Income between Rs.2.5 lakhs and Rs.5 lakhs
(including cooperative societies, local authorities, domestic firms and foreign companies) Tax rate for individuals (below 60 years) and HUFs: Tax Slabs The two main categories of income tax slabs are Individuals (and Hindu Undivided Family- HUF) and Business Entities. The table below gives an idea of the taxable income in India.
Currently, the maximum rate for income tax is capped at 30% though a surcharge and educational cess is added. The amount you have to pay in tax depends on which income tax slab you fall under. 5 lakhs a year are expected to pay income tax to the government on their earnings for the financial year April 1- March 31.
