In this video, we’ll explore income tax slabs under both the Old and New Regimes. These could help determine how much tax you might owe based on your income.
First, we’ll look at the Old Tax Regime. Here, you won't have to pay tax for income up to ₹2.5 Lakhs if you are a non-senior citizen. For senior and super senior citizens, this exemption is ₹3 Lakhs and ₹5 Lakhs, respectively. After that, the rates are the same for citizens of all ages. Next, you’ll learn about the tax slabs applicable. They start at 5% for income between ₹2.5 Lakhs and ₹5 Lakhs. Thereafter, the tax brackets are 20% (between ₹5 Lakhs and ₹10 Lakhs) and 30% (above ₹10 Lakhs).
Similarly, we’ll cover the New Tax Regime. Here, you won’t have to pay tax for income up to ₹3 Lakhs, regardless of your age. After that, the applicable tax rates are 5%, 10%, 15%, and 20%. In this video, you’ll also learn about the applicable income brackets. These are ₹3 Lakhs to ₹6 Lakhs, ₹6 Lakhs to ₹9 Lakhs, ₹9 Lakhs to ₹12 Lakhs, and ₹12 Lakhs to ₹15 Lakhs, and above ₹15 Lakhs.
With this summative idea of the tax slabs, you could be better prepared to plan your tax filing.
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