Income Tax is calculated on income earned by all individuals, Hindu Undivided Family (HUF), partnership firms, and corporates as per the Income Tax Act of India.
The income tax rates as per the Old tax regime are as follows:
| Income tax slabs | Old tax regime (tax rate %) |
| ₹0 - ₹2.5 lakh | Nil |
| ₹2.5 lakh - ₹5 lakh | 5% |
| ₹5 lakh - ₹10 lakh | 20% |
| Above 10 lakhs | 30% |
The income tax rates as per the New tax regime are as follows:
| Income tax slabs | New tax regime (tax rate %) |
| ₹0 - ₹3 lakhs | Nil |
| ₹3 lakhs - ₹6 lakhs | 5% |
| ₹6 lakhs - ₹9 lakhs | 10% |
| ₹9 lakhs - ₹12 lakhs | 15% |
| ₹12 lakhs - ₹15 lakhs | 20% |
| Above 15 lakhs | 30% |
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