what r current tax slab

Question

Accepted Answer

The tax slabs vary based on income levels and age.

There are different tax slabs for different income levels.
Individuals below the age of 60 years have different tax slabs compared to senior citizens.
The highest tax slab for individuals is 30%.
The tax slabs for the financial year 2021-22 are yet to be announced.
The tax slabs for the financial year 2020-21 are as follows: For individuals below 60 years of age, the tax slab is 5% for income up to 2.5 lakhs, 20% for income between 2.5 lakhs to 5 lakhs, and 30% for income above 5 lakhs. For senior citizens (60 years and above), the tax slab is 5% for income up to 3 lakhs, 20% for income between 3 lakhs to 5 lakhs, and 30% for income above 5 lakhs.

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