The rates below apply only to FY 2022-23 returns. For the current year (FY 2025-26 / AY 2026-27), where the new regime is the default and tax is nil up to ₹12 lakh taxable income, see Income Tax Slabs.
For FY 2022-23 (AY 2023-24), the old regime slabs were Nil up to ₹2.5L, 5% on ₹2.5–5L, 20% on ₹5–10L and 30% above ₹10L. The new regime was optional with six lower slabs. A 4% cess applied in both, and the Section 87A rebate made tax nil up to ₹5 lakh total income. Standard deduction of ₹50,000 was available in the old regime only.
Old Regime Slabs — FY 2022-23
The old regime slabs for individuals below 60 were unchanged from FY 2021-22. The standard deduction of ₹50,000 for salaried taxpayers and Chapter VI-A deductions (80C, 80D, HRA) were available only here.
| Income Range | Tax Rate | Tax on Slab | Cumulative Tax |
|---|---|---|---|
| Up to ₹2,50,000 | Nil | ₹0 | ₹0 |
| ₹2,50,001 – ₹5,00,000 | 5% | ₹12,500 | ₹12,500 |
| ₹5,00,001 – ₹10,00,000 | 20% | ₹1,00,000 | ₹1,12,500 |
| Above ₹10,00,000 | 30% | On excess over ₹10L | + 4% cess |
Senior citizens (60–80 yrs): basic exemption ₹3L. Super-senior (80+ yrs): ₹5L. A 4% health & education cess applies on the tax amount.
New Regime Slabs — FY 2022-23 (Optional)
The new regime under Section 115BAC was optional in FY 2022-23. It offered six lower slabs but required forgoing the standard deduction and most exemptions (80C, HRA, etc.).
| Income Range | New Regime | Old Regime |
|---|---|---|
| Up to ₹2,50,000 | Nil | Nil |
| ₹2,50,001 – ₹5,00,000 | 5% | 5% |
| ₹5,00,001 – ₹7,50,000 | 10% | 20% |
| ₹7,50,001 – ₹10,00,000 | 15% | 20% |
| ₹10,00,001 – ₹12,50,000 | 20% | 30% |
| ₹12,50,001 – ₹15,00,000 | 25% | 30% |
| Above ₹15,00,000 | 30% | 30% |
New regime: same ₹2.5L basic exemption for all age groups; no standard deduction in FY 2022-23. 4% cess applies on tax in both regimes.
Old regime — with deductions
- Basic exemption ₹2.5L (₹3L / ₹5L for seniors)
- Standard deduction ₹50,000
- 80C, 80D, HRA & Chapter VI-A allowed
- 87A rebate makes tax nil up to ₹5L
- Better when deductions are high
New regime — lower slabs, no deductions
- Six graduated slabs, 5% to 30%
- No standard deduction in FY 2022-23
- Most exemptions & deductions forgone
- 87A rebate also nil up to ₹5L
- Better with few deductions
Not sure which regime saved you more for FY 2022-23?
Compare regimes →
How the Tax Added Up — FY 2022-23
Illustrative tax for a salaried individual below 60, with the old regime assuming only the ₹50,000 standard deduction (no 80C/HRA). Both regimes give nil tax at ₹5 lakh via the 87A rebate.
Income ₹10,00,000
Income ₹15,00,000
| Gross Income | Old Regime Tax* | New Regime Tax | Better Option |
|---|---|---|---|
| ₹5,00,000 | ₹0 (87A rebate) | ₹0 (87A rebate) | Both equal |
| ₹10,00,000 | ₹1,17,000† | ₹75,400 | New regime |
| ₹15,00,000 | ₹2,73,000† | ₹1,87,200 | New regime |
| ₹20,00,000 | ₹3,94,200† | ₹3,27,600 | New (unless deductions ₹3.75L+) |
*Old regime assumes standard deduction ₹50K only, no 80C/HRA. †Including 4% cess. Old regime wins once deductions (80C ₹1.5L + HRA + NPS etc.) exceed the break-even gap.
The old regime often beat the new regime in FY 2022-23 once total deductions crossed roughly ₹2.5–3.75 lakh, because the standard deduction and 80C/HRA were not available in the new regime that year. Standard deduction was extended to the new regime only from FY 2023-24.
Budget 2022 — Key Income Tax Changes
The Union Budget presented on 1 February 2022 made no change to tax slabs or rates. The significant changes were:
| Change | Section | Effective |
|---|---|---|
| Virtual Digital Assets (crypto/NFT) taxed at 30% | 115BBH | 1 Apr 2022 |
| 1% TDS on crypto transfers | 194S | 1 Jul 2022 |
| Updated Return (ITR-U) introduced | 139(8A) | 1 Apr 2022 |
| Surcharge on LTCG capped at 15% for all assets | 112A / 115AD | 1 Apr 2022 |
| Co-op society surcharge capped (7% / 12%) | — | 1 Apr 2022 |
VDA losses cannot be set off; only cost of acquisition is deductible. See our detailed guide on crypto tax.
- Belated return u/s 139(4) — was due by 31 Dec 2023
- ITR-U u/s 139(8A) — file within 24 months of AY end
- Crypto gains taxed flat 30% (no loss set-off)
- 1% TDS on crypto transfers above threshold
- Standard deduction ₹50,000 — old regime only
- 87A rebate ₹12,500 — total income up to ₹5L
Missed reporting income for FY 2022-23? File an updated return (ITR-U).
File Belated / Updated Return →FY 2022-23 vs 2023-24 vs 2025-26
How the new regime evolved after FY 2022-23. For the latest position, always use the current income tax slabs page.
| Feature | FY 2022-23 | FY 2023-24 | FY 2025-26 |
|---|---|---|---|
| New regime status | Optional | Default | Default |
| Standard deduction (new) | Not available | ₹50,000 | ₹75,000 |
| Basic exemption (new) | ₹2.5 lakh | ₹3 lakh | ₹4 lakh |
| 87A rebate (new) | ₹5L → ₹12,500 | ₹7L → ₹25,000 | ₹12L → ₹60,000 |
| Crypto tax rate | 30% (introduced) | 30% | 30% |
| ITR-U window | 2 years from AY end | 2 years from AY end | 4 years from AY end |
FY 2025-26 (AY 2026-27) new regime: nil tax up to ₹12 lakh taxable income via the enhanced 87A rebate. The ITR-U window was later extended to 48 months.
FY 2022-23 slabs are frozen for AY 2023-24 only. Budget 2023 and Budget 2025 substantially reworked the new regime. Use these numbers strictly for old FY 2022-23 returns and rectifications.
- Slabs & rebate: incometax.gov.in
- Finance Act, 2022 & Income-tax Act, 1961
- Crypto tax: Section 115BBH & TDS Section 194S (eff. FY 2022-23)
- Updated return: Section 139(8A) — ITR-U
Disclaimer: This guide is general information based on the law and notifications in force when it was last updated. It is not professional advice for your case — rates, thresholds and due dates change, so check the current position with the official source before you act on it.