Quick Summary
I. Rates of income-tax in respect of income liable to tax for the assessment year 2022-23 In respect of income of all categories of assessee liable to tax for the assessment year 2022-23, the rates of income-tax have either been specified in specific sections (like section 115BAA or section 115BA
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FAQ :
No, the Budget 2022 has confirmed that there are no proposed changes to the income tax rates for Assessment Year 2022-23. The rates remain the same as previously enacted.
Individuals and HUFs have the option to be taxed under section 115BAC. The rates are: Nil up to Rs 2,50,000; 5% from Rs 2,50,001 to Rs 5,00,000; 10% from Rs 5,00,001 to Rs 7,50,000; 15% from Rs 7,50,001 to Rs 10,00,000; 20% from Rs 10,00,001 to Rs 12,50,000; 25% from Rs 12,50,001 to Rs 15,00,000; and 30% above Rs 15,00,000.
For individuals and HUFs (not opting for section 115BAC), the rates are: Nil up to Rs 2,50,000; 5% from Rs 2,50,001 to Rs 5,00,000; 20% from Rs 5,00,001 to Rs 10,00,000; and 30% above Rs 10,00,000.
Yes, resident individuals aged 60 to 79 have a higher basic exemption limit. The rates are: Nil up to Rs 3,00,000; 5% from Rs 3,00,001 to Rs 5,00,000; 20% from Rs 5,00,001 to Rs 10,00,000; and 30% above Rs 10,00,000.
A Health and Education Cess of 4% will continue to be levied on the amount of income tax computed, including any applicable surcharge, for AY 2022-23.
No, the rates for deduction of income-tax at source for financial year 2022-23, as specified in Part II of the First Schedule, remain the same as those specified for FY 2021-22.
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