Income Tax Slab FY 2021-22
(AY 2022-23)
Archived reference for FY 2021-22 income: old-regime and new-regime slab rates, the Section 87A rebate up to ₹5 lakh, standard-deduction rules and the Budget 2021 changes. For current rates, see FY 2025-26.
For FY 2021-22 (AY 2022-23), taxpayers could choose the old regime (0%, 5%, 20%, 30% with deductions) or the new optional regime (6 slabs from 5% to 30% without deductions). The Section 87A rebate made tax nil up to ₹5 lakh — in the old regime only, as the new regime carried no standard deduction or 87A back then.
These slabs apply to income earned in FY 2021-22 only. Rules have changed materially since: from FY 2023-24 the new regime became the default and gained a standard deduction; from FY 2025-26 tax is nil up to ₹12 lakh under the new regime. For rates that apply now, use the current income tax slabs and the income tax calculator.
Filing or fixing a current-year return instead?
Current FY 2025-26 Slabs →Old Regime Slabs — FY 2021-22
The old-regime slabs for FY 2021-22 by age category. Deductions such as Section 80C, HRA and the Section 24 home-loan interest were fully available here.
| Income Slab | Below 60 | Senior (60-80) | Super Senior (80+) |
|---|---|---|---|
| Up to ₹2,50,000 | Nil | Nil | Nil |
| ₹2,50,001 – ₹3,00,000 | 5% | Nil | Nil |
| ₹3,00,001 – ₹5,00,000 | 5% | 5% | Nil |
| ₹5,00,001 – ₹10,00,000 | 20% | 20% | 20% |
| Above ₹10,00,000 | 30% | 30% | 30% |
87A rebate: ₹12,500 for total income up to ₹5 lakh (old regime). Standard deduction ₹50,000 for salary/pension. 4% Health & Education cess on tax plus applicable surcharge.
- Basic exemption ₹2.5L (below 60), ₹3L (senior 60-80), ₹5L (super-senior 80+).
- Section 87A rebate of ₹12,500 made tax nil for total income up to ₹5 lakh.
- Standard deduction of ₹50,000 for salaried employees and pensioners.
- Full Chapter VI-A deductions (80C, 80D, 80CCD, HRA, LTA, home-loan interest) available.
New Optional Regime Slabs — FY 2021-22
The concessional regime under Section 115BAC offered six slabs with lower rates but no standard deduction, no 87A benefit above ₹5L exemption logic, and no 80C/80D/HRA. It was optional in FY 2021-22 (the old regime was the default that year).
| Income Slab | Tax Rate | Notes |
|---|---|---|
| ₹0 – ₹2,50,000 | Nil | Same basic exemption |
| ₹2,50,001 – ₹5,00,000 | 5% | No 87A in new regime |
| ₹5,00,001 – ₹7,50,000 | 10% | Lower than old 20% |
| ₹7,50,001 – ₹10,00,000 | 15% | Lower than old 20% |
| ₹10,00,001 – ₹12,50,000 | 20% | Lower than old 30% |
| ₹12,50,001 – ₹15,00,000 | 25% | Lower than old 30% |
| Above ₹15,00,000 | 30% | Same peak rate |
FY 2021-22 new regime: no standard deduction, no 87A rebate, and no 80C/80D/HRA/LTA/home-loan deductions. 4% cess applied on tax plus surcharge.
The ₹50,000 standard deduction was not available in the new regime for FY 2021-22; it was added to the new regime only from FY 2023-24. So opting new that year meant forgoing standard deduction, HRA, 80C and home-loan interest in exchange for lower slab rates.
Old vs New Regime — FY 2021-22
Old regime — with deductions
- Slabs 0 / 5 / 20 / 30%
- 87A: nil tax up to ₹5 lakh
- Standard deduction ₹50,000
- 80C, 80D, HRA, home-loan interest
- Default regime for FY 2021-22
New optional regime — no deductions
- Six slabs, 5% to 30%
- Lower rates in ₹5L-₹15L band
- No standard deduction
- No 80C/80D/HRA/LTA
- Had to be opted into each year
Worked example — ₹7.5 lakh income (no deductions)
New regime — ₹7.5L
Old regime — ₹7.5L
With no deductions, the new regime saved about ₹26,000 at ₹7.5 lakh. But claiming just ₹1.5 lakh of 80C under the old regime dropped its tax to roughly ₹52,000 — so the better choice depended on how many deductions you actually used.
Comparing regimes for a current-year return?
Old vs New Regime Calculator →Key Budget 2021 Changes
Budget 2021 left the slab rates unchanged but introduced several compliance and taxability changes effective from FY 2021-22:
- Senior citizens 75+ (pension + FD interest from one bank) exempt from filing ITR — Section 194P
- Interest on EPF contributions above ₹2.5 lakh/year made taxable (₹5 lakh for govt employees, no employer contribution)
- Section 80EEA affordable-housing loan interest extended to loans sanctioned up to 31 March 2022
- Pre-filled ITR forms expanded with salary, TDS, dividend and capital-gains data
FY 2021-22 Filing Is Now Closed
The ITR deadline for AY 2022-23 was 31 July 2022 (extended). The updated-return (ITR-U) window under Section 139(8A) closed on 31 March 2025, so a fresh or corrected FY 2021-22 return can no longer be filed. Remaining action is limited to responding to any departmental notice.
For a live return, use the current FY 2025-26 slabs and the FY 2025-26 calculator. See adjacent historical years at FY 2022-23, FY 2023-24 and FY 2024-25.
FY 2021-22 Income Tax — FAQs
Related TaxClue Services
Related income-tax guides
Filing or Fixing an Income Tax Return?
Whether it is the current year or an older assessment year still open, TaxClue's CA-led team handles ITR filing, regime selection, notices and refunds — 100% online, across India.