Income Tax Slabs Under New Regime, Last Date For Filing Returns. Read Details

Individual taxpayers, who don't possess any income from businesses, need to file their Income Tax Returns (ITRs) by July 31, 2022.

Every individual, whose annual income is above the exemption limit, needs to pay the tax. The Income Tax (I-T) is levied based on a slab system, that means the rates vary as per the income levels. The tax rate changes as the income increases.

The I-T slabs are different for taxpayers based on their annual income. Under the tax norms, individual taxpayers are divided under three categories.

* Individuals below the age of 60 years (both residents and non-residents)

* Resident Senior citizens (within age group of 60-80 years)

* Resident Senior citizens (above 80 years of age)

The taxpayers under senior and super senior citizen categories get certain benefits, based on  their age groups.

For filing their ITR for the financial year 2021-2022 (FY22) and assessment year 2022-2023 (AY23), taxpayers can opt between old and new tax regimes.

The new regime offers lower tax rates, particularly for salaried individuals with taxable income below Rs 15 lakh per annum, but with limited deductions and exemptions.

Income Tax Slabs For Financial Year 2021-22 And Assessment Year 2022-23

The old regime remains the same with the deductions.