Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI):
| For Individuals below 60 years age (including Woman Assessees) | |
| upto Rs 2 Lakh | NIL |
| Rs 2 lakh – Rs 5 Lakh | 10% on amount exceeding Rs 2 lakh |
| Rs 5 lakh – 10 Lakh | Rs 30000 + 20% of amount exceedng Rs 5 Lakh |
| above Rs 10 akh | Rs 130000 + 30% of amount exceeding Rs 10 lakh |
| For Individuals aged 60 years and above but below 80 years (Senior Citizen) | |
| upto Rs 2.50 Lakh | NIL |
| Rs 2.50 lakh – Rs 5 Lakh | 10% on amount exceeding Rs 2.50 lakh |
| Rs 5 lakh – 10 Lakh | Rs 25000 + 20% of amount exceedng Rs 5 Lakh |
| above Rs 10 akh | Rs 125000 + 30% of amount exceeding Rs 10 lakh |
| For Individuals aged 80 years and above (Very Senior Citizen) | |
| Upto 500,000 | Nil |
| 500,000 to 1,000,000 | 20% of the amount exceeding 500,000 |
| 1,000,000 & above | Rs.100,000 + 30% of the amount exceeding 1,000,000 |
2. Tax Rebate u/s 87A – Claim upto Rs 2000 tax rebate , if the taxable income doesnot exceed Rs 5 lakh . Read more details here
3. Surcharge on Income Tax – If the total taxable income exceeds Rs 1 crore , there will be sucharge of 10% of Tax payable ( not 10% of income)
4. Education Cess: 3% of Income Tax plus Surcharge (applicable for every assesse)
5. Check various deductions you can claim while computing your tax. Read Article here
If you have any tax related queries, please enter the comments below or ask in our forum