What Are The Income Tax Brackets For 2024. As your income goes up, the tax rate on the next layer of income is higher. In addition to the basic tax rates, a surcharge and cess are applicable:

Under the income tax act, 1961, the percentage of income payable as tax is based on the amount of income you’ve earned during a year. An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions.