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In India, the income tax slot refers to the specific tax brackets or slabs under which individuals and businesses are taxed based on their annual income. The Indian income tax system is progressive, meaning that higher income earners pay a higher percentage of tax. For the financial year 2023-24, individual taxpayers are categorized into different slots: those with income up to ₹2.5 lakh are exempt from tax, income between ₹2.5 lakh and ₹5 lakh is taxed at 5%, between ₹5 lakh and ₹10 lakh at 20%, and above ₹10 lakh at 30%. Additionally, various deductions and exemptions, such as those under Section 80C for investments in provident funds or life insurance, can reduce taxable income. It is essential for taxpayers to understand their applicable slot to plan finances and comply with tax laws efficiently. |
