Hey there,
As citizens of this country, we are supposed to pay taxes to the state and Central government. Tax is levied on taxpayers based on a slab system or India income tax slabs. This tax slab is set by the Income Tax Department of India. Keep reading to know more.
What is the tax slab in India?Tax slab means that there are different tax rates prescribed for different ranges of income. eg. Higher the income of a person or salaried employee, higher the tax rate. People who have lower income will have to pay a lower tax rate i.e. they will be put in a lower tax slab in India.
Take a look below at the income tax slab in India :| Income Tax Slab | New Regime Income Tax Slab Rates |
| Rs 0.0 – Rs 2.5 Lakhs | NIL |
| Rs 2.5 lakhs- Rs 3.00 Lakhs | 5% (tax rebate u/s 87A is available) |
| Rs. 3.00 lakhs – Rs 5.00 Lakhs | |
| Rs. 5.00 lakhs- Rs 7.5 Lakhs | 10% |
| Rs 7.5 lakhs – Rs 10.00 Lakhs | 15% |
| Rs 10.00 lakhs – Rs. 12.50 Lakhs | 20% |
| Rs. 12.5 lakhs- Rs. 15.00 Lakhs | 25% |
| > Rs. 15 Lakhs | 30% |
According to news sources, there might be some changes in the current tax slab in India. The GST Council is set to raise the lowest tax slab to 8% from 5%. As the economy undergoes changes, taxation policies and practices will change as well.
This is all from my end on India income tax slabs.
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Authors Of The Question
What is the tax slab in india ?
Kanhaiya
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2 Year
2022-03-09T18:15:55+00:00 2022-03-09T18:15:57+00:00Comment
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