In the budget for fiscal year 2022-23, the government has exempted those earning up to Rs100,000 per month from paying income tax — increasing the limit from the earlier Rs50,000 per month.

       Additionally, the government has issued a revised list of income tax slabs for salaried individuals. Earlier, there were 12 slabs, which have now been reduced to seven.

       These slabs are:

       For income below Rs600,000 per year (below Rs50,000 per month)

       For income of Rs600,000-Rs1.2m per year (Rs50,000 to Rs100,00 per month).

       For income between Rs1.2m-2.4m per year (Rs100,000 to Rs200,000 per month)

       For income between Rs2.4m-3.6m per year (Rs200,000 to Rs300,000 per month)

       For income between Rs3.6m-6m (Rs300,000 to Rs500,000 per month)

       For income is between Rs6m-12m per year (Rs500,000 to 10,00,000 per month)

       For income more than 12m per year (more than 10,00,000 per month)

       Use our calculator to calculate the tax you will be paying and find out your take-home salary.