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MOBILE Income Tax Software FY 2021-22 AY 2022-23 for Teachers – 2022 Online Income Tax Calculator
INCOME TAX FY 2020 – 21 Income Tax Slabs:
There is NO separate tax slab for men and women. Earlier women used to have slight benefit over men in terms of lower taxes!
The tax slabs are determined on age of person. As of today there are 3 slab rates based on age:
- Below 60 years of age
- Senior Citizens (60 to less than 80 years of age)
- Very Senior Citizens (80+ years of age)
The table below gives the tax slab rates:
Income Tax Slab for HUFs & Individuals (below 60 years – for both Men & Women)
New Simple Tax Slab without exemption:
| Income Slab | Tax Rate |
| Income up to Rs 2,50,000 | No Tax |
| Income from Rs 2,50,000 – 5,00,000 | 5% |
| Income from Rs 5,00,000 – 7,50,000 | 10% |
| Income from Rs 7,50,000 – 10,00,000 | 15% |
| Income from Rs 10,00,000 – 12,50,000 | 20% |
| Income from Rs 12,50,000 – 15,00,000 | 25% |
| Income more than Rs 15,00,000 | 30% |
Tax Slab with exemption:
| Income Slab | Tax Rate |
| Income up to Rs 2,50,000 | No Tax |
| Income from Rs 2,50,000 – 5,00,000 | 5% |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
| Income more than Rs 10,00,000 | 30% |
- Surcharge:
- 10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1 crore
- 15% surcharge on income tax if the total income exceeds Rs 1 crore but below Rs 2 crore
- 25% surcharge on income tax if the total income exceeds Rs 2 crore but below Rs 5 crore
- 37% surcharge on income tax if the total income exceeds Rs 5 crore
- Health and Education Cess: 4% cess on income tax including surcharge
- Rebate under Section 87A: Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs
