The tax slabs for individuals are up to Rs 2,50,000 the tax rate in Nil. For income more than Rs 2,50,000 and less than 5,00,000 the tax rate is 5% above ₹ 2,50,000. For income between ₹ 5,00,001 - ₹ 7,50,000 the tax rate is ₹ 12,500 + 10% above ₹ 5,00,000. For income between ₹ 7,50,001 - ₹ 10,00,000 the tax rate is ₹ 37,500 + 15% above ₹ 7,50,000 and henceforth.