No reduction in Funds 2022 for the salaried class, tax slabs stay unchanged


New Delhi: Finance Minister Nirmala Sitharaman introduced Funds 2022 in Parliament on Tuesday, February 1, however didn’t announce any reduction in revenue tax for the salaried class. The revenue tax slabs for the monetary yr 2022-23 stay the identical.

The FM additional introduced that each the Central and state authorities workers’ tax deduction restrict is being elevated from 10 per cent to 14 per cent to assist the social safety advantages of state authorities workers and produce them at par with Central authorities workers.

Present Earnings Tax slabs for Particular person (resident or non-resident) lower than 60 years of age anytime through the earlier yr:

Present Tax Regime New Tax Regime u/s 115BAC
Earnings Tax Slab Earnings Tax Price Earnings Tax Slab Earnings Tax Price
As much as ₹ 2,50,000 Nil As much as ₹ 2,50,000 Nil
₹ 2,50,001 – ₹ 5,00,000 5% above ₹ 2,50,000 ₹ 2,50,001 – ₹ 5,00,000 5% above ₹ 2,50,000
₹ 5,00,001 – ₹ 10,00,000 ₹ 12,500 + 20% above ₹ 5,00,000 ₹ 5,00,001 – ₹ 7,50,000 ₹ 12,500 + 10% above ₹ 5,00,000
Above ₹ 10,00,000 ₹ 1,12,500 + 30% above ₹ 10,00,000 ₹ 7,50,001 – ₹ 10,00,000 ₹ 37,500 + 15% above ₹ 7,50,000
₹ 10,00,001 – ₹ 12,50,000 ₹ 75,000 + 20% above ₹ 10,00,000
₹ 12,50,001 – ₹ 15,00,000 ₹ 1,25,000 + 25% above ₹ 12,50,000
Above ₹ 15,00,000 ₹ 1,87,500 + 30% above ₹ 15,00,000

Present Earnings Tax slabs for Particular person (resident or non-resident), 60 years or extra however lower than 80 years of age anytime through the earlier yr:

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Present Earnings Tax slabs for Particular person (resident or non-resident) 80 years of age or extra anytime through the earlier yr:

Present Tax Regime New Tax Regime u/s 115BAC
Earnings Tax Slab Earnings Tax Price Earnings Tax Slab Earnings Tax Price
As much as ₹ 5,00,000 Nil As much as ₹ 2,50,000 Nil
₹ 5,00,001 – ₹ 10,00,000 20% above ₹ 5,00,000 ₹ 2,50,001 – ₹ 5,00,000 5% above ₹ 2,50,000
Above ₹ 10,00,000 ₹ 1,00,000 + 30% above ₹ 10,00,000 ₹ 5,00,001 – ₹ 7,50,000 ₹ 12,500 + 10% above ₹ 5,00,000
₹ 7,50,001 – ₹ 10,00,000 ₹ 37,500 + 15% above ₹ 7,50,000
₹ 10,00,001 – ₹ 12,50,000 ₹ 75,000 + 20% above ₹ 10,00,000
₹ 12,50,001 – ₹ 15,00,000 ₹ 1,25,000 + 25% above ₹ 12,50,000
Above ₹ 15,00,000 ₹ 1,87,500 + 30% above ₹ 15,00,000

There are two vital factors to be famous as per the Earnings Tax Division’s web site:

1. The charges of Surcharge and Well being & Training cess are similar below each the tax regimes (previous and new).

2. Rebate u/s 87 – A Resident Particular person whose Whole Earnings just isn’t greater than ₹ 5,00,000 can also be eligible for a Rebate of as much as 100% of revenue tax or ₹ 12,500, whichever is much less. This Rebate is out there in each tax regimes.



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