Slab rates:
Normal Rates of tax (applicable to all Individuals who are less than 60 years of age)
|
Taxable Income (Total Income minus Deductions) |
Tax Rate |
|
Up to Rs. 2,50,000 |
Nil |
|
Rs. 2,50,000 to Rs. 5,00,000 |
5% of amount in excess of Rs. 2,50,000/- |
|
Rs. 5,00,000 to Rs. 10,00,000 |
Rs. 12,500+20% of the amount in excess of Rs. 5,00,000/- |
|
Above Rs. 10,00,000 |
Rs. 1,12,500+30% of the amount in excess of Rs. 10,00,000/- |
Resident Senior Citizen (having age of 60 years or more but less than 80 years)
|
Taxable Income |
Tax Rate |
|
Up to Rs. 3,00,000 |
Nil |
|
Rs. 3,00,000 to Rs. 5,00,000 |
5% of amount in excess of Rs. 3,00,000/- |
|
Rs. 5,00,000 to Rs. 10,00,000 |
Rs. 10,000+20% of the amount in excess of Rs. 5,00,000/- |
|
Above Rs. 10,00,000 |
Rs. 1,10,000+30% of the amount in excess of Rs. 10,00,000/- |
Resident Super Senior Citizen (having age of 80 years or more)
|
Taxable Income |
Tax Rate |
|
Up to Rs. 5,00,000 |
Nil |
|
Rs. 5,00,000 to Rs. 10,00,000 |
20% of amount in excess of Rs. 5,00,000/- |
|
Above Rs. 10,00,000 |
Rs. 1,00,000+30% of the amount in excess of Rs. 10,00,000/- |
Rebate u/s 87A
A resident Individual whose Taxable Income does not exceed Rs. 3,50,000 (after deductions), is eligible for rebate of 100 % of Income-tax or Rs.2,500, whichever is lower. Rebate has been reduced from Rs.5000 to Rs.2500 from AY 2018-19.
Surcharge on Income-tax
Rate of Surcharge applicable on Individual is as under:
|
Total Income |
Surcharge Tax |
|
Income exceeding Rs. 50,00,000/- but upto Rs. 1,00,00,000/- |
10%*of Income-tax Computed |
|
Income more than Rs. 1,00,00,000/- |
15%*of Income-tax Computed |
*Marginal Relief is available if Surcharge is more than incremental Income.
Health and Education Cess on Income-tax
Health and Education Cess are required to be paid additionally along with Income-tax by all assessee.
Rates of Health and Education Cess is as under:
|
Cess |
Rates |
|
Health and Education Cess |
4% of (Income-tax + Surcharge, if any) |
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