Union budget 2022: Salaried class demand increase in Income tax slab, check out the current one

New Delhi: As Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2022 on February 1, the most pressing demand from the salaried class is to bring changes in the income-tax slabs and increase the rebates under section 80C, 80EE, 80EEA and 24(b) of the Income Tax Act.

Here is looking at the current slab for Individual (resident or non-resident) less than 60 years of age.

Existing Tax Regime		New Tax Regime u/s 115BAC
Income Tax Slab	Income Tax Rate	Income Tax Slab	Income Tax Rate
Up to Rs 2,50,000	Nil	Up to Rs 2,50,000	Nil
Rs 2,50,001 - Rs 5,00,000	5% above Rs 2,50,000	Rs 2,50,001 - Rs 5,00,000	5% above Rs 2,50,000
Rs 5,00,001 - Rs 10,00,000	Rs 12,500 + 20% above Rs 5,00,000	Rs 5,00,001 - Rs 7,50,000	Rs 12,500 + 10% above Rs 5,00,000
Above Rs 10,00,000	Rs 1,12,500 + 30% above Rs 10,00,000	Rs 7,50,001 - Rs 10,00,000	Rs 37,500 + 15% above Rs 7,50,000
		Rs 10,00,001 - Rs 12,50,000	Rs 75,000 + 20% above Rs 10,00,000
		Rs 12,50,001 - Rs 15,00,000	Rs 1,25,000 + 25% above Rs 12,50,000
		Above Rs 15,00,000	Rs 1,87,500 + 30% above Rs 15,00,000

It is to be noted that individuals and HUFs can opt for the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act). The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain Exemptions and Deductions (like 80C, 80D,80TTB, HRA) available in the Existing Tax Regime.