Tax Slabs for AY 2022-23
Non-Resident Individual can opt for the existing tax regime or the new tax regime with lower rate of taxation (u/s 115BAC 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.
| Existing Tax Regime | New Tax Regime | |||
| Income tax slab | Income Rate tax | Income tax slab | Income tax Rate | |
| Up to ₹ 2,50,000 | Nil | Up to ₹ 2,50,000 | Nil | |
| ₹ 2,50,001 – ₹ 5,00,000 | 5% above ₹2,50,000 | ₹ 2,50,000 – ₹ 5,00,000 | 5% above ₹ 2,50,000 | |
| ₹ 5,00,001 – ₹ 10,00,000 | ₹ 12,500 + 20% above ₹ 5,00,000 | ₹ 5,00,001 – ₹ 7,50,000 | ₹ 12,500 + 10% above ₹ 5,00,000 | |
| Above ₹ 10,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | ₹ 7,50,001 – ₹ 10,00,000 | ₹ 37,500 + 15% above ₹ 7,50,000 | |
| ₹ 10,00,000 |
The rates of surcharge and Health & Education cess are same under both the tax regimes. Surcharge rate
10% – Taxable Income above ₹ 50 lakh – Up to ₹ 1 crore 15% – Taxable Income above ₹ 1 crore – Up to ₹ 2 crore 25% – Taxable Income above ₹ 2 crore – Up to ₹ 5 crore 37% – Taxable Income above ₹ 5 crore
Maximum surcharge on income by way of dividend or income such as short-term capital gains, long term capital gains and income in respect of securities is 15%.
Applicable education cess is 4%.
Please get in touch with us to understand which regime is more beneficial in your case.