Question : Vikas has an income of INR 2.5 lakhs. Which of the following tax slabs of India applies to him?
Option 1: 0.2
Option 2: 0.1
Option 3: 0.05
Option 4: Nil
Correct Answer: Nil
Solution : The correct option is Nil .
Vikas, with an income of INR 2.5 lakhs, falls under the Nil tax slab in India. The current basic exemption limit for taxable income in India is INR 2.5 lakhs for all individuals below 60 . Since Vikas' income doesn't exceed this limit, he does not owe any income tax under the current regulations.
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