If you are earning income from any means then you have to pay tax to government You must have the knowledge of rates or on which basis you have to pay tax. Now the question arise here is , What are the rates or criteria for paying taxes to government ? So these rates are known as Slab rate specified by the Central government .
We are going to understand the income tax slab rate of
F.Y (Financial year) 2021-22 A.Y (Assessment year) 2022-23
- Tax rates in the new regime is the same for all categories of individuals (Individuals & HUF up to 60 years of age, senior citizens above 60 years up to 80 years) Hence no increased basic exemption benefit will be available in New Tax Regime.
- Surcharge is applicable according to the total income as mentioned below :
- 10% of income tax if total income is above Rs .50 lakh.
- 15% of income tax if total income is above Rs. 1 crore.
- 25% of income tax if total income is above Rs. 2 crore.
- 37% of income tax if total income is above Rs. 5 crore.
- Health and Education Cess at the rate of 4% will be added to the income tax liability in all cases.
Mr. Manoj Kumar, a commerce graduate from University of Delhi & an exceptional mentors of computerized accounting learning, has an overall experience of near about half of decades in computerized accountancy. With his strong hold on Accounting Software.
