Answer By law4u team
The tax rates in India differ for individuals and businesses. For individuals, the tax rates are as follows: For individuals with an annual income of up to Rs. 2.5 lakh: No tax For individuals with an annual income between Rs. 2.5 lakh and Rs. 5 lakh: 5% tax For individuals with an annual income between Rs. 5 lakh and Rs. 7.5 lakh: 10% tax For individuals with an annual income between Rs. 7.5 lakh and Rs. 10 lakh: 15% tax For individuals with an annual income between Rs. 10 lakh and Rs. 12.5 lakh: 20% tax For individuals with an annual income between Rs. 12.5 lakh and Rs. 15 lakh: 25% tax For individuals with an annual income above Rs. 15 lakh: 30% tax For businesses, the tax rates are as follows: For domestic companies: 25% tax For foreign companies: 40% tax In addition to the above taxes, there may be other taxes applicable to specific goods and services, such as GST (Goods and Services Tax).
