh – 12.5 Lakh30 %20 %
12.5 Lakh – 15 Lakh30 %25 %
more than 15 Lakh30 %30 %
Super senior citizen Income tax rate slab for FY 22-23, for 80 years of age or more:

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Surcharge rate slabs on additional income for FY 22-23 (AY 23-24):

Surcharge is levied on the amount of income-tax at following rates if total income of a taxpayer exceeds specified limits.

Range of IncomeFY 22-23 (AY 23-24) (Surcharge rate (%)
Above Rs. 50 Lakhs – up to Rs. 1 Crore10 %
Above Rs. 1 Crore- up to Rs. 2 Crore15 %
Above Rs. 2 Crore- up to Rs. 5 Crore25 %
Above Rs. 5 Crore37 %
Maximum rate of surcharge by Dividend income and u/s 111A. 112A, 115AD15 %
Surcharge rate slabs on additional income for FY 22-23 (AY 23-24)

Domestic company’ Income tax rate slabs for FY 22-23 (AY 23-24):

Income tax rates of domestic companies for FY 22-23 (AY 23-24) are as follows:

Range of IncomeIncome Tax rate (%) for FY 19-20 (AY 20-21)Income Tax rate (%) FY 20-21 (AY 21-22) onwards
If total turnover or gross receipt during the previous year 2017-18 does not exceed Rs. 400 crore25 %NA
If total turnover or gross receipt during the previous year 2018-19 does not exceed Rs. 400 croreNA25 %
Any other domestic company30 %30 %
Where it opted for section 115BA25 %25 %
Where it opted for Section 115BAA
22 %22 %
Where it opted for Section 115BAB
15 %15 %
Domestic company’ Income tax rate slabs for FY 22-23 (AY 23-24)

Partnership Firm Income tax rate for FY 22-23 (AY 23-24):

  1. For the Assessment Year FY 22-23 (AY 23-24), a partnership firm (including LLP) is taxable at 30%.
  2. Surcharge : 12% of income tax, where total income exceeds one Crore rupees.

Local Authority Income tax rate for FY 22-23 (AY 23-24):

  1. For the Assessment Year FY 22-23 (AY 23-24), a local authority is taxable at 30%.
  2. Surcharge : 12% of income tax, where total income exceeds one Crore rupees.

Foreign Company Income tax rate for FY 22-23 (AY 23-24):

  1. For the Assessment Year FY 22-23 (AY 23-24), a Foreign Company is taxable at 50 % and 40 % respectively.
  2. Surcharge : 2 % of income tax, where total income exceeds one Crore rupees.
  3. Surcharge : 5 % of income tax, where total income exceeds ten Crore rupees.

Co-operative Society Income tax rate for FY 22-23 (AY 23-24):

Range of IncomeIncome Tax rate (%) – NEW Option (FY 20-21 onward)Income Tax rate (%) Existing Option
Up to Rs. 10,00022 %10 %
Rs. 10,000 to Rs. 20,00022 %20 %
Above Rs. 20,000
22 %30 %
Surcharge10 %12 %, if total income exceeds 1 crore
Domestic company’ Income tax rate slabs for FY 20-21 (AY 21-22) onwards:

Disclaimer: Kindly consult Income tax official website https://www.incometax.gov.in/home or financial consultant for any clarity.

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