Question

Income tax slabs in India are which of the following?


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Answer 1

Answer:

Income Tax Slabs and Rates for Financial Year: 2019-20

Income Tax Slab Senior Citizens (aged 60 years but less than 80 years)

Up to 3,00,000 Nil

3,00,001 to 5,00,000 5%

5,00,001 to 10,00,000 10,000 + 20% of total income exceeding 5,00,000

Above 10,00,000 1,10,000 + 30% of total income exceeding 10,00,000

Explanation:

Answer 2

Answer:

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Explanation:

As per the current income tax slabs, taxation of income of resident individuals below 60 years is as follows: Income up to Rs 2.5 lakh is exempt from tax, 5 per cent tax on income between Rs 250,001 to Rs 5 lakh; 20 per cent tax on income between Rs 500,001 and Rs 10 lakh; and 30 per cent tax on income above Rs 10 lakh .