Income Tax Slab

Income Tax Slab

Income tax slab rates are for different classes of taxpayers, who are taxed progressively more according to their earning. The income tax slab rates can be classified into the following categories: 

  1. Income Tax Slab for Individual & HUF (age less than 60 years old)

Income Slab

Tax Rate

Income up to Rs. 2,50,000*

No Tax

Income from Rs. 2,50,000 – Rs. 5,00,000

5%

Income from Rs. 5,00,000 – 10,00,000

20%

Income more than Rs. 10,00,000

30%

Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs. 1 crore.

Cess: 3% on total of income tax + surcharge.

* Income upto Rs. 2,50,000 is exempt from tax if you are less than 60 years old.

 

  1. Income tax slab for individual tax payers & HUF (60 years old or more but less than 80 years old)

Income Slab

Tax Rate

Income up to Rs. 3,00,000*

No Tax

Income from Rs. 3,00,000 – Rs. 5,00,000

5%

Income from Rs. 5,00,000 – 10,00,000

20%

Income more than Rs. 10,00,000

30%

Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore.

Cess: 3% on total of income tax + surcharge.

* Income up to Rs. 3,00,000 is exempt from tax if you are more than 60 years but less than 80 years of age.


  1. Income tax slab for super senior citizens (80 years old or more)

Income Slab

Tax Rate

Income up to Rs. 2,50,000*

No Tax

Income up to Rs. 5,00,000*

No Tax

Income from Rs. 5,00,000 – 10,00,000

20%

Income more than Rs. 10,00,000

30%

Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore.

Cess: 3% on total of income tax + surcharge.

*Income up to Rs. 5,00,000 is exempt from tax if you are more than 80 years old.

 

 

  1. Income Tax Slab for Co-operative societies:

Income Tax Slab

Tax Rates

Total income less than Rs.10,000.

10% of the income.

Total income greater than Rs.10,000 but less than Rs.20,000.

20% of the amount by which it exceeds Rs.10,000.

Total income greater than Rs.20,000.

30% of the amount by which it exceeds Rs.20,000.

 

  1. Firms, Local Authorities, Corporates and Domestic Companies:

Companies are taxed at a flat rate of 30% on the total income declared.

A surcharge of 5% is levied on the total income tax of domestic companies if their income exceeds Rs.1 crore. This surcharge does not apply to firms and local authorities.

Add comment

Loading