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

by DNB ind News Desk
January 17, 2022
in Business
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Union budget 2022: Salaried class demand increase in Income tax slab, check out the current one
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Here is looking at the current slab for Individual (resident or non-resident) less than 60 years of age.

budget 6 660 010221094855

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 RegimeNew Tax Regime u/s 115BAC
Income Tax SlabIncome Tax RateIncome Tax SlabIncome Tax Rate
Up to Rs 2,50,000NilUp to Rs 2,50,000Nil
Rs 2,50,001 – Rs 5,00,0005% above Rs 2,50,000Rs 2,50,001 – Rs 5,00,0005% above Rs 2,50,000
Rs 5,00,001 – Rs 10,00,000Rs 12,500 + 20% above Rs 5,00,000Rs 5,00,001 – Rs 7,50,000Rs 12,500 + 10% above Rs 5,00,000
Above Rs 10,00,000Rs 1,12,500 + 30% above Rs 10,00,000Rs 7,50,001 – Rs 10,00,000Rs 37,500 + 15% above Rs 7,50,000
  Rs 10,00,001 – Rs 12,50,000Rs 75,000 + 20% above Rs 10,00,000
  Rs 12,50,001 – Rs 15,00,000Rs 1,25,000 + 25% above Rs 12,50,000
  Above Rs 15,00,000Rs 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. 

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Tags: Budget 2022Budget ExpectationsNirmala SitharamanUnion Budget 2022
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