![]() Such income tax slabs tend to undergo a change during every budget. This type of taxation enables progressive and fair tax systems in the country. It means the tax rates keep increasing with an increase in the income of the taxpayer. Slab system means different tax rates are prescribed for different ranges of income. Indian Income tax levies tax on individual taxpayers on the basis of a slab system. Budget 2023 Update: Income Slabs Revised for New Tax Regime Income Range Let us take a look at each one of these categories. The income tax slabs for individuals are divided into three categories – individuals below the age of 60, individuals aged between 60 and 80, and individuals above the age of 80. If their income is above the minimum threshold limit (known as basic exemption limit ), then people will have to file income tax returns and pay the applicable taxes. In the case of individuals, tax is not levied at a flat rate but as per the slab system. Income tax is levied on the income earned by all the individuals, HUF, partnership firms, LLPs and Corporates as per the Income tax Act of India.
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