These are the new IncomeTax slabs for the financial year 2021 to 2022 (From April 1st 2021 to March 31st 2022). There are 2 types of New Tax Regime slabs. They are as follows
- Residents above 60 years of age but less than 80 years of age
- Residents above 80 years of age (Super Senior Citizens)
The below tax slab is for Residents above 60 years. New Tax Regime doesn’t differentiate between Senior Citizens & Super Senior Citizens. The tax rate is same for all the residents irrespective of the age.
| New Regime Tax Slab | Tax Percentage | Tax in Rupees |
| 0 to 2,50,000 | NIL | 0 |
| 2,50,001 – 5,00,000 | 5% | 5% of Total Income exceeding 2,50,000 |
| 5,00,001 – 7,50,000 | 10% | Rs.12500 + 10% of Total Income exceeding 5,00,000 |
| 7,50,001 – 10,00,000 | 15% | Rs.37500 + 15% of Total Income exceeding 7,50,000 |
| 10,00,001 – 12,50,000 | 20% | Rs.75000 + 20% of Total Income exceeding 10,00,000 |
| 12,50,001-15,00,000 | 25% | Rs.125000 + 25% of Total Income exceeding 12,50,000 |
| above 15,00,000 | 30% | Rs.187500 + 30% of Total Income exceeding 15,00,000 |
Rebate of nearly 12500 is available under both tax regimes. So any resident earning less than 5 Lakh need not pay any Income tax.
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