The  following income tax slabs apply in India
Individual (resident or non-resident) or HUF or Association of Person or Body of Individual

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 exceed Rs. 5,00,000 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
iii. Where the taxable income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 25,000 + 20% of the amount by which the taxable income exceeds 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

Less: Rebate under Section 87A
Add: Surcharge and Education Cess

Resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)

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 exceed Rs. 5,00,000 10% of amount by which the taxable income exceeds Rs. 3,00,000/-.
iii. Where the taxable income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 20,000 + 20% of the amount by which the taxable income 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

Less: Rebate under Section 87A
Add: Surcharge and Education Cess

Resident super senior citizen (who is 80 years or more at any time during the previous year)
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 exceed Rs. 10,00,000 – 20% of the amount by which the taxable income exceeds Rs. 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
Add: Surcharge and Education Cess

Please Note:-
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

d) Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,000, whichever is less.

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Source : IncomeTaxIndia website , Wikipedia and books.

Article Updated – November 2016

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