1. In the case of the old tax regime:
- Individual other than senior and super senior citizen
|
Total Income |
Rate of Income-tax |
|
Up to Rs. 2,50,000 |
- |
|
Rs. 2,50,000 – 5,00,000 |
5% |
|
Rs. 5,00,000 – 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
- Senior Citizen (Aged 60 years or more at any time during the previous year)
|
Total Income |
Rate of Income -tax |
|
Up to Rs. 3,00,000 |
- |
|
Rs. 3,00,000 – 5,00,000 |
5% |
|
Rs. 5,00,000 – 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
- Super Senior Citizen (Aged 80 years or more at any time during the previous year)
|
Total Income |
Rate of Income-tax |
|
Up to Rs. 5,00,000 |
- |
|
Rs. 5,00,000 – 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
2. In the case of the new tax regime:
|
Total Income |
Rate of Income-tax |
|
Up to Rs. 2,50,000/- |
- |
|
Rs. 2,50,001 – 5,00,000 |
5% |
|
Rs. 5,00,001 – 7,50,000 |
10% |
|
Rs. 7,50,001 – 10,00,000 |
15% |
|
Rs. 10,00,001 – 12,50,000 |
20% |
|
Rs. 12,50,001 – 15,00,000 |
25% |
|
Above Rs. 15,00,000 |
30% |
- Rebate u/s 87A: A resident Individual whose taxable income does not exceed Rs. 5,00,000 (after deductions), is eligible for rebate of 100 % of Income-tax or Rs.12,500, whichever is lower.
- Health and Education Cess: Health and Education Cess are required to be paid additionally along with Income-tax @ 4%.
- Surcharge on Income-tax
A surcharge is levied if the total income of an assessee exceeds Rs. 50 lakhs.
|
Total Income |
Surcharge |
|
Rs. 50 lakhs – 1 crore |
10% |
|
Rs. 1 crore – 2 crores |
15% |
|
Rs. 2 crores – 5 crores |
25% |
|
Above Rs. 5 crores |
37% |
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