Rates of Income Tax
I.The rates of income-tax
in the case of individual (other than those covered in part (II) or (III) below) or Hindu undivided family or AOP/BOI (other than a
co-operative society) whether incorporated or not, or every artificial judicial
person shall be
|
Upto Rs.2,50,000
|
Nil
|
|
Rs.2,50,001 to Rs. 5,00,000
|
5%
|
|
Rs.5,00,001 to Rs. 10,00,000
|
20%
|
|
Above Rs.10,00,000
|
30%
|
II. In the case of every individual, being
a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous
year
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Upto Rs.3,00,000
|
Nil
|
|
Rs.3,00,001 to Rs. 5,00,000
|
5%
|
|
Rs.5,00,001 to Rs. 10,00,000
|
20%
|
|
Above Rs.10,00,000
|
30%
|
III. In the case of every individual, being
a resident in India, who is of the age of 80 years or more at any time during the previous year.
|
Upto Rs.5,00,000
|
Nil
|
|
Rs.5,00,001 to Rs.10,00,000
|
20%
|
|
Above Rs.10,00,000
|
30%
|
Surcharge: The amount of Income-tax computed in
accordance with the above rates shall be increased
by a surcharge at the rate of
(i) 10% of such income-tax in case of a
person having a total income exceeding fifty lakh rupees but not exceeding one
crore rupees; and
(ii)
15% of such income-tax in case of a person
having a total income exceeding one crore rupees.
Marginal Relief:
The
total amount payable as income-tax and surcharge on total income exceeding
fifty
lakh rupees but not exceeding one crore rupees, the total amount payable as
income-tax and surcharge on such income shall not exceed the total amount
payable as income-tax on a total income of fifty lakh rupees by more than the
amount of income that exceeds fifty lakh rupees
Further,
the total amount payable as income-tax and surcharge on total income exceeding
one crore rupees shall not exceed the total amount payable as income-tax on a
total income of one crore rupees by more than the amount of income that exceeds
one crore rupees.
Cess:
Education cess @ 2%
and S.H.E.C @1%.