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So, for each slab of tax, it is an additive combination: that slab imposes tax on only the part of income falling within the bracket of that slab. Most tax systems also feature provisions for deduction and exemption whereby tax liability reduces taxable income through either actual reduction or through exemptions.
• Basic exemption limit: This is the most basic amount that appears to be of income, say INR 2.5 lakhs. This is completely exempt from tax.