Income Tax Slab Rates for FY 2022-23 & AY 2023-24

Every year taxpayers need to make a note of changes announced in the budget that reflect in the income tax e-filing forms. Many filing details remain unchanged, whereas there may be changes in a few. The income tax slab rate specifies the yearly threshold limits at which a higher and a lower tax rate is applicable.

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The budget for the Financial Year 2022- 2023 was announced by Finance Minister Nirmala Sitharaman on 1st February 2022. The high hopes of salaried employees were left unanswered as there were no changes announced in the income tax slab rate for the Financial Year 2022 – 2023 and Assessment Year 2023 – 2024.

Some of the Highlights of Income Tax Slab Rate for FY 2022-23 (The Assessment Year 2023-24)

As mentioned above, the income tax slab rate for Financial Year 2022 – 2023 is the same as that for Financial Year 2021 – 2022. Here are a few highlights of the Income Tax Slab 2022 - 23.

  • There is no change in the current tax slab.

  • Taxpayers continue paying taxes following the previous year’s tax regime.

  • Either the Old or the New tax regime can be followed for the payment of tax.

  • Tax rebate of up to Rs. 12,500 is offered under Section 87A of the Income Tax Act, 1961.

  • Individual earning up to Rs. 5,00,000 does not fall under the tax-paying category, irrespective of the tax regime followed.

  • Once opted for a new tax regime, a taxpayer having income under the head Profits and Gains from Business and Profession will have to continue under the new regime for a lifetime. Other taxpayers can opt for the old or new regime every year.

  • Health and Education Cess of 4% is applicable on the tax amount for all taxpayers.

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Comparison of Income Tax Slab FY 2022-23 vs. FY 2021-22

Taxpayers are divided into 4 categories and 1 for domestic companies when it comes to paying taxes according to the income tax slab. Let us take a look at these categories:

  • Individuals less than 60 years old and Hindu Undivided Family (HUF) (including AOP, BOI, and Artificial Juridical Person)

  • A senior citizen with an age limit of 60 years and above but less than 80 years old.

  • A senior citizen who is 80 or above 80 years old.

  • Hindu Undivided Family (HUF) (including AOP, BOI, and Artificial Juridical Person)

  • Domestic companies

Comparison of Tax Rates Under Old Regime

  1. Income Tax Slab Rate for Individuals (Resident or Non-Resident) Less Than 60 Years Old and HUF

    Net Income Range Rate of Income-tax
    Assessment Year 2023-24 Assessment Year 2022-23
    Up to Rs. 2,50,000 - -
    Rs. 2,50,000 to Rs. 5,00,000 5% 5%
    Rs. 5,00,000 to Rs. 10,00,000 20% 20%
    Above Rs. 10,00,000 30% 30%
  2. Income Tax Slab Rate for Senior Citizens Below 80 Years of Age

    Net Income Range Rate of Income-tax
    Assessment Year 2023-24 Assessment Year 2022-23
    Up to Rs. 3,00,000 - -
    Rs. 3,00,000 to Rs. 5,00,000 5% 5%
    Rs. 5,00,000 to Rs. 10,00,000 20% 20%
    Above Rs. 10,00,000 30% 30%
  3. Income Tax Slab Rate for Super Senior Citizens Above 80 Years of Age

    Net Income Range Rate of Income-tax
    Assessment Year 2023-24 Assessment Year 2022-23
    Up to Rs. 5,00,000 - -
    Rs. 5,00,000 to Rs. 10,00,000 20% 20%
    Above Rs. 10,00,000 30% 30%
  4. Income Tax Slab Rate for HUF (Including AOP, BOI, and Artificial Juridical Person)

    Net Income Range Rate of Income-tax
    Assessment Year 2023-24 Assessment Year 2022-23
    Up to Rs. 2,50,000 - -
    Rs. 2,50,000 to Rs. 5,00,000 5% 5%
    Rs. 5,00,000 to Rs. 10,00,000 20% 20%
    Above Rs. 10,00,000 30% 30%

Rate of Surcharge

The cess and surcharge on income tax payable are applicable if the total income of the assessee exceeds the below-mentioned limits:

Surcharge Rate
Range of Income Assessment Year 2023-24 Assessment Year 2022-23
Above Rs. 50 Lakhs but less than Rs. 1 Crore 10% 10%
Above Rs. 1 Crore but less than Rs. 2 Crores 15% 15%
Above Rs. 2 Crores but less than Rs. 5 Crores 25% 25%
Above Rs. 5 crores but less than Rs. 10 Crores 37% 37%
Above Rs. 10 Crores 37% 37%

Income Tax Slab 2021 22 (New Regime)

The income tax slab under the old and the new regime remains the same for income up to Rs. 5,00,000.

 Here is the table with the new tax rates on the annual income:

Old Tax Rate(%) Annual Income (Rs.) New Tax Rate (%)
Nil Up to Rs. 2L Nil
5 2.5 L to Rs. 5L 5
20 Rs. 5L to Rs. 7.5L 10
20 Rs. 7.5L to Rs. 10L 15
30 Rs. 10L to Rs. 12.5L 20
30 Rs. 12.5L to Rs. 15L 25
30 Rs. 15L and above 30

Comprehensive List of Income Tax Slab/Brackets Applicable for FY 2022-23

An income tax is a tax the government imposes on the income earned by individuals and businesses. One must file an income tax return to justify their income. In this regard, to avail tax advantages to their fullest, it is crucial to understand the existing income tax slab for the fiscal year 2021-2022.

  1. Income Tax Slab Rate for Individuals below 60 Years Old, Hindu Undivided Family (HUF) and Other Artificial Judicial Person – Part (I)

    Annual Income Old Regime Tax Rates New Regime Tax Rates Health and Education Cess
    Up to Rs.2.5 lakh Nil Nil Nil
    Rs.2,50,001-Rs.5 Lakh 5% 5% 4% of Income Tax
    Rs.5,00,001-Rs.750000 20% 10% 4% of Income Tax
    Rs.7,50,001-Rs.1000000 20% 15% 4% of Income Tax
    Rs.10,00,001-Rs.1250000 30% 20% 4% of Income Tax
    Rs.12,50,001-Rs.1500000 30% 25% 4% of Income Tax
    Above Rs.1500000 30% 30% 4% of Income Tax

    Additional Component

    Surcharge:

    • 10% surcharge is applicable in case the income of an individual is more than Rs. 50,00,000 and less than Rs. 1,00,00,000.

    • 15% Surcharge is applicable in case the income of an individual is more than Rs. 1,00,00,000 and less than Rs. 2,00,00,000.

    • 25% Surcharge is applicable in case the income of an individual is more than Rs. 2,00,00,000 and less than Rs. 5,00,00,000.

    • 37% Surcharge is applicable in case the income of an individual is more than Rs. 5,00,00,000.

    • From budget 2019, the tax rebate of Rs. 12,500 under Section 87A of the IT Act 1961 is available to individuals with a yearly income of up to Rs.5 lakhs.

    Health and Education Cess:

    A Health and education cess of 4% is applicable on the amount of tax calculated, inclusive of the surcharge.

  2. Income Tax Slab Rate of Senior Citizens who are 60 years old or more but less than 80 years old- Part (II):

    Annual Income Old Regime Tax Rates New Regime Tax Rates Health and Education Cess
    Up to Rs.3 lakh Nil Nil Nil
    Rs.3,50,001-Rs.5 Lakh 5% 5% 4% of Income Tax
    Rs.5,00,001-Rs.750000 20% 10% 4% of Income Tax
    Rs.7,50,001-Rs.1000000 20% 15% 4% of Income Tax
    Rs.10,00,001-Rs.1250000 30% 20% 4% of Income Tax
    Rs.12,50,001-Rs.1500000 30% 25% 4% of Income Tax
    Above Rs.1500000 30% 30% 4% of Income Tax

    Additional Component

    Surcharge:

    • 10% surcharge is applicable in case the income of an individual is more than Rs. 50,00,000 and less than Rs. 1,00,00,000.

    • 15% Surcharge is applicable in case the income of an individual is more than Rs. 1,00,00,000 and less than Rs. 2,00,00,000.

    • 25% Surcharge is applicable in case the income of an individual is more than Rs. 2,00,00,000 and less than Rs. 5,00,00,000.

    • 37% Surcharge is applicable in case the income of an individual is more than Rs. 5,00,00,000.

    Health and Education Cess:

    A Health and education cess of 4% is applicable on the amount of tax calculated, inclusive of the surcharge.

  3. Income Tax Slab Rate for Super Senior citizen who are 80 years or more than 80 years old- Part (III)

    Annual Income Old Regime Tax Rates New Regime Tax Rates Health and Education Cess
    Up to Rs.5 lakh Nil Nil Nil
    Rs.5,00,001-Rs.750000 20% 10% 4% of Income Tax
    Rs.7,50,001-Rs.1000000 20% 15% 4% of Income Tax
    Rs.10,00,001-Rs.1250000 30% 20% 4% of Income Tax
    Rs.12,50,001-Rs.1500000 30% 25% 4% of Income Tax
    Above Rs.1500000 30% 30% 4% of Income Tax

    Additional Component

    Surcharge:

    • 10% surcharge is applicable in case the income of an individual is more than Rs. 50,00,000 and less than Rs. 1,00,00,000.

    • 15% Surcharge is applicable in case the income of an individual is more than Rs. 1,00,00,000 and less than Rs. 2,00,00,000.

    • 25% Surcharge is applicable in case the income of an individual is more than Rs. 2,00,00,000 and less than Rs. 5,00,00,000.

    • 37% Surcharge is applicable in case the income of an individual is more than Rs. 5,00,00,000.

    Health and Education Cess:

    A Health and education cess of 4% is applicable on the amount of tax calculated, inclusive of the surcharge.

Income Tax Slab Rate for Domestic Companies

Turnover Particulars Tax Rates
In case the gross turnover is up to Rs.400 Crore in the financial year 2017-18 25%
In case the gross turnover is exceeding Rs.400 Crore in the financial year 2017-18 30%
Where the Company opted for Section 115BA 25%
Where the Company opted for Section 115BAA 22%
Where the Company opted for Section 115BAB 15%

Additional Rates which are Applicable:

  1. Cess: 4% of Corporate Tax

    • Surcharge: If the taxable income is more than Rs.1 crore but less than Rs.10 crore, a surcharge of 7% of income tax is applicable.

    • Surcharge: If the taxable income is more than Rs.10 crore, then a surcharge of 12% of income tax is applicable.

    • Surcharge:- If Company opts for taxability u/s 115BAA or Section 115BAB, then a surcharge of 10% of income tax is applicable.

  2. Partnership Firms

    30% tax rate is applicable for any partnership firms & limited liability partnership (LLP).

  3. Additional Component

    The surcharge is applicable if the taxable income is more than Rs.1 crore, then a surcharge of 12% of income tax is applicable.

  4. Health and Education Cess:

    A Health and education cess of 4% is applicable on the amount of tax calculated, inclusive of the surcharge.

  5. Local Authorities/Entity

    30% tax rate is applicable for local authorities.

  6. Additional Component

    A surcharge is applicable if the taxable income is more than Rs.1 crore, then a surcharge of 12% of income tax is applicable.

  7. Health and Education Cess:

    A Health and education cess of 4% is applicable on the amount of tax calculated, inclusive of the surcharge.

Income Tax Slab Rate for Foreign Companies/Entity

Nature of Income Tax Rate
If any foreign company/entity functioning in India receives income as royalty compensated by the Indian government against the agreement implemented with the Indian concern  (After 31st March 1961, and before 1St April 1976) 50%
If any foreign company/entity functioning in India receives income as fees for any technical service provided according to the agreement implemented with the Indian concern  (After 29th February 1964 and before 1St April 1976) 50%
Any other additional income earned by a foreign company operating in India. 40%

Additional Component

2% surcharge is applicable in case the income is between Rs. 1 crore - Rs. 10 crore.

5% surcharge is applicable if the income exceeds Rs. 10 crores.

Income Tax Slab Rate for Co-operative Societies

Rural/Urban/Semi-Urban excluding Agricultural Societies and Self Help Group (SHG)

Income Threshold Applicable Tax Rate
Up to Rs. 10,000 10%
Rs. 10,001- Rs. 20,000 20%
Over Rs. 20,001 30%

Income Tax Slab and Rates on Dividend

From the FY 2021-22, the dividend income received is to be added to the total income in the hands of the assessee. The tax rates applicable will be the normal tax rates at which the income of the assessee is charged. 

Income tax Slab Rate for NRI

For the financial year 2021-22, the income tax slab rates are the following:

Annual Income Old Regime Tax Rates New Regime Tax Rates Health and Education Cess
Up to Rs.2.5 lakh Nil Nil Nil
Rs.2,50,001-Rs.5 Lakh 5% 5% 4% of Income Tax
Rs.5,00,001-Rs.750000 20% 10% 4% of Income Tax
Rs.7,50,001-Rs.1000000 20% 15% 4% of Income Tax
Rs.10,00,001-Rs.1250000 30% 20% 4% of Income Tax
Rs.12,50,001-Rs.1500000 30% 25% 4% of Income Tax
Above Rs.1500000 30% 30% 4% of Income Tax

Health and Education Cess:

A Health and education cess of 4% is applicable on the amount of tax calculated, inclusive of the surcharge.

Income tax Slab Rate for Expats

For the financial year 2022-23, the income tax slab rates are the following:

Annual Income Old Regime Tax Rates New Regime Tax Rates Health and Education Cess
Up to Rs.2.5 lakh Nil Nil Nil
Rs.2,50,001-Rs.5 Lakh 5% 5% 4% of Income Tax
Rs.5,00,001-Rs.750000 20% 10% 4% of Income Tax
Rs.7,50,001-Rs.1000000 20% 15% 4% of Income Tax
Rs.10,00,001-Rs.1250000 30% 20% 4% of Income Tax
Rs.12,50,001-Rs.1500000 30% 25% 4% of Income Tax
Above Rs.1500000 30% 30% 4% of Income Tax

Income tax Slab Rate for Freelancers

For the financial year 2022-23, the income tax slab rates are the following:

Annual Income Old Regime Tax Rates New Regime Tax Rates Health and Education Cess
Up to Rs.2.5 lakh Nil Nil Nil
Rs.2,50,001-Rs.5 Lakh 5% 5% 4% of Income Tax
Rs.5,00,001-Rs.750000 20% 10% 4% of Income Tax
Rs.7,50,001-Rs.1000000 20% 15% 4% of Income Tax
Rs.10,00,001-Rs.1250000 30% 20% 4% of Income Tax
Rs.12,50,001-Rs.1500000 30% 25% 4% of Income Tax
Above Rs.1500000 30% 30% 4% of Income Tax

Surcharge:

  • 10% surcharge is applicable in case the income of an individual is more than Rs. 50,00,000 and less than Rs. 1,00,00,000.

  • 15% Surcharge is applicable in case the income of an individual is more than Rs. 1,00,00,000 and less than Rs. 2,00,00,000.

  • 25% Surcharge is applicable in case the income of an individual is more than Rs. 2,00,00,000 and less than Rs. 5,00,00,000.

  • 37% Surcharge is applicable in case the income of an individual is more than Rs. 5,00,00,000.

Health and Education Cess:

A Health and education cess of 4% is applicable on the amount of tax calculated, inclusive of the surcharge.

Income tax Slab Rate for Doctors

For the financial year 2022-23, the income tax slab rates are the following:

Annual Income Old Regime Tax Rates New Regime Tax Rates Health and Education Cess
Up to Rs.2.5 lakh Nil Nil Nil
Rs.2,50,001-Rs.5 Lakh 5% 5% 4% of Income Tax
Rs.5,00,001-Rs.750000 20% 10% 4% of Income Tax
Rs.7,50,001-Rs.1000000 20% 15% 4% of Income Tax
Rs.10,00,001-Rs.1250000 30% 20% 4% of Income Tax
Rs.12,50,001-Rs.1500000 30% 25% 4% of Income Tax
Above Rs.1500000 30% 30% 4% of Income Tax

Surcharge:

  • 10% surcharge is applicable in case the income of an individual is more than Rs. 50,00,000 and less than Rs. 1,00,00,000.

  • 15% Surcharge is applicable in case the income of an individual is more than Rs. 1,00,00,000 and less than Rs. 2,00,00,000.

  • 25% Surcharge is applicable in case the income of an individual is more than Rs. 2,00,00,000 and less than Rs. 5,00,00,000.

  • 37% Surcharge is applicable in case the income of an individual is more than Rs. 5,00,00,000.

Health and Education Cess:

A Health and education cess of 4% is applicable on the amount of tax calculated, inclusive of the surcharge.

Income Tax Act, 1961

Income Tax Act 1961 consists of the provisions of income tax which is applicable uniformly to the whole of India and is effective since 1962. The Income Tax Act contains different provisions to determine tax liability, taxable income, current tax slab rate, a procedure for assessment of penalties, etc.

Key factors based on which income tax slab rate is applicable include:

  • Resident status of the assessee

  • Income of assessee

  • Rate of tax

  • Assessment year

  • Gross income

  • Charge of Income Tax

Income Tax Slab is applicable to

  • A Hindu Undivided Family (HUF)

  • Any salaried individual.

  • A firm

  • A company

  • Any local authority

  • A body of individuals (BOI)or an association of persons, whether incorporated or not.

Income Tax Slab Rate for FY 2019-20 & AY 2020-21

Some changes were introduced to the income tax slab announced in the interim budget 2019. Tax rebate under Section 87A of Rs. 12,500 was announced for individual assessees with income up to Rs. 5,00,000.

The income tax rates are first categorized across age groups and then cross-categorized across age group income to generate income tax slab rates. The following paragraphs discuss the income tax rates for the age/income slab matrix.

Some of the Highlights of Income Tax Slab Rate for FY 2019-20 (Assessment Year 2020-21)

The Income Tax slab rate helps you decide whether your income is taxable or not. The finance minister has introduced many changes in the current tax slab rate for the financial year 2019-2020 (AY 2020-2021). These are:

  • No tax is applicable for individuals whose income is less than Rs. 2,50,000

  • 0%-5% tax is applicable for the different age groups with income from Rs. 2,50,000 - Rs. 5,00,000.

  • 20% tax is applicable with income from Rs. 5,00,000 - Rs. 10,00,000.

  • 30% tax is applicable with income above Rs.10,00,000.

  • Investments up to a maximum of Rs. 1.5 lakh can be claimed as a deduction under section 80C of the Income Tax Act and can save up to Rs. 46,800 in taxes.

Based on the annual income earned by an individual, the following table shows different income tax slab rates applicable in India. The category and profile of the taxpayers have arranged the tax slabs.

Income Tax Slab Rates for the Financial year 2018-2019 (AY 2019-2020)

  1. Income tax slab rate for individual taxpayers & Hindu Undivided Family (HUF) (Less than 60 years of age) FY 18-19 (Part 1)

    Annual Income Tax Rates Health and Education Cess
    Up to Rs.2.5 lakh Nil Nil
    Rs.2,50,001-Rs.5 Lakh 5% 3% of Income Tax
    Rs.5,00,001-Rs.10 Lakh 20% 3% of Income Tax
    Above Rs.10 Lakh 30% 3% of Income Tax

    Additional Component

    Individuals can make investments and save up to Rs. 46,800 on taxes.

    Surcharge:

    • 10% surcharge is applicable in case the income of an individual is more than Rs. 50,00,000 and less than Rs. 1,00,00,000.

    • 15% Surcharge is applicable in case the income of an individual is more than Rs. 1,00,00,000.

    Health and Education Cess:

    A Health and education cess of 4% is applicable on the amount of tax calculated, inclusive of the surcharge.

  2. Income Tax Slab Rate of Senior Citizens who are 60 years old or more but less than 80 years old- For FY 2018-19- Part (II):

    Annual Income Tax Rates Health and Education Cess
    Up to Rs.3 lakh Nil Nil
    Rs.3,00,001-Rs.5 Lakh 5% 3% of Income Tax
    Rs.5,00,001-Rs.10 Lakh 20% 3% of Income Tax
    Above Rs.10 Lakh 30% 3% of Income Tax

    Additional Component

    • Individuals can make investments and save up to Rs. 46,800 on taxes.

    • 10% surcharge is applicable in case the income of an individual is more than Rs. 50,00,000 and less than Rs. 1,00,00,000.

    • 15% Surcharge is applicable in case the income of an individual is more than Rs. 1,00,00,000.

  3. Income Tax Slab Rate for Super Senior Citizens who are 80 years or more than 80 years old-  for FY 2018-19-Part (III)

    Annual Income Income Tax Rates
    Up to Rs.5 lakh Nil
    Rs.5,00,001-Rs.10 Lakh 20%
    Above Rs.10 Lakh 30%

    Additional Component

    • Individuals can make investments and save up to Rs. 46,800 on taxes.

    • 10% surcharge is applicable in case the income of an individual is more than Rs. 50,00,000 and less than Rs. 1,00,00,000.

    • 15% Surcharge is applicable in case the income of an individual is more than Rs. 1,00,00,000.

  4. ​Income Tax Slab Rate for Domestic Companies for FY 2018-19- (Part IV)

    Turnover Particulars Income Tax Rates
    In case the gross turnover in the preceding year is less than or up to Rs. 50 crore 25%
    In case the gross turnover in the preceding year is more than Rs. 50 crore 30%

    Additional Rates which are Applicable:

    Cess: 3% of corporate tax

    • Surcharge:  If the taxable income is more than Rs.1 crore but less than Rs.10 crore, then a surcharge of 7% of income tax is applicable.

    • Surcharge: If the taxable income is more than Rs.10 crores, then a surcharge of 12% of income tax is applicable.

Comparison of Income Tax Slab FY 19-20 VS FY 18-19

Income Tax Slab for HUF and individuals less than 60 years of age.

Income Range Per Annum Tax Rate FY 2019-20, AY 2020-21 Tax Rate FY 2018-19, AY 19-20
Up to 2.5 lakhs No tax No tax
Rs. 2,50,000- Rs.5,00,000 5% + 4% cess 5%+4% cess
Rs.5,00,000-Rs. 10,00,000 20% +4% cess 20% + 4% cess
Rs.10,00,000-Rs.50,00,000 30%+ 4% cess 30%+4% cess
Rs.50,00,000- Rs.1,00,00,000 30%+10% surcharge+4%cess 30%+10% surcharge+4%cess
Above Rs.1,00,00,000 30%+15% surcharge+4%cess 30%+15% surcharge+4%cess
Tax rebate U/S 87(A) 100% tax rebate ( Subject to a maximum of Rs.12,500) is applicable to the resident individuals whose total taxable income does not exceed Rs.5 lakh 100% tax rebate ( Subject to a maximum of Rs. 2,500) is applicable to the resident individuals whose total taxable income does not exceed Rs.3.5 lakh

Key Comparison

  • For the financial year 2019-2020 and assessment year 2020-2021, the income tax slab has remained unchanged for all citizens (including senior citizens).

  • The education cess of 4% on income tax is the same as the previous year.

  • The standard deduction for salaried individuals has increased from Rs. 40,000 to Rs. 50,000.

  • No changes have been made to the corporate tax. The corporate tax applicable is 25% for domestic companies whose turnover is up to Rs. 250 crores.

  • 10% tax on long-term capital gain exceeding Rs 1 Lakh.

  • Short-term capital gains to continue to be taxed at 15%

For Senior Citizens

  • Zero TDS on interest earned from FDs up to Rs 50,000

  • Tax exemption on interest from FD, Post Office up to RS 50,000 as per the Section 80TTB

  • Premium paid for senior citizen medical insurance is exempted up to Rs. 50,000

  • As per Section 80DDB, tax exemption for certain critical illnesses is up to Rs. 60,000 in the case of senior citizens, up to Rs. 80,000 in the case of super senior citizens, and Rs. 1 Lakh in the case of all senior citizens.

FAQ's

  • How to know my income tax slab 2021 22?

    Individual taxpayers can choose their current tax slab from either the old or the new regime. If you have investments that are eligible for tax exemption, you can pay tax under the old regime. If not, you can opt for the new regime of the income tax slab rate.
  • How much annual income is not taxable under the income tax slab?

    Income up to Rs.5,00,000 is tax-free because of the Rebate provided under Section 87A.
  • How much tax will I have to pay if my salary is 30000?

    You will not be required to pay tax under the income tax slab 2021 22 if you earn Rs. 30,000 per month.
  • How much tax should I pay if I earn 10 lakhs under old regime of current tax slab?

    If your total annual income after deductions is 10 lakhs, you have to pay Rs.1,17,000 under the old regime of the income tax slab.
  • Should I opt for old regime of income tax slab rate or the new regime of the income tax slab?

    You will not be eligible to claim certain deductions under the new regime of the income tax slab. So, if you have investments that are eligible for tax exemptions, then you may want to choose the old regime of the income tax slab.
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