Income Tax Slabs & Rates for Assessment Year
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1 Individual resident aged below 60 years (i.e. born on or after 1st April 1956) or any NRI/ HUF/ AOP/ BOI/ AJP* Income Tax i. Where the taxable income does not exceed Rs. 2,50,000/-. NIL ii. Where the taxable income exceeds Rs. 2,50,000/- but does not 10% of amount by which the taxable income exceeds Rs. 2,50,000/-. exceed Rs. 5,00,000/-. 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 taxable income exceeds Rs. 5,00,000/- but does not Rs. 25,000/- + 20% of the amount by which the taxable income exceeds exceed Rs. 10,00,000/-. Rs. 5,00,000/-. iv. Where the taxable income exceeds Rs. 10,00,000/-. Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. ( Marginal Relief in Surcharge, if applicable) *Abbreviation NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person
2 Senior Citizen (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 1936 but before 1st April 1956) Income Tax : i. Where the taxable income does not exceed Rs. 3,00,000/-. NIL ii. Where the taxable income exceeds Rs. 3,00,000/- but does not 10% of the amount by which the taxable income exceeds Rs. exceed Rs. 5,00,000/- 3,00,000/-. Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-. iii. Where the taxable income exceeds Rs. 5,00,000/- but does not Rs. 20,000/- + 20% of the amount by which the taxable income exceed Rs. 10,00,000/- exceeds Rs. 5,00,000/-. iv. Where the taxable income exceeds Rs. 10,00,000/- Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. EducationCess : 3% of the total of Income Tax and Surcharge.
3 Super Senior Citizen (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 1936) Income Tax : Tax Calculator : AY i. Where the taxable income does not exceed Rs. 5,00,000/-. NIL ii. Where the taxable income exceeds Rs. 5,00,000/- but does not 20% of the amount by which the taxable income exceeds Rs. exceed Rs. 10,00,000/- 5,00,000/-. iii. Where the taxable income exceeds Rs. 10,00,000/- Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
4 Co-operative Society Income Tax : i. Where the taxable income does not exceed Rs. 10,000/-. 10% of the income. ii. Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-. Rs. 20,000/-. iii. Where the taxable income exceeds Rs. 20,000/- Rs /- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-.
5 Firm Local Authority Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore. ( Marginal Relief in Surcharge, if applicable) Domestic Company Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore. ( Marginal Relief in Surcharge, if applicable) At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores.
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