I have some savings and investments through which I earn some income. Can someone please explain how income tax is calculated on such incomes? I want to know the slabs and tax rates applicable.
Income tax slabs for individuals in India are separate for those under 60 years and 60 years or older. For those below 60, the first Rs 2.5 lakh is tax exempt. Then it is 5% tax for income between Rs 2.5-5 lakh, 20% tax for Rs 5-10 lakh income and 30% tax for income above Rs 10 lakh.
There are some deductions available under chapter VI-A which you can claim to reduce your taxable income. Some common deductions are 80C for investments up to 1.5 lakh, interest on education loans, etc. You can check all the available deductions.
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