2024 Tax Slab India. Nirmala sitharaman on insurance tax, online gaming revenues, health insurance and rate rationalisation live live updates 21:08 (ist) 9 sep 2024 Traders and artisans paid 20% of their income, while farmers paid a percentage of their production, depending on circumstances.
An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. Income tax slabs are structured ranges of income to determine the tax rate applicable to different income levels.