How is tax bracket decided in india?
In India, the tax bracket that an individual falls into is determined by their taxable income. The taxable income is calculated by subtracting any deductions and exemptions that the individual is eligible for from their total income. The tax bracket for individuals in India is determined by the following tax rates:Up to INR 2.5 lakhs: No tax
INR 2.5 to 5 lakhs: 5%
INR 5 to 7.5 lakhs: 10%
INR 7.5 to 10 lakhs: 15%
INR 10 to 12.5 lakhs: 20%
INR 12.5 to 15 lakhs: 25%
Above INR 15 lakhs: 30%
Note that these tax rates are for the financial year 2021-22 and are subject to change in future years.
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