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Tax Brackets For 2024 Tax Year In India. In india, income tax is calculated using income tax slabs and rates for the applicable financial year (fy) and assessment year (ay). The government of india levies additional charges on individual taxpayers (irrespective of age) whose annual income exceeds inr 50 lakh.

An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. Be it the old tax regime slabs or the new ones, the income tax slabs of india embody a mechanism through which individual taxpayers in india pay their income tax,.