In India, income tax is levied by the Central Government on the income earned by individuals, companies, and other entities. The income tax structure in India is divided into different slabs and tax rates are applied accordingly. Here's a brief overview of the current income tax structure in India:
Default Income Tax Slabs:
For individuals below the age of 60 years:
| Taxable Income (INR) | Tax Rate | Tax Liability |
|---|---|---|
| Up to 3 lakhs | 0% | 0 |
| 3 to 6 lakhs | 5% | [Taxable Income x 5%] |
| 6 to 9 lakhs | 10% | [Taxable Income x 10%] |
| 9 to 12 lakhs | 15% | [Taxable Income x 15%] |
| 12 to 15 lakhs | 20% | [Taxable Income x 20%] |
| Above 15 lakhs | 30% | [Taxable Income x 30%] |
| Taxable Income | Taxable Amount | Tax Liability |
|---|---|---|
| Up to INR 3 lakhs | 3,00,000 | 0 |
| INR 3 to 6 lakhs | 3,00,000 | 15,000 |
| INR 6 to 9 lakhs | 3,00,000 | 30,000 |
| INR 9 to 12 lakhs | 3,00,000 | 45,000 |
| INR 12 to 15 lakhs | 3,00,000 | 60,000 |
| Above INR 15 lakhs | 5,00,000 | 1,50,000 |
| Total Tax | 3,00,000 |
Please note that this is just an example and your actual tax liability may vary based on your specific circumstances. To arrive at your exact tax liability, you should consider all the exemptions and deductions that you are eligible for and then calculate your taxable income.
Below is the excel sheet to calculate individual taxes, copy this format and paste it into your excel sheet to calculate.
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