Remember we need to be good in maths and do some multiplication
So tax rates for new way are announced each year, generally more beneficial to me from the last year.
So when I am doing my taxes for tax year or financial year 2024-25, lets do following maths on my Regular Income (keep aside Special Income).
On My First Rs. 3,00,000 of Income : call it : 0-3 lac : 0% (Nil rate)
On My Next Rs. 4,00,000 of Income : call it : 3-7 lac : 5%
On My Next Rs. 3,00,000 of Income : call it : 7-10 lac : 10%
On My Next Rs. 2,00,000 of Income : call it : 10-12 lac : 15%
On My Next Rs. 3,00,000 of Income : call it : 12-15 lac : 20. %
On My Balance Income : call it : >15 lac : 30%
I know that’s a difficult paper to learn, but lets do it this way, our income is taxed in a step manner. Blocks in lac 3,4,3,2,3, Bal . Tax rate% 0,5,10,15,20,30
This much I have to learn or google I will find easily the tax rates.
Further there is no age classification- even senior and super senior citizens get taxed at these rates