Useful tips

What are rate slabs?

What are rate slabs?

Slab system means different tax rates are prescribed for different ranges of income. Income tax has classified three categories of “individual “taxpayers such as: Individuals (aged less than of 60 years) including residents and non-residents. Resident Senior citizens (60 to 80 years of age)

What are the GST rates?

In India GST rate for various goods and services is divided into four slabs: they are 5% GST, 12% GST, 18% GST, & 28% GST. The GST rates for various products have been revised several times by the GST council since the inception of the Goods and Services Tax (GST).

What is the tax rate for 1 crore rupees in India?

For the Assessment Year 2021-22 & 2022-23, a local authority is taxable at 30%. Add: (a) Surcharge : The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees….

(Other than senior and super senior citizen)
Above Rs. 10,00,000 30% 30%

What is the slab rate for AY 2019 20?


Taxable income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

What is income tax slab for AY 2020 21?

New Income Tax Slab for FY 2020-21 & AY 2021-22

Annual Income New Tax Regime Old Tax Regime
Rs.5 lakh – Rs.7.5 lakh 10% 20%
Rs.7.5 lakh – Rs.10 lakh 15% 20%
Rs.10 lakh – Rs.12.5 lakh 20% 30%
Rs.12.5 lakh – Rs.15 lakh 25% 30%