Income tax has been one of the oldest forms of tax, and it has been present from generations. So to plan your investment strategy and understand how much tax liability you will incur this year let’s have a look at the tax structure for different categories. These categories are created by the Government of India for taxation purposes, and they are based on Gender and Age. The income tax on one’s income is charged in a manner that as the taxpayer’s income increases,  he/she is required to contribute more portion of his/her earned income in the form of taxes to the government, who uses the funds accumulated for the betterment of the public at large.

Under this tax structure, income is categorized into different groups and the criterion for grouping is the income of the payer. Each such group is known as Tax Slab. Tax is charged at different rates on the range of income falling under different tax slabs which is conformed in the annual budget by the Finance Minister.

The following is the list of various categories and tax slabs to guide you to understand how much you are liable to pay.

Part I: Income tax slab for individual taxpayers & HUF (less than 60 years old) (both men & women)

Part II: Income tax slab for senior citizens (60 years old or more but less than 80 years old) (both men & women)

Part III: Income tax slab for super senior citizens (80 years old or more) (both men & women)