Complete Guide to Income Tax in India
Income tax is a direct tax the government levies on what you earn, and the slabs and rates can be revised every year.
What is Income Tax?
Income tax is a type of direct tax that a government imposes on its people' earnings. The central government is required to collect this tax. Every year, the government can adjust the income slabs and tax rates.
Money earned in the form of a wage is not the sole source of income. Income from a residence, profits from a business, gains from a profession (such as a bonus), capital gains income, and 'income from other sources' are all included. The government also frequently allows for certain deductions from an individual's income before calculating the tax that will be levied.
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Income Tax Slabs Under New Tax Regime
New Regime Slab Rates
| Income from Rs 2.5 lakh to Rs 5 lakh | 5% |
|---|---|
| Income from Rs 5 lakh to Rs 7.5 lakh | 10% |
| Income from Rs 7.5 lakh to Rs 10 lakh | 15% |
| Income from Rs 10 lakh to Rs 12.5 lakh | 20% |
| Income from Rs 12.5 lakh to Rs 15 lakh | 25% |
| Income above Rs 15 lakh | 30% |
Existing Regime Slab Rates
| Income from Rs 2.5 lakh to Rs 5 lakh | 5% |
|---|---|
| Income from Rs 5 lakh to Rs 10 lakh | 20% |
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