In case of individual and HUF:-
| Income Level / Slabs | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs.250,000/-. | NIL |
| ii. | Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-. | 10% of amount by which the total income exceeds Rs. 2,50,000/- 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 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. 125,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
Surcharge : 12% On Taxpayers with annual income of more than one Crore rupee a year.
Education Cess:3% of the Income-tax.
II. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-
| Income Level / Slabs | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs.3,00,000/-. | NIL |
| ii. | Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/- | 10% of the amount by which the total income exceeds Rs.3,00,000/-. 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 total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- | Rs.20,000/- + 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.120,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
Surcharge : 12% On Taxpayers with annual income of more than one Crore rupee a year.
Education Cess:3% of the Income-tax.
III. In case of an individual resident who is of the age of 80 years or more at any time during the previous 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/-. |
| iv. | Where the total income exceeds Rs.10,00,000/- | Rs.100,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |