๐The current income tax rates in India for the financial year 2022-2023 (assessment year 2023-2024) are as follows:
For individuals below the age of 60 years:
- Up to INR 2,50,000: Nil
- INR 2,50,001 to INR 5,00,000: 5%
- INR 5,00,001 to INR 10,00,000: 20%
- Above INR 10,00,000: 30%
For individuals aged 60 years or more but less than 80 years:
- Up to INR 3,00,000: Nil
- INR 3,00,001 to INR 5,00,000: 5%
- INR 5,00,001 to INR 10,00,000: 20%
- Above INR 10,00,000: 30%
For individuals aged 80 years or more:
- Up to INR 5,00,000: Nil
- INR 5,00,001 to INR 10,00,000: 20%
- Above INR 10,00,000: 30%
Note: These tax rates are applicable for residents of India. The tax laws and rates are subject to change and it is advisable to check for updates.๐๐๐๐๐๐๐๐๐๐๐๐๐
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