Tax laws divide taxpayers into different grouping as per their taxable income and levy income-tax at different rates. These grouping are called income-tax slabs. Basic tax exemption limit for an individual depends on her age and residential status. For instance, if one is below 60 years and has an income up to Rs 2.50 lakh, then there is no income-tax obligation currently, as individuals with taxable income up to Rs 2.50 lakh are exempt from income-tax. Currently, there are about six income-tax slabs as per the tax laws notified post Budget 2019. Accordingly, the income-tax rate is zero for incomes up to Rs 2.5 lakh, 5 per cent (plus 4 per cent cess) for incomes between Rs 2.5 lakh and Rs 5 lakh, 20 per cent (plus 4 per cent cess) for incomes from Rs 5 lakk to Rs 10 lakh, 30 per cent (plus 4 per cent cess) for incomes ranging from Rs 10 lakh to Rs 50 lakh, 30 per cent plus 10 per cent surcharge and 4 per cent cess forincomes between Rs 50 lakh and Rs 1 crore and 30 per cent tax plus 15 per cent surcharge and 4 per cent cess for incomes above Rs 1 crore.