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Since 2014, India's income tax rates have seen several adjustments. For individual taxpayers, the basic tax rates for the financial year 2021-22 (assessment year 2022-23) were structured in slabs: 5% for income between ₹2.5 lakh and ₹5 lakh, 20% for income between ₹5 lakh and ₹10 lakh, and 30% for income exceeding ₹10 lakh. Additionally, a new optional tax regime introduced in 2020 allows taxpayers to pay a lower tax rate without certain deductions. It's important to check the specific financial year for any changes or updates to these rates.

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