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In the budget for fiscal year 2022-23, the government has exempted those earning up to Rs100,000 per month from paying income tax — increasing the limit from the earlier Rs50,000 per month.
Additionally, the government has issued a revised list of income tax slabs for salaried individuals. Earlier, there were 12 slabs, which have now been reduced to seven.
These slabs are:
- For income below Rs600,000 per year (below Rs50,000 per month)
- For income of Rs600,000-Rs1.2m per year (Rs50,000 to Rs100,00 per month).
- For income between Rs1.2m-2.4m per year (Rs100,000 to Rs200,000 per month)
- For income between Rs2.4m-3.6m per year (Rs200,000 to Rs300,000 per month)
- For income between Rs3.6m-6m (Rs300,000 to Rs500,000 per month)
- For income between Rs6m-12m per year (Rs500,000 to 10,00,000 per month)
- For income more than 12m per year (more than 10,00,000 per month).
