{"id":11307,"date":"2022-05-05T19:00:02","date_gmt":"2022-05-05T13:30:02","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=11307"},"modified":"2022-07-14T16:14:46","modified_gmt":"2022-07-14T10:44:46","slug":"an-overview-of-the-current-income-tax-slab-rates-in-india","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/","title":{"rendered":"An Overview of the Current Income Tax Slab Rates in India"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69dee45b1bff9\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69dee45b1bff9\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#What_Are_the_Income_Tax_Slab_Rates\" title=\"What Are the Income Tax Slab Rates?\">What Are the Income Tax Slab Rates?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Old_and_New_Income_Tax_Slab_Rates_for_FY_2021-22_AY_2022-23\" title=\"Old and New Income Tax Slab Rates for FY 2021-22 (AY 2022-23)\">Old and New Income Tax Slab Rates for FY 2021-22 (AY 2022-23)<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Tax_Rates_for_Domestic_Companies\" title=\"Tax Rates for Domestic Companies\">Tax Rates for Domestic Companies<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Tax_Rates_for_Other_Tax-paying_Entities\" title=\"Tax Rates for Other Tax-paying Entities\">Tax Rates for Other Tax-paying Entities<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Foreign_companies\" title=\"Foreign companies\">Foreign companies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Cooperative_societies\" title=\"Cooperative societies\">Cooperative societies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Partnership_firms\" title=\"Partnership firms\">Partnership firms<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#_Local_authorities\" title=\"\u00a0Local authorities\">\u00a0Local authorities<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#What_is_the_New_Income_Tax_Regime\" title=\"What is the New Income Tax Regime?\">What is the New Income Tax Regime?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Advantages_of_Opting_for_the_New_Income_Tax_Regime\" title=\"Advantages of Opting for the New Income Tax Regime\">Advantages of Opting for the New Income Tax Regime<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Exemptions_allowed_under_the_New_Income_Tax_Regime\" title=\"Exemptions allowed under the New Income Tax Regime\">Exemptions allowed under the New Income Tax Regime<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Deductions_and_Exemptions_Removed_by_the_New_Tax_Regime\" title=\"Deductions and Exemptions Removed by the New Tax Regime\">Deductions and Exemptions Removed by the New Tax Regime<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#How_to_Calculate_Income_Tax_Using_the_Income_Tax_Slabs\" title=\"How to Calculate Income Tax Using the Income Tax Slabs?\">How to Calculate Income Tax Using the Income Tax Slabs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Calculation_of_Income_Tax_with_Example\" title=\"Calculation of Income Tax with Example\">Calculation of Income Tax with Example<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#What_is_the_income_tax_rebate_under_Section_87A\" title=\"What is the income tax rebate under Section 87A?\">What is the income tax rebate under Section 87A?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#How_can_you_pay_your_income_taxes_online\" title=\"How can you pay your income taxes online?\">How can you pay your income taxes online?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Can_I_choose_to_opt_for_the_new_tax_regime_anytime\" title=\"Can I choose to opt for the new tax regime anytime?\">Can I choose to opt for the new tax regime anytime?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#What_is_the_difference_between_surcharge_and_cess\" title=\"What is the difference between surcharge and cess?\">What is the difference between surcharge and cess?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Is_filing_Income_Tax_Returns_mandatory\" title=\"Is filing Income Tax Returns mandatory?\">Is filing Income Tax Returns mandatory?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\">Income tax is applicable on any income earned in India. The taxation rules applicable for different taxpayer categories like domestic companies, partnership firms, HUFs (Hindu Undivided Family), and individuals are not identical. In the case of individuals and HUFs, tax is levied based on the applicable income tax slab.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under this system, individual taxpayers have to pay taxes as per their income. While people with income below the minimum exemption limit don&#8217;t need to pay taxes, those in higher income brackets must pay more taxes.\u00a0<\/span><\/p>\n<p>The following sections will cover everything you want to know about the new income tax slab rates.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\"><img loading=\"lazy\" class=\"size-large wp-image-13417 aligncenter\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg\" sizes=\"(max-width: 640px) 100vw, 640px\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-300x98.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-768x250.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022.jpg 1080w\" alt=\"Online Fixed Deposits on Kuvera\" width=\"640\" height=\"209\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_the_Income_Tax_Slab_Rates\"><\/span>What Are the Income Tax Slab Rates?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">In India, income tax is charged at different rates for firms, companies, individuals, and HUFs. While companies and firms have fixed rates based on their profits\/turnover, individuals, HUFs, BOI (body of individuals), and AOP (association of persons) are taxed based on their annual income. Their earnings are grouped into tax brackets (slabs), with different tax rates for each slab.\u00a0<\/span><\/p>\n<p>The Income Tax Department announces the new income tax slabs for individuals. The tax rates increase if your taxable income goes above the tax brackets. If it is below Rs. 2,50,000 in a financial year, you have no tax liability. The aim of this system is to ensure fair and progressive taxation in the country.<\/p>\n<p><span style=\"font-weight: 400;\">There are three categories of individual taxpayers with different tax slab rates. These are as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Individuals aged less than 60 years (both residents and non-residents)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Senior citizens (resident individuals aged 60 years or above)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Super senior citizens (resident individuals aged 80 years or above)<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Old_and_New_Income_Tax_Slab_Rates_for_FY_2021-22_AY_2022-23\"><\/span>Old and New Income Tax Slab Rates for FY 2021-22 (AY 2022-23)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p>The following are the income tax slab rates under the old (existing) regime:<\/p>\n<ul>\n<li aria-level=\"1\"><strong>For individuals, HUFs, <\/strong><strong>AOP and BOI<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Taxable Income Range<\/b><\/td>\n<td><b>Income Tax Rate<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Up to Rs. 2,50,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rs. 2,50,000 to Rs. 5,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rs. 5,00,000 to Rs. 10,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">More than Rs. 10,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<li aria-level=\"1\"><b>Income Tax Slab for Senior Citizens<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Taxable Income Range\u00a0<\/b><\/td>\n<td><b>Income Tax Rate<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Up to Rs. 3,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rs. 3,00,000 to Rs. 5,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rs. 5,00,000 to Rs. 10,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">More than Rs. 10,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>For super senior citizens<\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Taxable Income Range\u00a0<\/b><\/td>\n<td><b>Income Tax Rate<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Up to Rs. 5,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rs. 5,00,000 to Rs. 10,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">More than Rs. 10,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>The following are the tax rates under the new income tax regime for individuals and HUFs:<\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Taxable Income Range<\/b><\/td>\n<td><b>Income Tax Rate<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Up to Rs. 2,50,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rs. 2,50,001 to Rs. 5,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rs. 5,00,001 to Rs. 7,50,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rs. 7,50,001 to Rs. 10,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rs. 10,00,001 to Rs. 12,50,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rs. 12,50,001 to Rs. 15,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">More than Rs. 15,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Tax_Rates_for_Domestic_Companies\"><\/span>Tax Rates for Domestic Companies<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The following are the new income tax slab rates applicable for domestic companies in AY 2022-23.<\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Particulars\u00a0<\/b><\/td>\n<td><b>Tax Rate<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Total turnover\/gross receipts not exceeding Rs. 400 crore in FY2018-19<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Total turnover\/gross receipts in FY2019-20 not exceeding Rs. 400 crore<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">For any other domestic company<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">If the domestic company opted for Section 115BA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">If the domestic company opted for Section 115BAA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">If the domestic company opted for Section 115BAB\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Any domestic company that has opted for special taxation under Section 115BAA and Section 115BAB will be exempt from MAT (Minimum Alternate Tax). This facility is not available for a domestic company that opted for Section 115BA.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In any other case, a domestic company must pay taxes of at least 15% of its book profits as per Section 115JB. However, a company under the International Financial Services Centre earning its income only via convertible foreign exchange can pay MAT at a 9% rate.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tax_Rates_for_Other_Tax-paying_Entities\"><\/span>Tax Rates for Other Tax-paying Entities<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The following are the income tax rates for other taxpayers:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"Foreign_companies\"><\/span>Foreign companies<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A 40% rate is applicable for all foreign companies on their income received or accrued in India. However, if a company receives royalties or technical fees under a Central Government-approved agreement made between 1964 and 1976, the taxation rate will be 50%.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Surcharge and health and education cess are also added to the income tax amount.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"Cooperative_societies\"><\/span>Cooperative societies<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There are certain tax exemptions available for cooperatives under the &#8216;Principle of Mutuality&#8217;. However, earnings from interests, non-members, and rental income are subject to income tax at the following rates.<\/span><\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Taxable Income\u00a0<\/b><\/td>\n<td><b>\u00a0Tax Rates<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Up to Rs. 10,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rs. 10,000 to Rs. 20,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">More than Rs. 20,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The Finance Act of 2020 added the option for new taxation under Section 115BAD. Under this, cooperative societies could get taxed at 22% with a 10% surcharge and 4% cess applicable. Under Section 115JC, cooperative societies pay Alternate Minimum Tax (AMT) at a rate of 18.5%.\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"Partnership_firms\"><\/span>Partnership firms<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0All partnership firms, including LLPs (Limited Liability Partnerships), have to pay 30% tax for AY 2022-23. Surcharge and health and education cess will also get added to the income tax payable at applicable rates.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"_Local_authorities\"><\/span>\u00a0Local authorities<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Local authorities are taxable at a 30% rate for AY 2022-23. A surcharge will get added to the income tax amount. Furthermore, a health and education cess will also be added to the income tax plus a surcharge.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_New_Income_Tax_Regime\"><\/span>What is the New Income Tax Regime?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p>In 2020, the Finance Minister introduced a new income tax regime during the Union Budget. Individuals and HUFs can opt for the new regime to take advantage of its lower tax rates. The new income tax regime is optional. So, you can choose to opt for it or continue with the old regime when filing tax returns.<\/p>\n<p><span style=\"font-weight: 400;\">You can choose to switch between the old and new tax regimes every financial year if you have income under salary or other heads of income. However, if you earn income from a business\/profession, you can choose the new regime only once.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The new tax regime offers the same tax rate for all individuals regardless of their age group. However, it does not allow up to 70 income tax deductions and exemptions for calculating income tax. The exclusions include all deductions from Section 80C to Section 80U.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, you can claim tax exemptions on allowances like HRA (House Rent Allowance) and LTA (Leave Travel Allowance) under the new tax regime. You can also claim a standard deduction of Rs. 50,000 without having to produce any proof of expenses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before deciding which tax regime is best, you should calculate your tax liability after all applicable deductions and exemptions. If you find out that you still save taxes under the new regime, you may opt for it.\u00a0\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Advantages_of_Opting_for_the_New_Income_Tax_Regime\"><\/span>Advantages of Opting for the New Income Tax Regime<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The following are some of the benefits of the new income tax regime.<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Reduced need for documentation:<\/b><span style=\"font-weight: 400;\"> As the new regime provides concessional tax rates, it makes filing income tax returns (ITR) easier. It is not the case with the old regime, where you have to submit documents and proof of investments.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>Investors may not prefer tax-saving investments: <\/b><span style=\"font-weight: 400;\">\u00a0Although the old regime offers tax benefits for various investments, some investors may not prefer them. Instead, they might want to invest in other assets, which could offer higher returns.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Higher liquidity in taxpayers\u2019 hands: <\/b><span style=\"font-weight: 400;\">Tax-saving investments under the old regime have a lock-in period ranging from three to five years. Many taxpayers may not prefer the low liquidity of such investments.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Certain deductions\/exemptions are allowed: <\/b><span style=\"font-weight: 400;\">The new tax regime allows some deductions\/exemptions.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Exemptions_allowed_under_the_New_Income_Tax_Regime\"><\/span>Exemptions allowed under the New Income Tax Regime<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p>The following is a list of exemptions under the new tax regime:<\/p>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Investments in National Pension Scheme u\/s 80CCD(2)<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Conveyance allowance for traveling to work<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Transport allowance (for specially-abled people)<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Deduction for hiring new employees u\/s 80JJAA<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Exemption on gratuity received (up to Rs. 20 lakh)<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">VRS proceeds (up to Rs. 5 lakh)<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Amount received from life insurance policy u\/s 10(10D)<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Employer contribution to EPF\/NPS<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Interest and maturity amount of PPF<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Standard deduction on rent<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Depreciation u\/s 32<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Interest from Post Office savings account u\/s 10(15)<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Deductions_and_Exemptions_Removed_by_the_New_Tax_Regime\"><\/span>Deductions and Exemptions Removed by the New Tax Regime<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">There are a total of 70 deductions\/exemptions removed under the new tax regime. Some of these are as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">In the new tax regime, the standard deduction has been removed.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">All tax-saving instruments under Chapter VI-A, except Section 80CCD(2)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deductions on entertainment allowance and professional tax (for government employees)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deductions on interest repayment of home loan u\/s 24(b)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The option to carry forward and set off unabsorbed depreciation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Additional depreciations u\/s 32(ii)(a)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deductions under Section 32AD, Section 33AB, Section 33ABA, Section 35, Section 35AD and Section 35CCC<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deductions for family pension u\/s 57(ii)(a)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Special allowances u\/s 10(14)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exemption of HRA and LTA\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Travel allowances on tour\/transfer of employee<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exemptions for Special Economic Zones (SEZ) u\/s 10AA<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_to_Calculate_Income_Tax_Using_the_Income_Tax_Slabs\"><\/span>How to Calculate Income Tax Using the Income Tax Slabs?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Follow the given steps to calculate income applicable to your income:<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Step 1: <\/b><span style=\"font-weight: 400;\">Add all your income from different sources to calculate your gross total income. It includes income from your salary, interest income, rental income, earnings from your profession or business, etc.<\/span><\/p>\n<p><b>Step 2:<\/b><span style=\"font-weight: 400;\"> Remove any income allowed as tax exemptions.<\/span><\/p>\n<p><b>Step 3:<\/b><span style=\"font-weight: 400;\"> Calculate all applicable deductions under every source of income. It includes standard deductions from salary income, business-related expenses, municipal taxes from house property income, etc.\u00a0<\/span><\/p>\n<p><b>Step 4:<\/b><span style=\"font-weight: 400;\"> Claim all applicable deductions under Chapter VI-A of the Income Tax Act (Example \u2014 Section 80C, Section 80D, Section 80TTA, Section 80TTB, etc.)<\/span><\/p>\n<p>Step 5: The amount after these deductions will be your taxable income. Check the old or new income tax slabs to calculate your tax liability.<\/p>\n<p><b>Step 6:<\/b><span style=\"font-weight: 400;\"> Adjust this amount with rebate u\/s 87A, TDS deducted, advance taxes, and taxes already paid (if applicable).<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Calculation_of_Income_Tax_with_Example\"><\/span>Calculation of Income Tax with Example<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Let us take the example of Mr. Gupta, who is a 40-year-old individual taxpayer. He has a total income of Rs. 10,00,000 from his salary and rental income. He can claim deductions of Rs. 1,00,000, Rs. 50,000 and Rs. 30,000 under Section 80C, Section 24(b) and Section 80D, respectively. His tax calculation under the old regime is shown as follows:<\/span><\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Particulars<\/b><\/td>\n<td><b>Tax Calculation<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Gross Total Income<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rs. 10,00,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Deductions under Section 80C<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rs. 1,00,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">U\/s 80D<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rs. 50,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">U\/s 24 (b)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rs. 30,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Standard Deduction<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rs. 50,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Total Taxable Income<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rs. 7,70,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">His income tax calculation is shown below:<\/span><\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Income Tax Slabs<\/b><\/td>\n<td><b>Tax Calculation\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Up to Rs. 2,50,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Exempt<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rs. 2,50,000 to Rs. 5,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5% of (Rs. 5,00,000 \u20132,50,000) = Rs. 12,500<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rs. 5,00,000 to Rs. 10,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20% of (Rs. 7,70,000 \u2013 5,00,000) = Rs. 54,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">More than Rs. 10,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">N\/A<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">From this, we can calculate his income tax liability:<\/span><\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Particulars<\/b><\/td>\n<td><b>Tax Calculation<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Total income tax liability<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rs. 66,500<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Add: Health and Education Cess<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Total Taxes in AY 2022-23<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rs. 69,160<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Regardless of where you earn money from, you have to pay taxes if your annual income exceeds a certain limit. The tax rates depend on how much you earn and your taxpayer category. Certain deductions, exemptions, and rebates allow you to reduce your taxable income.<\/span><\/p>\n<p>Now, there are new income tax slabs that you can opt for to save taxes. If you want to switch to the new regime, you may want to carefully check your tax liability under the existing regime after factoring in all applicable tax benefits.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"What_is_the_income_tax_rebate_under_Section_87A\"><\/span>What is the income tax rebate under Section 87A?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Section 87A allows individuals earning an income of not more than Rs. 5 lakh to get tax relief of up to Rs. 12,500. Thus, your tax liability becomes zero if your total income is after applicable Chapter-VIA deductions, and the standard deduction is equal to or less than Rs. 5 lakh. This rebate is calculated before the calculation of the health and education cess.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"How_can_you_pay_your_income_taxes_online\"><\/span>How can you pay your income taxes online?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Taxpayers can file ITR online on NSDL\u2019s official website. To file ITR, you need to follow the given steps:<\/span><\/p>\n<p><b>Step 1:<\/b><span style=\"font-weight: 400;\"> Select the relevant challan (example: Challan No. 280 for self-assessment tax).<\/span><\/p>\n<p><b>Step 2:<\/b><span style=\"font-weight: 400;\"> Click on \u2018Proceed\u2019 and enter the required details (taxpayer category, PAN, AY, address, type of payment, etc.).\u00a0<\/span><\/p>\n<p><b>Step 3:<\/b><span style=\"font-weight: 400;\"> In the next window, make the payment using your preferred mode.\u00a0<\/span><\/p>\n<p><b>Step 4:<\/b><span style=\"font-weight: 400;\"> A counterfoil will be displayed as proof of payment.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"Can_I_choose_to_opt_for_the_new_tax_regime_anytime\"><\/span>Can I choose to opt for the new tax regime anytime?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you are an individual taxpayer, you can choose to opt for the old or new tax regime anytime. Taxpayers who are employees can make a choice at the start of a financial year and again next year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if you earn income from business or a profession, you can choose the new tax regime once. Thereafter, you can go back to the existing tax regime only once in your lifetime.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"What_is_the_difference_between_surcharge_and_cess\"><\/span>What is the difference between surcharge and cess?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The surcharge is an extra fee levied on the income tax amount payable. In India, individual taxpayers with an income of over Rs. 50 lakh have to pay a 10% surcharge over and above income tax. Marginal relief is applicable on surcharge to reduce the surcharge payable.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cess is an additional tax imposed by the Central Government to fulfill a particular goal. Unlike other forms of taxes, the Government must use cess only for its intended purpose. Currently, a Health and Education Cess at 4% is applicable on income tax plus surcharge. <\/span><b>\u00a0<\/b><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><span class=\"ez-toc-section\" id=\"Is_filing_Income_Tax_Returns_mandatory\"><\/span>Is filing Income Tax Returns mandatory?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Yes, all taxpayers need to file online returns of income to the Income Tax Department within the prescribed due dates. However, there are two classes of taxpayers who do not need to file returns:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Those with an annual income of less than Rs. 5 lakh who do not want to claim refunds<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Taxpayers above the age of 80 years<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">For most individuals, the date of filing ITR is July 31 of the year following the concerned financial year. Late filing fees and interest will apply to your outstanding taxes if you do not file taxes. <\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Read more: <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><br \/>\nWatch\/hear on YouTube:<\/p>\n<p><iframe loading=\"lazy\" title=\"Kuvera Insights\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/videoseries?list=PLDSzQdT9nLmCysU31bg4Ngh7WY2p3UiiI\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/www.kuvera.in\/\"><strong>kuvera.in<\/strong><\/a> to discover <a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> and <strong><a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a><\/strong> and <a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Income tax is applicable on any income earned in India. The taxation rules applicable for different taxpayer categories like domestic companies, partnership firms, HUFs (Hindu Undivided Family), and individuals are not identical. In the case of individuals and HUFs, tax is levied based on the applicable income tax slab. Under this system, individual taxpayers have [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/an-overview-of-the-current-income-tax-slab-rates-in-india\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":11309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[99,236],"tags":[71,710,74,709,711,712],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>An Overview of the Current Income Tax Slab Rates in India - Kuvera<\/title>\n<meta name=\"description\" content=\"The Income tax slab will differ for people with different annual incomes. 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