Income Tax Slabs | Tax Percentage Age Below 60 Years | Tax Percentage Age above 60 Years and below 80 Years | Tax Percentage Age above 80 Years |
---|---|---|---|
Income upto Rs.2,00,000/- | Nil | Nil | Nil |
Income range Rs.2,00,001/- to Rs.2,50,000/- | 10 | Nil | Nil |
Income range Rs.2,50,001/- to Rs.5,00,000/- | 10 | 10 | Nil |
Income range Rs.5,00,001/- to Rs.10,00,000/- | 20 | 20 | 20 |
Income above Rs.10,00,000/- | 30 | 30 | 30 |
Note
• Basic Income Tax exemption limit retained at Rs.2,00,000/- in case of Individuals (for both Male & Female), HUF's & AOP.• A person whose Income is below Rs.5,00,000/- will get a tax credit of Rs.2,000/- under newly inserted [section 87 A] in Income Tax Act.
• Surcharge @ 10% if total income exceeds Rs.1 crore.
Some numbers will help us better recognise the impact of Tax Credit
Your Total Income | Tax | New Tax | Saving |
---|---|---|---|
Rs.5,00,000/- | Rs.30,900/- | Rs.28,840/- | Rs.2,060/- |
Rs.10,00,000/- | Rs.1,33,900/- | Rs.1,33,900/- | Rs.0/- |
Rs.1,00,00,000/- | Rs.29,14,900/- | Rs.29,14,900/- | Rs.0/- |
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