Union Budget 2022: New Income Tax rates as per new regime

New Delhi, Feb 01: The salaried class in particular was waiting for some announcement on the changes in the Income Tax slab during the presentation of the Union Budget 2022.

However no significant change was announced on the IT slabs. However Union Finance Minister, Nirmala Sitharaman said today that taxpayers can now update their IT Returns within 2 years. "To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year" the finance minister also said.

IT rates as per new regime:

Up to 2.5 lakh: nil

Above Rs 2.50 lakh-Rs 5 lakh: 10 per cent of the total income that is more than 2.5 lakh

Above 5 lakh-Rs 6.50 lakh: 10 per cent of the total income that is more than Rs 5 lakh plus Rs 12,500

Above Rs 7.50 lakh- Rs 10 lakh: 15 per cent of the total income that is more than 7.5 lakh plus Rs 37,500

Above Rs 10 lakh to 12.50 lakh: 20 per cent of the total income that is more than Rs 10 lakh plus Rs 75,000

Above 12.50 lakh to Rs 15 lakh: 25 per cent of the total income that is more than 12.5 lakh plus Rs 1,25,000

Above Rs 15 lakh: 30 per cent of the total income that is over Rs 15 lakh plus 1,87,500.