What is the Income Tax Slab Rate for FY 2023-24? To figure out the income tax on your salary, start by looking at the tax slabs set by the Income Tax Department of India for the financial year. For individuals (Age < 60 years) ...
In case your taxable income crosses this level then the regular existing tax slab rates of 5%, 20% and 30% plus cess and surcharge will apply. The income level for this purpose will be taxable income and not gross total income. Therefore, someone with higher gross income can invest in ...
However, pensioners will benefit substantially as earlier they did not get any standard deduction or any of the other allowances given to salaried employees. They would save tax payable on this entire amount of deduction but of course have to pay...