(1) Individual resident aged below 60 years (i.e. born on or after 1st April 1954) or any NRI ( Non Resident Individual), HUF( Hindu Undivided Family), AOP(Association of Persons), BOI(Body of Individuals), AJP(Artificial Judicial Person)
Income Slabs
|
Tax Rates
|
|
i.
|
Where the
total income does not exceed Rs. 2,50,000/-.
|
NIL
|
ii.
|
Where the
total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.
|
10% of
amount by which the total income exceeds Rs. 2,50,000/-.
Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-. |
iii.
|
Where the
total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.
|
Rs.
25,000/- + 20% of the amount by which the total income exceeds Rs.
5,00,000/-.
|
iv.
|
Where the
total income exceeds Rs. 10,00,000/-.
|
Rs.
125,000/- + 30% of the amount by which the total income exceeds Rs.
10,00,000/-.
|
Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess : 3% of the total of Income Tax and Surcharge.
(2) Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year (i.e. born on or after 1st April 1934 but before 1st April 1954)
Income Slabs
|
Tax Rates
|
|
i.
|
Where the
total income does not exceed Rs. 3,00,000/-.
|
NIL
|
ii.
|
Where the
total income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-
|
10% of the
amount by which the total income exceeds Rs. 3,00,000/-.
Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-. |
iii.
|
Where the
total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-
|
Rs. 20,000/-
+ 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
|
iv.
|
Where the
total income exceeds Rs. 10,00,000/-
|
Rs.
120,000/- + 30% of the amount by which the total income exceeds Rs.
10,00,000/-.
|
Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess : 3% of the total of Income Tax and Surcharge.
(3) Individual resident who is of the age of 80 years or more at any time during the previous year (i.e. born before 1st April 1934)
|
Income Slabs
|
Tax Rates
|
|
|
i.
|
Where the
total income does not exceed Rs. 5,00,000/-.
|
NIL
|
|
ii.
|
Where the
total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-
|
20% of the
amount by which the total income exceeds Rs. 5,00,000/-.
|
|
iii.
|
Where the
total income exceeds Rs. 10,00,000/-
|
Rs.
100,000/- + 30% of the amount by which the total income exceeds Rs.
10,00,000/-.
|
Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess : 3% of the total of Income Tax and Surcharge.