Union budget 2022: Salaried class demand increase in Income tax slab, check out the current one

Union budget 2022: Salaried class demand increase in Income tax slab, check out the current one

New Delhi: As Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2022 on February 1, the most pressing demand from the salaried class is to bring changes in the income-tax slabs and increase the rebates under section 80C, 80EE, 80EEA and 24(b) of the Income Tax Act.

Here is looking at the current slab for Individual (resident or non-resident) less than 60 years of age.

Existing Tax Regime New Tax Regime u/s 115BAC
Income Tax Slab Income Tax Rate Income Tax Slab Income Tax Rate
Up to Rs 2,50,000 Nil Up to Rs 2,50,000 Nil
Rs 2,50,001 – Rs 5,00,000 5% above Rs 2,50,000 Rs 2,50,001 – Rs 5,00,000 5% above Rs 2,50,000
Rs 5,00,001 – Rs 10,00,000 Rs 12,500 + 20% above Rs 5,00,000 Rs 5,00,001 – Rs 7,50,000 Rs 12,500 + 10% above Rs 5,00,000
Above Rs 10,00,000 Rs 1,12,500 + 30% above Rs 10,00,000 Rs 7,50,001 – Rs 10,00,000 Rs 37,500 + 15% above Rs 7,50,000
Rs 10,00,001 – Rs 12,50,000 Rs 75,000 + 20% above Rs 10,00,000
Rs 12,50,001 – Rs 15,00,000 Rs 1,25,000 + 25% above Rs 12,50,000
Above Rs 15,00,000 Rs 1,87,500 + 30% above Rs 15,00,000

It is to be noted that individuals and HUFs can opt for the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act). The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain Exemptions and Deductions (like 80C, 80D,80TTB, HRA) available in the Existing Tax Regime.

Source:-zeenews

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