Income tax is a percentage of income paid to the government by the taxpayers for the betterment of the public at large. This income is categorized into different groups on the basis of the amount of income. Each such group is known as a Tax Slab. Tax is charged at different rates on the range of income falling under these different income tax subgroups. The Income Tax Act of 1961 is the law that governs the provisions for our income tax. The income tax rates are usually revised every year during the budget. Various deductions are usually allowed to a taxpayer under Section 80C, Section 80D etc.
Income Tax Slabs For General Taxpayers (less than 60 years old)
INCOME TAX SLAB RATES (RS./ANNUM) TAX (%)
₹0 – ₹2,50,000 No tax rates applicable
₹2,50,001 – ₹5,00,000 5%
₹5,00,001 – ₹10,00,000 20%
Above ₹10,00,000 30%
Income Tax Slabs For Senior Citizens (ages between 60 to 80 years)
INCOME TAX SLAB RATES (RS./ANNUM) TAX (%)
₹0 – ₹3,00,000 No tax rates applicable
₹3,00,001 – ₹5,00,000 5%
₹5,00,001 – ₹10,00,000 20%
Above ₹10,00,000 30%
Income Tax Slab For Super Senior Citizens (80 years and above)
INCOME TAX SLAB RATES (RS./ANNUM) TAX (%)
₹0 – ₹5,00,000 No tax rates applicable
₹5,00,001 – ₹10,00,000 20%
Above ₹10,00,000 30%