What is Taxable Income in India?

Sourav

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Ryan

0 April 10, 2022

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Nothing comes for free, nor even the wage you get for your hard work. The government has laid several taxes so that the collected revenue can help them to run the nation and there is also a tax on your income. So the answer to what is taxable income in India is very simple. Taxable income refers to the income of a person or an organisation minus the tax deductions. This amount is subjected to income tax and the tax is levied following several rules by the government.

What is taxable income in India 2021?

Tax rate changes and it did in 2021. See the Tax slab Rates here and get an idea

Income Tax Slab New Regime Income Tax Slab Rates FY 2021-22 (Applicable for All Individuals & HUF)

Rs 0.0 – Rs 2.5 lakh: NIL

Rs 2.5 lakh – Rs 5.00 lakh: 5% (tax rebate u/s 87a is available)

Rs 5.00 lakh- Rs 7.5 lakh: 10%

Rs 7.5 lakh – Rs 10.00 lakh: 15%

Rs 10.00 lakhs – Rs 12.50 lakh: 20%

Rs 12.5 lakhs – Rs 15.00 lakh: 25%

> Rs 15 lakh: 30%

What is the minimum taxable income in India?

A person with Net taxable income less than or equal to

Rs 5 lakh

is eligible for tax rebate u/s 87A i.e tax liability will be nil for such individuals in both – New and old tax regimes.