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Source: https://www.companiesnext.com/blog/income-tax-rates-in-india-for-financial-year-2022-23

Category: Business

The income tax rates in India for the financial year 2022-23 are categorized based on the age of the individual. For individuals below 60 years, there is no tax on income up to INR 2.5 lakh, while those earning between INR 2.5 lakh and INR 5 lakh are subject to a 5% tax. Incomes between INR 5 lakh and INR 10 lakh attract a 20% tax, and any income above INR 10 lakh is taxed at a rate of 30%. Senior citizens (between 60 and 80 years) have slightly higher income thresholds for each tax bracket.

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