I. In case of individual being a resident in India (man & woman) and below the age of 60 years at any time during the financial year:-
| Income Level / Slabs | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs. 2,00,000/-. | NIL |
| ii. | Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-. | 10% of amount by which the total income exceeds Rs. 2,00,000/- |
| iii. | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 30,000/- + 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. 1,30,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-. |
Education Cess: 2% of the Income-tax.
Sec and Higher Education Cess: 1% of the Income-tax.
Sec and Higher Education Cess: 1% of the Income-tax.
II. In case of an individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the financial year:-
| Income Level / Slabs | Income Tax Rate | |
|---|---|---|
| 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 the amount by which the total income exceeds Rs. 2,50,000/-. |
| 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. 1,25,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-. |
Education Cess: 2% of the Income-tax.
Sec and Higher Education Cess: 1% of the Income-tax.
IV. In case of an individual resident who is of the age of 80 years or more at any time during the financial year:-
| Income Level / Slabs | Income Tax Rate | |
|---|---|---|
| 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. 1,00,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-. |
Education Cess: 2% of the Income-tax.
Sec and Higher Education Cess: 1% of the Income-tax.
This information is helpful for every tax payer which describes the taxable income at per the applicable slab rates. As tax rates changes every year so every tax payer must know their tax liability. This post has good information about Income Tax Slab.
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