2024 Tax Brackets Mfj India. Most taxpayers pay a maximum 15% rate, but a 20% tax rate applies to the extent that taxable income exceeds the thresholds set for the 37% ordinary tax rate. In india, income tax is calculated using income tax slabs and rates for the applicable financial year (fy) and assessment year (ay).
The income tax slab in india specify the applicable rates for different income brackets and vary based on residential status, age, and type of taxpayer. Here’s how those break out by filing status: