Budget 2021: Know All About the Existing Income Tax Slabs Union Finance Minister Nirmala Sitharaman is all set to present the Un...

Budget 2021: Know All About the Existing Income Tax Slabs

Union Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2021 at the parliament on February 1. It will be her third budget presentation and a crucial one, given the instability Indian economy has suffered in the last one year owing to the outbreak of the COVID-19 pandemic.

Ahead of the release of this year’s budget, here is all you need to know about the current income tax slabs in the country:

Sitharaman introduced new income tax slabs and tax rate for different sections of individual income up to Rs 15 lakh per annum, provided the taxpayer chooses to give up exemptions and deductions, in the budget of 2020 (https://www.news18.com/news/india/budget-2020-live-updates-income-tax-slab-rate-cut-nirmala-sitharaman-union-budget-speech-time-date-narendra-modi-2481871.html).

2. There are seven tax slabs in the country with different tax rates being prescribed to each group. In India, there are three categories of individual taxpayers now. These can be individuals who are below the age of 60 years, resident senior citizens who are 60 years and above but below 80 years of age, and resident super senior citizens who are above 80 years of age.