The current income tax system in India

👉The 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.🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏