Also kickstart your investing journey with mutual fund plans and much more
Income tax slabs are the income ranges set by the government that determine how much tax you pay based on how much you earn, the more you earn the higher tax rate is applied to that income portion. Unlike a flat tax rate, India follows a progressive tax system where only the income falling within each slab is taxed at that slab's rate. This means if you earn Rs. 12 lakh, you do not pay 10% tax on your Rs. 12 lakh income rather, you pay 0% on the first Rs. 4 lakh, 5% on the next Rs. 4 lakh, and 10% on the remaining Rs. 4 lakh.
After determining the tax payable or refund due, the next step is filing the Income Tax Return. It is important to choose the right ITR form and understand how to file ITR correctly. Taxpayers should file their ITRs before the specified due dates to avoid late fees and interest. The due date to file ITR for FY 2025-26 (AY 2026-27) is 31st July 2026.