Income Tax Slab
Definition
The bands of income taxed at progressively higher rates under India's individual income tax. The slab rates differ between the old and new regimes and are set by the Finance Act each year.
Related Terms in India GST
Rebate under Section 87A
A rebate that reduces or eliminates income tax for resident individuals whose total income is within a prescribed limit, effectively making income up to that level tax-free. The limit differs by regime and year.
Surcharge (Income Tax)
An additional charge on income tax applied to taxpayers whose income exceeds high thresholds in India, levied as a percentage of the tax itself and rising in steps with income.
Health and Education Cess
A cess levied as a percentage on the income tax (plus surcharge) payable in India, earmarked for health and education spending. It applies on top of the computed tax for most taxpayers.
Chapter VI-A Deductions
The set of income-tax deductions in India grouped under Chapter VI-A — including Sections 80C, 80D, 80G and others — that reduce gross total income, chiefly under the old regime.
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