Income Tax Slab 2022-23 (AY 2023-24) — Old & New Regime Rates
Updated: 3 June 2026 | FY 2022-23 / AY 2023-24 | Historical reference
For FY 2022-23 (AY 2023-24), the old regime tax slabs were 0–₹2.5L: Nil, ₹2.5–5L: 5%, ₹5–10L: 20%, above ₹10L: 30%. The new regime offered more granular slabs (up to 6 brackets) but remained optional — no change from FY 2021-22 slabs. Budget 2022 introduced 30% tax on crypto and the updated return (ITR-U) facility.
₹12,500
Section 87A rebate — income up to ₹5 lakh: zero tax payable
Available in both old and new regimes for total income ≤ ₹5 lakh in FY 2022-23
Available in both old and new regimes for total income ≤ ₹5 lakh in FY 2022-23
ⓘ
This is a historical page for FY 2022-23. For current rates (FY 2025-26 / 2026-27), see Income Tax Slabs. Budget 2023 revised the new regime slabs significantly — the rates shown here apply only to FY 2022-23 returns.
Old Regime Slabs — FY 2022-23 (AY 2023-24)
The old tax regime slabs for individuals below 60 years remained unchanged from FY 2021-22. Standard deduction of ₹50,000 was available only under this regime.
| 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 |
For senior citizens (60–80 yrs): basic exemption ₹3L. For super seniors (80+ yrs): ₹5L basic exemption.
New Regime Slabs — FY 2022-23 (Optional)
The new regime was optional in FY 2022-23. It had lower slab rates but required forgoing most deductions and exemptions (80C, HRA, standard deduction, etc.).
| Income Range | Tax Rate (New Regime) | Tax Rate (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 basic exemption (₹2.5L) for all age groups. 4% health & education cess applies on all tax amounts.
Tax Calculation Examples — FY 2022-23
| 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 regime (unless deductions ₹3.75L+) |
*Old regime assumes standard deduction ₹50K only, no 80C/HRA. †Including 4% cess. Old regime becomes better when deductions (80C ₹1.5L + HRA + NPS etc.) exceed the "break-even" gap.
FY 2022-23 vs 2023-24 vs 2025-26 — Regime Comparison
| Feature | FY 2022-23 | FY 2023-24 | FY 2025-26 |
|---|---|---|---|
| New regime status | Optional | Default | Default |
| Standard deduction (new regime) | Not available | ₹50,000 | ₹75,000 |
| Basic exemption (new regime) | ₹2.5 lakh | ₹3 lakh | ₹4 lakh |
| 87A rebate limit (new regime) | ₹5 lakh → ₹12,500 | ₹7 lakh → ₹25,000 | ₹12 lakh → ₹60,000 |
| Crypto tax rate | 30% (introduced) | 30% | 30% |
| ITR-U window | 2 years from AY end | 2 years from AY end | 2 years from AY end |
Budget 2022 — Key Income Tax Changes
Budget 2022 (Union Budget presented 1 February 2022) made no changes to tax slabs or rates. The significant changes were:
| Change | Section | Effective Date |
|---|---|---|
| Virtual Digital Assets 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 |
Frequently Asked Questions
What were the income tax slabs for FY 2022-23 (AY 2023-24)?
For FY 2022-23, the old regime slabs were: 0–₹2.5 lakh = Nil, ₹2.5–5 lakh = 5%, ₹5–10 lakh = 20%, above ₹10 lakh = 30%. Under the optional new regime: 0–₹2.5L = Nil, ₹2.5–5L = 5%, ₹5–7.5L = 10%, ₹7.5–10L = 15%, ₹10–12.5L = 20%, ₹12.5–15L = 25%, above ₹15L = 30%. A 4% health and education cess applies on the tax amount in both regimes. Section 87A rebate of ₹12,500 was available for total income up to ₹5 lakh under both regimes.
What changed in Budget 2022 for income tax?
Budget 2022 did not change tax slabs or rates. Key income tax changes were: (1) Updated Return (ITR-U) introduced under Section 139(8A) — allows taxpayers to file a corrected return within 2 years of the end of the assessment year on payment of additional tax; (2) Virtual digital assets (crypto, NFTs) taxed at a flat 30% under Section 115BBH with no loss offset or deduction allowed except cost of acquisition; (3) Surcharge on long-term capital gains capped at 15% for all assets; (4) Cooperative societies: surcharge capped at 7% for income between ₹1–10 crore and 12% above ₹10 crore.
Was cryptocurrency taxed in FY 2022-23?
Yes. Budget 2022 introduced Section 115BBH, which levied a flat 30% tax on income from transfer of virtual digital assets (VDAs) — covering Bitcoin, Ethereum, NFTs, and other crypto assets. This rate applied from 1 April 2022 (FY 2022-23 onwards). Key restrictions: no deduction allowed except the cost of acquisition; losses from VDA cannot be set off against any other income; TDS of 1% (Section 194S) applies on VDA transactions above ₹10,000 per year (or ₹50,000 for specified persons). Crypto gifts are also taxable at 30%.
How to file a belated or updated return for FY 2022-23?
For FY 2022-23 (AY 2023-24): A belated return under Section 139(4) could be filed up to 31 December 2023. An Updated Return (ITR-U) under Section 139(8A) can be filed within 2 years of the end of the relevant assessment year — so for AY 2023-24, this deadline is 31 March 2026. ITR-U requires payment of additional tax: 25% of tax+interest if filed within 12 months, or 50% if filed between 12–24 months. ITR-U cannot be filed to claim a refund or reduce tax liability — it can only be used to report additional income missed in the original/belated return.
Was the standard deduction available in both regimes for FY 2022-23?
No. The standard deduction of ₹50,000 for salaried employees was available only under the old tax regime for FY 2022-23. Under the new tax regime (which was optional that year), no standard deduction was allowed. The standard deduction was extended to the new regime only from FY 2023-24 (Budget 2023). Similarly, deductions under Chapter VI-A like 80C, 80D, HRA (80GG), and most other deductions were unavailable under the new regime in FY 2022-23.
Related Pages
◆ Available in 71 Cities
Income Tax Slab 2022 23 Near You
Expert CA/CS assistance for income tax slab 2022 23 across India. Click your city for local details.
→
New Delhi
→
Mumbai
→
Bengaluru (Bangalore)
→
Hyderabad
→
Chennai
→
Kolkata
→
Pune
→
Ahmedabad
→
Noida (UP)
→
Gurgaon (Gurugram)
→
Jaipur
→
Lucknow
→
Chandigarh
→
Surat
→
Kochi (Cochin)
→
Faridabad
→
Ghaziabad
→
Greater Noida
→
Panipat
→
Sonipat
→
Manesar (IMT)
→
Dharuhera
→
Mathura
→
Palwal
→
Agra
→
Kosi Kalan
→
Aligarh
→
Khair
→
Jewar (Noida International Airport)
→
Kanpur
→
Varanasi (Kashi)
→
Prayagraj (Allahabad)
→
Meerut
→
Bareilly
→
Moradabad
→
Gorakhpur
→
Firozabad
→
Saharanpur
→
Muzaffarnagar
→
Bulandshahr
→
Hapur
→
Karnal
→
Kurukshetra
→
Ambala
→
Hisar
→
Rohtak
→
Yamunanagar
→
Rewari
→
Bhiwani
→
Jodhpur
→
Udaipur
→
Kota
→
Ajmer
→
Bikaner
→
Ludhiana
→
Amritsar
→
Jalandhar
→
Patiala
→
Mohali (SAS Nagar)
→
Bathinda
→
Dehradun
→
Haridwar
→
Rudrapur
→
Shimla
→
Solan (Baddi-Barotiwala-Nalagarh)
→
Bhopal
→
Indore
→
Gwalior
→
Jammu
→
Srinagar
→
Panchkula