Question
Download Solution PDFAs per the new tax regime of India, what is the exemption limit of income tax for financial year 2022-23?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Up to ₹2,50,000
Key Points
Rates of Income Tax under the old regime:
| Total Income | Tax rate |
| Upto ₹ 2,50,000 | Nil |
| From ₹ 2,50,001 to ₹ 5,00,000 | 5% |
| From ₹ 5,00,001 to ₹ 10,00,000 | 20% |
| Above ₹ 10,00,000 | 30% |
Additional InformationThe tax rates under the New Tax Regime as per section 115BAC are as under:
| Total Income | Income Tax |
| Upto ₹ 2,50,000 | Nil |
| From ₹ 2,50,001 to ₹ 5,00,000 | 5% |
| From ₹ 5,00,001 to ₹ 7,50,000 | 10% |
| From ₹ 7,50,001 to ₹ 10,00,000 | 15% |
| From ₹ 10,00,001 to ₹ 12,50,000 | 20% |
| From ₹ 12,50,001 to ₹ 15,00,000 | 25% |
| Above ₹ 15,00,000 | 30% |
Last updated on May 28, 2025
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