Income Tax Act Circular F.Y 2022-23 - IT Slabs FY 2022-23 AY 2023-24 by IT Department Income Tax FY 2022-2023 AY 2023-24 Income Tax Act Slabs for salaried Employees
INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2022-23 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 CIRCULAR NO. 24/2022 NEW DELHI, the 07th December, 2022
Reference is invited to Circular No. 04/2022 dated 15.03.2022 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961 (hereinafter ‘the Act’), during the financial year 2021-22, were intimated. The present Circular contains the rates of deduction of Income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2022-23 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). All the sections and rules referred are of Income-tax Act, 1961 and Income-tax Rules, 1962 respectively unless otherwise specified. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department- www.incometaxindia.gov.in.
As per section 192(1) of the Act, any person responsible for paying any income chargeable under the head "Salaries" shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the rates in force for the financial year in which the payment is made, on the estimated income of the assessee under the head of Salary income for that financial year.
The section also provides that a person responsible for paying any income chargeable under the head "Salaries" shall furnish to the person to whom such payment is made a statement giving correct and complete particulars of perquisites or profits in lieu of salary provided to him and the value thereof.
Rates of Income Tax for Individuals whose age is less than 60 Years:
| Income slabs (Rs) | Rate of Tax |
|---|---|
| Where the total income does not exceed Rs 2,50,000 | Nil |
| Where the Total income exceeds Rs 2,50,000 but does not exceed Rs 5,00,000 | 5 Percent of the amount by which the total income exceeds Rs 2,50,000 |
| Where the Total Income exceeds Rs 5,00,000 but does not exceed Rs 10,00,000 | Rs 12.500 plus 20 Per cent of the amount by which the total income exceeds Rs 5,00,000 |
| Where the total income exceeds Rs 10,00,000 | Rs 1,12,500 plus 30 percent of the amount by which the total income exceeds Rs 10,00,000 |
| Income slabs (Rs) | Rate of Tax |
|---|---|
| Where the total income does not exceed Rs 3,00,000 | Nil |
| Where the Total income exceeds Rs 3,00,000 but does not exceed Rs 5,00,000 | 5 Percent of the amount by which the total income exceeds Rs 3,00,000 |
| Where the Total Income exceeds Rs 5,00,000 but does not exceed Rs 10,00,000 | Rs 10,000 plus 20 Per cent of the amount by which the total income exceeds Rs 5,00,000 |
| Where the total income exceeds Rs 10,00,000 | Rs 1,10,000 plus 30 percent of the amount by which the total income exceeds Rs 10,00,000 |
Concessional Rates of Taxes 115BAC (New Tax Regime):
| Income slabs (Rs) | NEW Tax Rate |
|---|---|
| Up to 2,50,000 | Nil |
| 2,50,001-5,00,000 | 5% |
| 5,00,001 -7,50,000 | 10% |
| 7,50,001 -10,00,000 | 15% |
| 10,00,001- 12.50,000 | 20% |
| 12.50,001 - 15,00,000 | 25% |
| Above 15 lakh | 30% |
Income Tax Calculation Excel Software 2022-23 download click here
