The term "income tax slab" refers to income brackets dictating the amount of tax owed based on earnings. Introduced for equitable taxation, the slabs may change annually. Currently, two regimes exist: old and new. For non-senior citizens in the old regime, taxes range from 0% to 30%. Senior citizens and super senior citizens have distinct slabs. The new regime has fixed slabs for all, with rates from 0% to 30%, independent of age. Staying informed about these slabs is crucial for tax compliance. Understanding them ensures you fulfil your financial responsibilities accurately and contribute to a fair taxation system.
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