The income tax rates/rates applicable for Non-resident Indian Individuals (NRIs) of all age groups, HUFs, AOPs, BOIs, and AJPs, in respect of AY 2022-23, as per the Finance Act, 2022, are as follows:
|Income Slabs||Income Tax Rates|
|Up to Rs. 2.5 Lacs||Nil|
|Above Rs. 2.5 lacs but up to Rs. 5 lacs||5%|
|Above Rs. 5 lacs but up to Rs. 10 lacs||20% plus Rs. 12,500|
|Above Rs. 10 lacs||30% plus Rs. 1,12,500|
As mentioned above, the income tax rates for NRIs, HUFs, AOPs, BOIs, and AJPs in each slab are inclusive of income tax liability up to the previous slab(s).
To figure out how much income tax you owe in total, you have to add on the surcharge and the health and education cess, as shown below:
Surcharge to be levied on the tax amount, is the same like applicable for Resident Individuals, as explained in the following post:
Surcharge Rates on Income Tax: AY 2022-23
Option to avail marginal relief from the surcharge is available, if applicable.
Health and Education Cess (HEC)
Rate of HEC is 4% in all cases.
Needless to say, no tax is payable if the taxable income is below the maximum exemption limit, if any, in the case of each person, like individuals, HUFs, AOPs, BOIs, AJPs, etc. Further, in the case of an individual, the basic exemption amount and tax rate are based on his or her age and taxable income, respectively, in the previous year.
Related Posts: >> Finance Act, 2022 <<
|Income Tax Slabs/ Rates:||Income Tax Cess, Surcharge & Rebate|
|Resident Individuals||Education Cess Rates|
|NRIs/ HUFs/ AOP/ BOI/ AJP||Surcharge Rates|
|Partnership Firms and LLPs||Marginal Relief from Surcharge|
|Domestic Companies||Rebate u/s 87A for Individuals|