2024 Income Tax Brackets And Deductions Meaning. In india, income tax is calculated using income tax slabs and rates for the applicable financial year (fy) and assessment year (ay). ₹ 1,50,000 + 30% above ₹ 15,00,000.

Understand the new income tax rates and brackets, tax deductions, and exemptions. A tax bracket refers to a range of incomes subject to a certain income tax rate.