Updated New & Old Income Tax Slabs and Rates in India
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Table of Contents
- What is the Income Tax Slab in India?
- Difference of Slab Rates Between New Tax Regime vs Old Tax Regime for Taxpayers
- Categories of Tax Slabs for Individual Taxpayers in India (under Old Tax Regime)
- Income Tax Slab Rates for FY 2021-22 AY 2022 23
- Difference of Slab Rates - New vs Old Tax Regime for Domestic Businesses
- Comparison of the New Tax Regime and Old Tax Regime
- List of Deductions “Not allowed” Vs “Allowed” under the New Regime
- Why is the New Tax Regime is Optional?
- When can the New Tax Regime be Opted?
- How Surcharge is Calculated?
- Conclusion
- FAQs
What is the Income Tax Slab in India?
Difference of Slab Rates Between New Tax Regime vs Old Tax Regime for Taxpayers
Categories of Tax Slabs for Individual Taxpayers in India (under Old Tax Regime)
Income Tax Slab Rates for FY 2021-22 AY 2022-23 - For the Individuals under 60 Years of Age HUF and NRIs
Income Tax Slab Rates for FY 2021-22 AY 2022-23 - For the Age Group 60 - 80 Years
Income Tax Slab Rates for FY 2021-22 AY 2022-23 - For the Individuals Over the Age of 80 Years
Difference of Slab Rates Between New Tax Regime vs Old Tax Regime for Domestic Businesses
Comparison of the New Tax Regime and Old Tax Regime
Tax Calculation under the Old Tax Regime:
Tax Calculation under the New Tax Regime:
List of Deductions "Not allowed" Vs "Allowed" under the New Regime
Why is the New Tax Regime is Optional?
When can the New Tax Regime be Opted?
What is a Surcharge on Income Tax?
How Surcharge is Calculated?
Conclusion
for Salaried Individuals¹
Frequently Asked Questions on Income Tax Rates
- Advance Tax & Self Assessment Tax
- TDS - Tax Deducted at Source
- TCS - Tax Collected at Source
- Go to the official income department portal, http://www.incometaxindiaefiling.gov.in/home
- On the website, look for the appropriate e-form for your income tax year and download it. Salaried individuals can get the Return Preparation software.
- In the return preparation software, enter the details in form 16
- If you have a tax liability, compute all your tax pays, and challan details in the tax return
- Verify all the details and save them as an XML file, go to the “submit return” and go to the upload the file.
- You would receive a confirmation message from the ITR about successful filling.
- To pay your taxes online visit http://www.tin-nsdl.com. Search for the “E- tax ” tab on the website.
- Select the challan that is relevant to you.
- Enter your TAN/PAN number for authentication along with other challan details
- Submit the data; if correct information is received, you will get a confirmation message with your full name on the screen
- This would direct you to the net banking website for payment
- Log in to your net banking website with the valid id and password
- Make the payment. On successful payment of the challan, a counterfoil will flash on the screen containing a CIN, the name of the bank, and the payment. This is proof of successful payment.
- Under Section 80CCD(2) a deduction is available if an employer is making a contribution to the employee’s NPS account
- Maximum of 10% (of the basic salary+ DA) can be claimed
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Disclaimer
ABSLI Salaried Term Plan (UIN:109N141V01) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
1LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Annual Premium: ₹ 5900/- ( which is ₹ 491.66/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
ADV/7/22-23/684
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