Personal Finance Ahead of Budget 2020, here's a look at the current income tax slabs Updated : January 31, 2020 02:06 PM IST According to the current rules, income tax rate on resident individuals varies based on their age. A slab system functions across the country, where different tax rates have been prescribed for different slabs. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.