Which tax slab is applied in India if Individual taxpayer’s annual taxable income is more than ₹15 lakh?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 30%
In FY23-24 New regime , a new set of income tax rates has been announced for those earning up to ₹15 lakh a year. The highlights are listed below:
- Income between ₹5 and ₹7.5 lakh, reduced to 10% tax from 20%
- Income between ₹7.5 lakh to ₹10 lakh, reduced to 15% from the current 20%
- Income between ₹10 lakh to ₹12.5 lakh, reduced to 20% from the current 30%
- Income between ₹12.5 lakh to ₹15 lakhs, reduced to 25% from the current 30%
- Income above ₹15 lakh, will continue to pay 30%, but without exemptions.