Brackets

Tax Glossary Definition

Brackets

Brackets – In a progressive tax framework, brackets represent the income ranges that determine the rate of tax applied to each segment of an individual’s earnings. As a taxpayer’s income rises, successive portions are taxed at increasingly higher rates under the corresponding brackets.

Example: Under a progressive structure, income up to ₹2.5 lakh might be exempt, the next ₹2.5 lakh taxed at 5%, and the following ₹5 lakh taxed at 20%.

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