What Are The Income Tax Brackets For 2024 And 2025. Based on your annual taxable income and filing status, your tax bracket determines your federal tax rate. Under the new tax regime, individual taxpayers (irrespective of their age) earning an annual income of up to inr 3 lakh are exempt from paying taxes.
The current tax year is from 6 april 2024 to 5 april 2025. Refer examples and tax slabs for easy calculation.