Income Tax Slab for AY 2022-23

Individual Tax Payer has two choice either to opt OLD TAX REGIME or NEW TAX REGIME for AY 2022-23 (FY 2021-22).

INCOME TAX SLAB FY-2021-22

OLD TAX REGIME	NEW TAX REGIME
AGE: BELOW 60 TOTAL INCOME TAX UPTO 2,50,000 NIL 2,50,001 TO 5,00,000 5% 5,00,001 TO 10,00,000 20% ABOVE 1,00,0000 30%	AGE: FOR ALL TOTAL INCOME TAX UPTO 2,50,000 NIL 2,50,001 TO 5,00,000 5% 5,00,001 TO 7,50,000 10% 7,50,001 TO 10,00,000 15% 10,00,001 TO 12,50,000 20% 12,50,001 TO 15,00,000 25% ABOVE 15,00,000 30%
AGE: 60 OR MORE BUT LESS THAN 80 TOTAL INCOME TAX UPTO 3,00,000 NIL 3,00,001 TO 5,00,000 5% 5,00,001 TO 10,00,000 20% ABOVE 10,00,000 30%
AGE: 80 OR MORE TOTAL INCOME TAX UPTO 5,00,000 NIL 5,00,001 TO 10,00,000 20% ABOVE 10,00,000 30%

CLAIMS OF EXEMPTIONS AND DEDUCTIONS

EXEMPTIONS AND DEDUCTIONS	OLD TAX REGIME	NEW TAX REGIME
STANDARD DEDUCTION OF 50,000	ALLOWED	NOT ALLOWED
DEDUCTION FOR PROFESSIONAL TAX PAID	ALLOWED	NOT ALLOWED
HRA EXEMPTION	ALLOWED	NOT ALLOWED
LEAVE TRAVEL CONCESSION	ALLOWED	NOT ALLOWED
DEDUCTION OF INTEREST ON SELF OCCUPIED HOUSE PROPERTY UPTO 2,00,000	ALLOWED	NOT ALLOWED
DEDUCTION FOR FAMILY PENSION UPTO 15,000	ALLOWED	NOT ALLOWED
DEDUCTION UNDER 80C AND 80U (PF, PPF, LIC,TUTION FEE, GIS, TAXSAVING MUTUAL FUND, HOUSING LOAN PRINCIPAL REPAYMENT, MEDICAL INSURANCE,DONATION, INTEREST ON EDUCATION LOAN, PH HANDICAPPED DEDUCTION, INTEREST ON SAVING ACOOUNT UPTO 10,000 AND 50,000 (FOR SENIOR CITIZENS))	ALLOWED	NOT ALLOWED

Note:

1. HEALTH AND EDUCATION CESS OF 4% OF INCOME IS LEVIABLE IN BOTH TAX REGIME.
2. REBATE UNDER SECTION 87A OF MAXIMUM 12,500 FOR INDIVIDUALS HAVING TAXABLE INCOME UPTO 5,00,000.

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