Quick Summary
FINANCE BILL, 2022 PROVISIONS RELATING TO DIRECT TAXES Introduction The provisions of Finance Bill, 2022 (hereafter referred to as the Bill), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as the Act), to continue reforms in direct tax system through t
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FAQ :
The Finance Bill 2022 aims to continue reforms in the direct tax system by introducing tax incentives, removing difficulties faced by taxpayers, and rationalising various provisions.
No, there are no proposed changes in the income tax rates for assessment year 2022-23, either in the specific sections or in the First Schedule of the Bill.
Individuals and HUFs have the option to pay tax under section 115BAC. For assessment year 2021-22 onwards, 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.
Resident co-operative societies have the option to pay tax at 22% for assessment year 2021-22 onwards, subject to fulfilling certain conditions as per section 115BAD.
For assessment year 2022-23, 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, there are different rates for resident individuals aged 60-79 (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; 30% above Rs. 10,00,000) and those aged 80 and above (Nil up to Rs. 5,00,000; 20% from Rs. 5,00,001 to Rs. 10,00,000; 30% above Rs. 10,00,000).
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