2024-25 Tax Rates. In india, income tax liability is calculated on the basis of your applicable slab rates. The budget 2024 has been passed by the lok sabha.

This structure clearly shows how taxes are calculated at each income slab, ensuring a progressive tax rate that increases with higher income brackets. The government of india levies additional charges on individual taxpayers (irrespective of age) whose annual income exceeds inr 50 lakh.