Income Tax Slabs & Rates

India Income Tax SLABS Explained

Taxpayers pay a percentage of their income to the government for the betterment of the public at large through income tax slabs. The government categorizes this income into different groups based on the amount of income, and each of these groups is a Tax Slab. Different rates of tax change on the range of income falling under these various income tax subgroups.

The Income Tax Act of 1961 is the law that governs the provisions for our income tax. During the budget, authorities usually revise the income tax rates every year. They typically allow various deductions to a taxpayer under Section 80C, Section 80D, etc.

If you are resident individual and your total income after all eligible deductions is equal to or less than 5 lakh, then a rebate of Rs. 12500 applies to the total tax payable before 4% of Health & Education cess. If your tax payable before cess is less than Rs. 12500 then that entire amount is discounted.

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Resident individual's Income tax slab rate for ages less than 60 years.

Senior Citizen's Income Tax Slab rate for ages between 60 to 80 years.

Super Senior Citizens Income Tax Slab rate for ages 80 years and above.

New Income Tax Slab rate For Financial year 2020- 2021 (AY 2021 - 2022)

Note: Either opt for the same tax rates which were applicable in the last financial year or the new tax regime.

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