In India, the amount of income that is tax-free depends on the age and income level of the taxpayer. Here are the current tax-free income limits for different categories of taxpayers in India for the financial year 2022-23:
For individuals below 60 years of age:
Up to Rs. 2.5 lakh per annum is tax-free.
Between Rs. 2.5 lakh and Rs. 5 lakh is taxed at 5%.
Between Rs. 5 lakh and Rs. 7.5 lakh is taxed at 10%.
Between Rs. 7.5 lakh and Rs. 10 lakh is taxed at 15%.
Between Rs. 10 lakh and Rs. 12.5 lakh is taxed at 20%.
Between Rs. 12.5 lakh and Rs. 15 lakh is taxed at 25%.
Above Rs. 15 lakh is taxed at 30%.
For senior citizens (between 60 and 80 years of age):
Up to Rs. 3 lakh per annum is tax-free.
Between Rs. 3 lakh and Rs. 5 lakh is taxed at 5%.
Between Rs. 5 lakh and Rs. 7.5 lakh is taxed at 10%.
Between Rs. 7.5 lakh and Rs. 10 lakh is taxed at 15%.
Between Rs. 10 lakh and Rs. 12.5 lakh is taxed at 20%.
Between Rs. 12.5 lakh and Rs. 15 lakh is taxed at 25%.
Above Rs. 15 lakh is taxed at 30%.
For super senior citizens (above 80 years of age):
Up to Rs. 5 lakh per annum is tax-free.
Between Rs. 5 lakh and Rs. 10 lakh is taxed at 20%.
Above Rs. 10 lakh is taxed at 30%.
It is important to note that these tax-free income limits are subject to change as per the government's annual budget announcements. Additionally, the tax rates and slabs may also vary based on the type of income and the nature of the taxpayer's income. It is advisable for taxpayers to consult a tax expert or refer to the Income Tax Department's website for accurate and up-to-date information.
Related services
More services
Comments