What are the Income tax slab rate??

Question

Accepted Answer

Income tax slab rates vary based on income levels and tax laws of the country.

Income tax slab rates are different for different countries.
In India, for the financial year 2021-22, the income tax slab rates for individuals are as follows:
- Up to Rs. 2.5 lakhs - Nil
- Rs. 2.5 lakhs to Rs. 5 lakhs - 5%
- Rs. 5 lakhs to Rs. 7.5 lakhs - 10%
- Rs. 7.5 lakhs to Rs. 10 lakhs - 15%
- Rs. 10 lakhs to Rs. 12.5 lakhs - 20%
- Rs. 12.5 lakhs to Rs. 15 lakhs - 25%
- Above Rs. 15 lakhs - 30%
The income tax slab rates may change every year based on the budget announcements.
The income tax slab rates for companies and firms are different from those for individuals.
The income tax slab rates may also vary based on the type of income, such as salary, capital gains, or business income.

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