In India, the income tax system also follows a progressive structure with multiple tax brackets. As of my last update in January 2022, here are the tax brackets for individuals below 60 years of age for the financial year 2021-2022 (assessment year 2022-2023):
1. **Income up to ₹2,50,000**: No tax (basic exemption limit)
2. **Income from ₹2,50,001 to ₹5,00,000**: 5% tax
3. **Income from ₹5,00,001 to ₹10,00,000**: 20% tax
4. **Income above ₹10,00,000**: 30% tax
Additionally, a health and education cess of 4% is applicable on the income tax amount.
It's essential to note that these tax brackets can change from year to year based on government policies and budget announcements. Therefore, it's advisable to check the latest tax rates and brackets for the current financial year from the official website of the Income Tax Department of India or consult with a tax professional for personalized advice.
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