In the run-up to the Budget, keep in mind the current tax slabs announced in the last Budget which can help you save taxes.

Here’s all you want to know about the current income tax slabs:

What is an income tax slab?

For the betterment of the society, the government of India charges a certain percent of the amount on the taxpayer. To have an unbiased approach for charging money from the various range of earners, the government has formalised a structure for charging the amount which is known as income tax slab. Income tax is mainly calculated on the gross income of an individual.

It is designed for everyone whether a person is an individual, senior citizen, HUF, companies, etc. Income tax rules are applicable to all the resident of India and the rules are governed by I-T Act of 1961.

What tax slabs are available?

The tax rate applicable for calculating liabilities of tax for the FY 2016-17/ AY 2017-18:

Individuals who are below the 60 years of age and are born after April 1, 1957.

You may also watch:

Resident senior citizen who are 60 years of age and less than 80 years of age at any time during the FY 2016-17 and born after April 1, 1937, and before March 31, 1957

Resident super senior citizen who are above 80 years of age or more at any time during FY 2016-17 and born before April 1, 1937.