What is Income Tax Slabs ?
In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab.
There are three categories of individual taxpayers:
1.Individuals (below the age of 60 years) which includes residents as well as non-residents
2.Resident Senior citizens (60 years and above but below 80 years of age)
3.Resident Super senior citizens (above 80 years of age)
A. Income Tax Slabs for Individuals (below the age of 60 years) (both residents & non-residents) and HUF:
[table id=7 /]
B. Income Tax Slabs for Resident Senior citizens (60 years and above but below 80 years of age)
[table id=8 /]
C. Income Tax Slabs for Resident Super senior citizens (above 80 years of age)
[table id=9 /]
D. Income Tax Slabs for Domestic Companies
[table id=10 /]