what is the various tax slab for professionals in India?
In India, the tax slab for professionals is based on their annual income and the tax rate is set by the government each financial year. The current tax slab for professionals for the financial year 2022-2023 is as follows:
Income up to Rs. 2,50,000 is exempt from tax.
Income between Rs. 2,50,001 and Rs. 5,00,000 is taxed at 5%
Income between Rs. 5,00,001 and Rs. 7,50,000 is taxed at 10%
Income between Rs. 7,50,001 and Rs. 10,00,000 is taxed at 15%
Income between Rs. 10,00,001 and Rs. 12,50,000 is taxed at 20%
Income between Rs. 12,50,001 and Rs. 15,00,000 is taxed at 25%
Income above Rs. 15,00,000 is taxed at 30%
It's important to note that, the above tax slab is for individuals and not for LLP or company. The tax slab for company and LLP is different. Also, it's advisable to seek professional guidance to ensure compliance with all the laws and regulations.
Comments