Self Browse :
Ours is a socialist country, as per the Constitution. One place where we practice what we preach is in Income Tax. The poorest of our country, as defined by what they earn in a Financial Year, are not taxed. Thereafter, the rate of taxation increases with increase in income. In this graded method of taxation, the limits of income at which the rates change, and the rates themselves, are called tax slabs.
The computation of 'income' itself, as per tax laws, can get complicated. But for the purposes of this definition, suffice it to say that your slabs depend on two things:
- What you earn in a year
- Whether you are a man, woman or a senior citizen above 60 yrs (the last two get lenient taxation)