Income Tax Slabs For 2021-22 In India. Are you looking for information about income tax slabs for 2021 22 india ? You have come to the right website. Because on this website we will review about income tax slabs for 2021 22 india. Hopefully the information we provide is useful for those of you who are looking for information about income tax slabs for 2021 22 india.
Let’s look at the article below which will briefly discuss income tax slabs for 2021 22 india.
Introduction
The government of India has announced the latest income tax slabs for the financial year 2021-22. These slabs determine the tax liability of individuals based on their income levels. In this article, we will discuss the income tax slabs in detail and how they impact taxpayers.
What are Income Tax Slabs?
Income tax slabs are the different tax rates at which individuals are charged based on their taxable income. The tax slabs are revised every year by the government. For the financial year 2021-22, the government has made some changes to the tax slabs.
Income Tax Slabs for Individuals
For individuals, the income tax slabs for the financial year 2021-22 are as follows: – For individuals with an annual income of up to Rs. 2.5 lakhs, there is no tax. – For individuals with an annual income between Rs. 2.5 lakhs and Rs. 5 lakhs, the tax rate is 5%. – For individuals with an annual income between Rs. 5 lakhs and Rs. 7.5 lakhs, the tax rate is 10%. – For individuals with an annual income between Rs. 7.5 lakhs and Rs. 10 lakhs, the tax rate is 15%. – For individuals with an annual income between Rs. 10 lakhs and Rs. 12.5 lakhs, the tax rate is 20%. – For individuals with an annual income between Rs. 12.5 lakhs and Rs. 15 lakhs, the tax rate is 25%. – For individuals with an annual income above Rs. 15 lakhs, the tax rate is 30%.
Income Tax Slabs for Senior Citizens
For senior citizens (aged 60 years or above), the income tax slabs for the financial year 2021-22 are as follows: – For senior citizens with an annual income of up to Rs. 3 lakhs, there is no tax. – For senior citizens with an annual income between Rs. 3 lakhs and Rs. 5 lakhs, the tax rate is 5%. – For senior citizens with an annual income between Rs. 5 lakhs and Rs. 7.5 lakhs, the tax rate is 10%. – For senior citizens with an annual income between Rs. 7.5 lakhs and Rs. 10 lakhs, the tax rate is 15%. – For senior citizens with an annual income between Rs. 10 lakhs and Rs. 12.5 lakhs, the tax rate is 20%. – For senior citizens with an annual income between Rs. 12.5 lakhs and Rs. 15 lakhs, the tax rate is 25%. – For senior citizens with an annual income above Rs. 15 lakhs, the tax rate is 30%.
Conclusion
In conclusion, the income tax slabs for the financial year 2021-22 have been revised by the government. It is important for taxpayers to be aware of the tax slabs and the impact they have on their tax liability. Taxpayers should plan their finances accordingly to avoid any last-minute tax burden.
