Income Tax Slabs 2020-2021 for Individuals & HUF below 60 years of age
|
Net income range
|
Income-Tax rate
|
|
Up to Rs. 2,50,000
|
Nil
|
|
Rs. 2,50,001- Rs. 5,00,000
|
5%
|
|
Rs. 5,00,001- Rs. 10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A
Income Tax Slabs 2020-2021 for Senior Citizens (Aged 60 years but less than 80 years)
|
Net income range
|
Income-Tax rate
|
|
Up to Rs. 3,00,000
|
Nil
|
|
Rs. 3,00,001 – Rs. 5,00,000
|
5%
|
|
Rs. 5,00,001- Rs. 10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A
Income Tax Slabs 2020-2021 for Super Senior Citizens (Above 80 years)
|
Net income range
|
Income-Tax rate
|
|
Up to Rs. 5,00,000
|
Nil
|
|
Rs. 5,00,001- Rs. 10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A
Tax rates if the Assesse has opted for section 115BAC [Applicable in case of all Individuals & HUF]
|
Total Income
|
Rate of tax
|
|
Up to Rs. 2,50,000
|
Nil
|
|
From Rs. 2,50,001 to Rs. 5,00,000
|
5%
|
|
From Rs. 5,00,001 to Rs. 7,50,000
|
10%
|
|
From Rs. 7,50,001 to Rs. 10,00,000
|
15%
|
|
From Rs. 10,00,001 to Rs. 12,50,000
|
20%
|
|
From Rs. 12,50,001 to Rs. 15,00,000
|
25%
|
|
Above Rs. 15,00,000
|
30%
|
Plus: -
Surcharge: - 10% of income tax where total income exceeds Rs. 50,00,000.
15% of income tax where total income exceeds Rs. 1,00,00,000.
25% of income tax where total income exceeds Rs. 2,00,00,000.
37% of income tax where total income exceeds Rs. 5,00,00,000.
Note: Enhanced surcharged levied at the rates of 25%/37% shall not be levied in case of income accessable under sections 111A / 112A or 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%.
Income tax slabs 2019-2020 for Individuals & HUF below 60 years of age
| Taxable income slabs |
Tax and Cess |
Change In Amount |
| Income tax rates and cess |
Educational cess |
Post Budget Tax Liability |
Increase in TAX due to cess |
| Up to Rs 2.5 lakhs |
Nil |
Nil |
- |
- |
| Rs 2,50,001 to Rs 5,00,000 |
5% of (Total income minus Rs 2,50,000) + 4% cess |
2% of Income Tax |
13000 |
125 |
| Rs 5,00,001 to Rs 10,00,000 |
Rs 12,500 + 20% of (Total income
minus Rs 5,00,000) + 4% cess |
2% of Income Tax |
1,17,000 |
1125 |
| Rs 10,00,001 and above |
Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000)
+ 4% cess |
2% of Income Tax |
2,73,000 |
2625 |
*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A
Income tax slabs 2019-2020 for Senior citizens (Aged 60 years but less than 80 years)
| Taxable income slabs |
Tax and Cess |
Change In Amount |
| Income tax rates and cess |
Educational cess |
Post Budget Tax Liability |
Increase in TAX due to cess |
| Up to Rs 3 lakhs |
Nil |
Nil |
- |
- |
| Rs 3,00,001 to Rs 5,00,000 |
5% of (Total income minus Rs 3,00,000) + 4% cess |
2% of Income Tax |
10400 |
100 |
| Rs 5,00,001 to Rs 10,00,000 |
Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess |
2% of Income Tax |
1,14,400 |
1100 |
| Rs 10,00,001 and above |
Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess |
2% of Income Tax |
2,70,400 |
2600 |
*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A
Income tax slabs 2019-2020 for Super Senior citizens (Above 80 Years)
| Taxable income slabs |
Tax and Cess |
Change In Amount |
| Income tax rates and cess |
Educational cess |
Post Budget Tax Liability |
Increase in TAX due to cess |
| Up to Rs 5 lakhs |
Nil |
Nil |
- |
- |
| Rs 5,00,001 to Rs 10,00,000 |
20% of (Total income minus Rs 5,00,000) + 4% cess |
2% of Income Tax |
1,04,000 |
1000 |
| Rs 10,00,001 and above |
Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess |
2% of Income Tax |
2,60,000 |
2500 |
| Surcharges to be levied for FY 2019-20:
|
| Taxable Income |
Surcharge (%) |
| Income above Rs 50 lakh but below Rs 1 crore |
10 |
| Income above Rs 1 crore but below Rs 2 crore |
15 |
| Income above Rs 2 crore but below 5 crore |
25 |
| Income above Rs 5 crore |
37 |
For Non-resident individuals (NRI), the basic exemption limit is of Rs 2.5 lakh in a financial year irrespective of their age.
A resident individual can also avail rebate under Section 87(A) whose net income is equal to or less than Rs 3.5 lakh. The amount of rebate under this section is 100% of the income tax or Rs 2,500 whichever is less. It is deductible before calculating the cess.
| What changed for Super HNIs? |
| Income Between 2 Crore and 5 Crore |
| |
Existing |
Proposed |
| Total Income
| 3,00,00,000
| 3,00,00,000
|
| Deduction Claimed |
-6,00,000 |
-6,00,000 |
| New Taxable Income |
2,94,00,000 |
2,94,00,000 |
| Tax on this |
86,32,500 |
86,32,500 |
| Surcharge |
12,94,875 |
21,58,125 |
| Cess |
3,97,095 |
4,31,625 |
| Total Tax |
1.03 Crore |
1.12 Crore |
| Higher By
| 8.98 Lakh Per Year
|
| 74,815 Per Year
|
| Income Above 5 Crore |
| |
Existing |
Proposed |
| Total Income
| 6,00,00,000
| 6,00,00,000
|
| Deduction Claimed |
-10,00,000 |
-10,00,000 |
| New Taxable Income |
5,90,00,000 |
5,90,00,000 |
| Tax on this |
1,75,12,500 |
1,75,12,500 |
| Surcharge |
26,26,875 |
64,79,625 |
| Cess |
8,05,575 |
9,59,685 |
| Total Tax |
2.09 Crore |
2.49 Crore |
| Higher By
| 40 Lakh Per Year
|
| 3.33 Lakh Per Year
|
Income tax slabs 2018-19 for Individuals & HUF
| Income tax slab (in Rs.) |
Tax percentage |
Education Cess |
Surcharge |
| 0 to 250000 |
Nil |
Nil |
Nil |
| 250001 to 350000 |
5%* |
4% |
Nil |
| 250001 to 500000 |
5% |
4% |
Nil |
| 500001 to 1000000 |
20% |
4% |
Nil |
| 1000001 to 5000000 |
30% |
4% |
Nil |
| 5000001 to 10000000 |
30% |
4% |
10% |
| 10000001 & Above |
30% |
4% |
15% |
*Rebate of Rs.2500 can be claimed by individuals earning between Rs 2.5 lakh and Rs 3.5 lakh u/s87A
Income tax slabs 2018-19- for Senior citizens (Aged 60 years but less than 80 years)
| Income tax slab (in Rs.) |
Tax percentage |
Education Cess |
Surcharge |
| 0 to 300000 |
Nil |
Nil |
Nil |
| 300001 to 350000 |
5%* |
4% |
Nil |
| 300001 to 500000 |
5% |
4% |
Nil |
| 500000 to 1000000 |
20% |
4% |
Nil |
| 1000001 to 5000000 |
30% |
4% |
Nil |
| 5000001 to 10000000 |
30% |
4% |
10% |
| 10000001 & Above |
30% |
4% |
15% |
*Rebate of Rs.2500 can be claimed by individuals earning between Rs 2.5 lakh and Rs 3.5 lakh u/s87A
Income tax slabs 2018-19 - for Very Senior citizens (Above 80 years)
| Income tax slab (in Rs.) |
Tax percentage |
Education Cess |
Surcharge |
| 0 to 500000 |
Nil |
Nil |
Nil |
| 500001 to 1000000 |
20% |
4% |
Nil |
| 1000001 to 5000000 |
30% |
4% |
Nil |
| 5000001 to 10000000 |
30% |
4% |
10% |
| 10000001 & Above |
30% |
4% |
15% |
Surcharge: If the total income exceeds Rs 50 Lakhs but below Rs 1 crore, a surcharge of 10% will be levied. 15% surcharge on income tax if the total income is over and above Rs 1 cr
Income tax slabs 2017-2018 for Individuals & HUF
| Income tax slab (in Rs.) |
Tax percentage |
Education Cess |
Surcharge |
| 0 to 250000 |
Nil |
Nil |
Nil |
| 250001 to 350000 |
5%* |
3% |
Nil |
| 250001 to 500000 |
5% |
3% |
Nil |
| 500001 to 1000000 |
20% |
3% |
Nil |
| 1000001 to 5000000 |
30% |
3% |
Nil |
| 5000001 to 10000000 |
30% |
3% |
10% |
| 10000001 & Above |
30% |
3% |
15% |
* U/S 87A, Tax rebate of Rs 2,500 for individuals with income of up to Rs 3.5 Lakh has been proposed
Income tax slabs 2017-2018 - for Senior citizens (Aged 60 years but less than 80 years)
| Income tax slab (in Rs.) |
Tax percentage |
Education Cess |
Surcharge |
| 0 to 300000 |
Nil |
Nil |
Nil |
| 300001 to 350000 |
5%* |
3% |
Nil |
| 300001 to 500000 |
5% |
3% |
Nil |
| 500000 to 1000000 |
20% |
3% |
Nil |
| 1000001 to 5000000 |
30% |
3% |
Nil |
| 5000001 to 10000000 |
30% |
3% |
10% |
| 10000001 & Above |
30% |
3% |
15% |
* U/S 87A, Tax rebate of Rs 2,500 for individuals with income of up to Rs 3.5 Lakh has been proposed
Income tax slabs 2017-2018 - for Very Senior citizens (Above 80 years)
| Income tax slab (in Rs.) |
Tax percentage |
Education Cess |
Surcharge |
| 0 to 500000 |
Nil |
Nil |
Nil |
| 500001 to 1000000 |
20% |
3% |
Nil |
| 1000001 to 5000000 |
30% |
3% |
Nil |
| 5000001 to 10000000 |
30% |
3% |
10% |
| 10000001 & Above |
30% |
3% |
15% |
Surcharge: If the total income exceeds Rs 50 Lakhs but below Rs 1 crore, a surcharge of 10% will be levied.
15% surcharge on income tax if the total income is over and above Rs 1 cr
India Income tax slabs 2016-2017 for General tax payers and Women
| S. No. |
Income tax slab (in Rs.) |
Tax percentage |
| 1 |
0 to 2,50,000 |
No tax |
| 2 |
2,50,001 to 5,00,000 |
10% |
| 3 |
5,00,001 to 10,00,000 |
20% |
| 4 |
Above 10,00,000 |
30% |
India Income tax slabs 2016-2017 - for Senior citizens (Aged 60 years but less than 80 years)
| S. No. |
Income tax slab (in Rs.) |
Tax percentage |
| 1 |
0 to 3,00,000 |
No tax |
| 2 |
3,00,001 to 5,00,000 |
10% |
| 3 |
5,00,001 to 10,00,000 |
20% |
| 4 |
Above 10,00,000 |
30% |
India Income tax slabs 2016-2017 - for Very Senior citizens (Above 80 years)
| S. No. |
Income tax slab (in Rs.) |
Tax percentage |
| 1 |
0 to 5,00,000 |
No tax |
| 2 |
5,00,001 to 10,00,000 |
20% |
| 3 |
Above 10,00,000 |
30% |
India Income tax slabs 2015-2016 for General tax payers and Women
| S. No. |
Income tax slab (in Rs.) |
Tax percentage |
| 1 |
0 to 2,50,000 |
No tax |
| 2 |
2,50,001 to 5,00,000 |
10% |
| 3 |
5,00,001 to 10,00,000 |
20% |
| 4 |
Above 10,00,000 |
30% |
India Income tax slabs 2015-2016 - for Senior citizens (Aged 60 years but less than 80 years)
| S. No. |
Income tax slab (in Rs.) |
Tax percentage |
| 1 |
0 to 3,00,000 |
No tax |
| 2 |
3,00,001 to 5,00,000 |
10% |
| 3 |
5,00,001 to 10,00,000 |
20% |
| 4 |
Above 10,00,000 |
30% |
India Income tax slabs 2015-2016 - for Very Senior citizens (Above 80 years)
| S. No. |
Income tax slab (in Rs.) |
Tax percentage |
| 1 |
0 to 5,00,000 |
No tax |
| 2 |
5,00,001 to 10,00,000 |
20% |
| 3 |
Above 10,00,000 |
30% |
