{"id":602,"date":"2022-10-06T11:10:06","date_gmt":"2022-10-06T11:10:06","guid":{"rendered":"https:\/\/www.bbnc.in\/blog\/?p=602"},"modified":"2022-10-07T10:26:52","modified_gmt":"2022-10-07T10:26:52","slug":"income-tax-slab-for-fy-2022-23","status":"publish","type":"post","link":"https:\/\/www.bbnc.us\/blog\/tax\/income-tax-slab-for-fy-2022-23\/","title":{"rendered":"INCOME TAX SLAB FOR FY 2022-23"},"content":{"rendered":"<div id=\"pl-602\"  class=\"panel-layout\" ><div id=\"pg-602-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-602-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-602-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t><h3 class=\"widget-title\">INCOME TAX SLAB FOR FY 2022-23<\/h3>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d3cf0882b75\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><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><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d3cf0882b75\"  aria-label=\"Toggle\" \/><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:\/\/www.bbnc.us\/blog\/tax\/income-tax-slab-for-fy-2022-23\/#What_is_income_tax_slab\" >What is income tax slab?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bbnc.us\/blog\/tax\/income-tax-slab-for-fy-2022-23\/#Income_Tax_Slab_for_FY_2022_%E2%80%93_23_AY_2023_%E2%80%93_24\" >Income Tax Slab for FY 2022 &#8211; 23 (AY 2023 &#8211; 24)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bbnc.us\/blog\/tax\/income-tax-slab-for-fy-2022-23\/#Key_differences_between_the_old_and_new_tax_regimes\" >Key differences between the old and new tax regimes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bbnc.us\/blog\/tax\/income-tax-slab-for-fy-2022-23\/#Things_you_must_keep_in_mind_before_opting_for_the_new_tax_slab\" >Things you must keep in mind before opting for the\u00a0new tax slab<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_income_tax_slab\"><\/span><strong>What is income tax slab?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Individual taxpayers will be required to pay income tax according to the applicable slab structure. A person may be assigned to a different tax bracket depending on their income. Consequently, people with greater incomes will be required to pay more tax. The introduction of the slab system aimed to keep the nation's taxation structure equitable. At each budget announcement, the slabs frequently alter.<\/p>\n<h2><strong>Income Tax Slab for FY 2022 - 23 (AY 2023 - 24)<\/strong><\/h2>\n<p>Given below are the various tables for the Revised Income Tax Slabs and rates for the FY 2022-2023 and AY 2023-24:<\/p>\n\n<table id=\"tablepress-33\" class=\"tablepress tablepress-id-33\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">SL.NO\t<\/th><th class=\"column-2\">INCOME TAX SLAB AS PER OLD REGIME<\/th><th class=\"column-3\">TAX RATES AS PER OLD REGIMES<\/th><th class=\"column-4\">SL.NO<\/th><th class=\"column-5\">INCOME TAX SLAB AS PER NEW REGIME<\/th><th class=\"column-6\">INCOME TAX SLAB AS PER NEW REGIME<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">1<\/td><td class=\"column-2\">Up to Rs 2,50,000<\/td><td class=\"column-3\">NIL<\/td><td class=\"column-4\">1<\/td><td class=\"column-5\">Up to Rs 2,50,000<\/td><td class=\"column-6\">NIL<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2<\/td><td class=\"column-2\">Rs 2,50,001 - Rs 5,00,000<\/td><td class=\"column-3\">5%<\/td><td class=\"column-4\">2<\/td><td class=\"column-5\">Rs 2,50,001 -Rs 5,00,000<\/td><td class=\"column-6\">5%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">3<\/td><td class=\"column-2\">Rs5,00,001-Rs10,00,000<br \/>\n<\/td><td class=\"column-3\">20%<\/td><td class=\"column-4\">3<\/td><td class=\"column-5\">Rs 5,00,001 -Rs 7,50,000<\/td><td class=\"column-6\">10%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">4<\/td><td class=\"column-2\">Above Rs 10,00,000<\/td><td class=\"column-3\">30%<\/td><td class=\"column-4\">4<\/td><td class=\"column-5\">Rs 7,50,001- Rs10,00,000<\/td><td class=\"column-6\">15%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><\/td><td class=\"column-4\">5<\/td><td class=\"column-5\">Rs10,00,001- Rs12,50,000<\/td><td class=\"column-6\">20%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">6<\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><\/td><td class=\"column-4\">6<\/td><td class=\"column-5\">Rs12,50,001- Rs 15,00,000<\/td><td class=\"column-6\">25%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">7<\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><\/td><td class=\"column-4\">7<\/td><td class=\"column-5\">Above Rs 15,00,000<\/td><td class=\"column-6\">30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-33 from cache -->\n<h2><span class=\"ez-toc-section\" id=\"Key_differences_between_the_old_and_new_tax_regimes\"><\/span><strong>Key differences between the old and new tax regimes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are 2 key differences:<\/p>\n<ul>\n<li>Firstly, the new tax regime includes more tax slabs with lower rates as compared to old tax regime. Hence the income tax slabs for 2022-23 (AY2023-24) are different based on whether you opt for the new or <a href=\"https:\/\/www.bbnc.in\/Rates-Of-Income-Tax.aspx\">old tax regime.<\/a><\/li>\n<li>Secondly, all major deductions and exemptions such as Section80C, Section80D, etc. that are available under the owed if you opt for the new tax regime.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Things_you_must_keep_in_mind_before_opting_for_the_new_tax_slab\"><\/span>Things you must keep in mind before opting for the\u00a0new tax slab<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are few things you must keep in mind before opting for the new tax slab:<\/p>\n<ul>\n<li>\n<h3><strong>Consider Tax Saving Deductions and Exemptions<\/strong><\/h3>\n<\/li>\n<\/ul>\n<p>In FY 2022-23, the new tax regime has lower income tax slab rates and more income tax Slab compared to the old regime. But the new tax regime offers very few exemptions and deductions. These include about 70 deductions and exemption like HRA, Section 80C deductions and home loan interest benefit that can be claimed under the old tax regime but cannot be claimed under the new regime.<\/p>\n<ul>\n<li>\n<h3><strong>Lower Tax exemption limit Based on Age<\/strong><\/h3>\n<\/li>\n<\/ul>\n<p>The old tax regime provides higher tax exemption for senior citizens and super senior citizens of Rs. 3 lakh and Rs. 5 lakh respectively as per income tax slab rates in AY 2023-24. This higher limit is not available under the new tax regime, which offer the same Rs. 2.5 lakh exemption limit irrespective of taxpayer's age.<\/p>\n<ul>\n<li>\n<h3><strong>Consider Benefits Beyond Tax Savings<\/strong><\/h3>\n<\/li>\n<\/ul>\n<p>Tax saving investments and expenses like a term life insurance policy, Public Provident Fund, National Pension System provide a dual benefit under the old tax regime. On the one hand, you decrease your tax outgo; on the other hand they also provide benefits like financial security of loved ones or long-term wealth creation. In the case of the new tax regime, you do not receive the tax saving benefit at all<\/p>\n<p>However, tax benefits of these investments are limited up to Rs. 2 lakh in a fiscal after including the Rs 50,000 benefit offered u\/s 80 CCD (1B). So, you need to use an income tax calculator to compute your tax outgo under both the new and old regime in order to determine which is suitable for you based on the income tax slab rates for FY 2022-23.<\/p>\n<p>We hope that you enjoyed our article about income tax slab for FY 2022-23. These are the tax slabs for the current financial year of 2022-23. For more details about this please visit <a href=\"mailto:info@bbnc.in\">info@bbnc.in<\/a><\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>What is income tax slab? Individual taxpayers will be required to pay income tax according to the applicable slab structure. A person may be assigned to a different tax bracket depending on their income. Consequently, people with greater incomes will be required to pay more tax. The introduction of the slab system aimed to keep [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>INCOME TAX SLAB FOR FY 2022-23 | BBNC<\/title>\n<meta name=\"description\" content=\"Tax Slabs for AY 2022-23 \u00b7 10% - Taxable Income above \u20b9 50 lakh \u2013 up to \u20b9 1 crore \u00b7 15% - Taxable Income above \u20b9 1 crore - up to \u20b9 2 crore \u00b7 25% -\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bbnc.us\/blog\/tax\/income-tax-slab-for-fy-2022-23\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"INCOME TAX SLAB FOR FY 2022-23 | BBNC\" \/>\n<meta property=\"og:description\" content=\"Tax Slabs for AY 2022-23 \u00b7 10% - 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