How to Calculate Income Tax for FY 2021-2022?

In India, the Income-tax Act entails the rules and regulations to follow, for computation of tax. The Act establishes different tax slabs for calculating the taxes for a person based on different categories. Every year the slab rates are finalized in the Union Budget. Depending upon the income earned by a person the slab rates vary, and so does the tax.

What Are the Income Tax Slab Rates?

The tax to be paid can be easily calculated by using the Income Tax Calculator available online. You would need to provide the income details, exemption details, details of deduction under
Form 16A, and the source of income details to get the results from salary income tax calculator.

Income tax slab rates are categorized based on the type of person, age and category. Individual and HUF taxpayers are classified into the following three categories:

  1. Residents as well as non-residents below the age of 60 years
  2. Senior citizen resident equal to or between the age of 60 years and 80 years
  3. Super senior citizen resident above 80 years of age
Income Tax Slab Rates for Individual and HUF Tax Payers below 60 Years of Age (FY 2021-2022)

Income Tax Slab Rates for Individual and HUF Tax Payers above 60 Year of Age and below 80 Years of Age (FY 2022-2022)

Income Tax Slab Rates for Individual and HUF Tax Payers above 80 Year of Age (FY 2022-2022)

Income Tax Slab Rates for Corporate entities (FY 2021-2022)

* For domestic companies the tax rate applicable is 25% if the turnover is less than Rupees 50 Crore.

For identifying in which slab rate a person falls Net income must be considered which is computed after deducting all the deductions and exemptions.

For reducing the load of all the calculations and identifying in which slab rate you fall Bajaj Finserv provides various financial products. The
Income Tax Calculator helps you calculate your income chargeable to tax, and automatically identifies the slab rates to imply. Reduce your efforts and make your tax computations accurate by using Income Tax Calculator on salary with Bajaj Finserv.

Rate author