Understanding Income Tax Calculation
Income tax is calculated based on different slabs defined by the government.
The tax slabs vary for different age groups:
India’s Tax Slabs (New Regime 2024-25):
- ₹0 - ₹3,00,000: No tax
- ₹3,00,001 - ₹6,00,000: 5%
- ₹6,00,001 - ₹9,00,000: 10%
- ₹9,00,001 - ₹12,00,000: 15%
- ₹12,00,001 - ₹15,00,000: 20%
- Above ₹15,00,000: 30%