Income Tax Slabs

[Last Updated : 05-Jul-2017]

It is important to understand the tax slab under which you fall. Your income and your age will define your slab, and therefore your overall payable tax...Read on..

Case I

Below 60 years

Taxable income                    Tax Rate
Up to Rs. 2,50,000                    Nil
Rs. 2,50,000 to Rs. 5,00,000      10%
Rs. 5,00,000 to Rs. 10,00,000     20%
Above Rs. 10,00,000                 30%

Case II

Between 60 to 80 years

Taxable income                   Tax Rate
Up to Rs. 3,00,000                   Nil
Rs. 3,00,000 - Rs. 5,00,000       10%
Rs. 5,00,000 - Rs. 10,00,000      20%
Above Rs. 10,00,000                30%

Case III

Above 80 years

Taxable income                   Tax Rate
Up to Rs. 5,00,000                   Nil
Rs. 5,00,000 - Rs. 10,00,000     20%
Above Rs. 10,00,000                30%

Important Notes:

• Education Cess is 3% in case of an Individual or HUF.
• There is no surcharge in case of an Individual or HUF, having income up to Rs. 1 crore. For incomes more than INR 1 Crore, the surcharge will be 10% of the total tax payable.

Related Posts:

• Understand the difference between Financial Year and Assessment Year
• Find out whether you need to pay advance taxes
• Learn how to save taxes
• See what people say when they move from the rat race to financial freedom
• Income Tax Submission, Delays, Deadlines and Implications
• Learn how to pursue Financial Freedom

Cheers

Manoj Arora

Elevate Your Life (Official Website)

But no major changes in Tax Rates. The following Tax Rates is applicable for Fin. Year 2014-15 and Assessment Year 2015-16 as per union budget placed by Finance Minister for Fin. Year 2014-15:

I(A) - In case of every individual other than the individual referred to in I(B),I(C) and I(D) or in the case of HUF (Resident as well as Non-resident):

Total Income	Rates of Income Tax
Where the total income does not exceed Rs. 2,00,000	NIL
Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 exceed Rs. 2,00,000	10% of the amount by which the total income
Where the total income exceeds Rs.5,00,000 but does not exceed Rs. 10,00,000	Rs. 30,000 plus 20% of the amount by which the total income exceeds Rs. 5,00,000
Where the total income exceeds Rs. 10, 00,000	Rs. 130,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

I(B) - In case of every individual, being a woman resident in India and below the age of 60 years at any time during the previous year:

Total Income	Rates of Income Tax
Where the total income does not exceed Rs. 2,00,000	NIL
Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 exceed Rs. 2,00,000	10% of the amount by which the total income
Where the total income exceeds Rs.5,00,000 but does not exceed Rs. 10,00,000	Rs. 30,000 plus 20% of the amount by which the total income exceeds Rs. 5,00,000
Where the total income exceeds Rs. 10, 00,000	Rs. 130,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

I(C) - In case of every individual, being a resident in India who is the age of 60 years or more but less than 80 years at any time during the previous year :

Total Income	Rates of Income Tax
Where the total income does not exceed Rs. 2,50,000	NIL
Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 exceed Rs. 2,50,000	10% of the amount by which the total income
Where the total income exceeds Rs.5,00,000 but does not exceed Rs. 10,00,000	Rs. 25,000 plus 20% of the amount by which the total income exceeds Rs. 5,00,000
Where the total income exceeds Rs. 10, 00,000	Rs. 125,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

I(D) - In case of every individual, being a resident in India who is the age of 80 years or more at any time during the previous year :

Total Income	Rates of Income Tax
Where the total income does not exceed Rs. 5,00,000	NIL
Where the total income exceeds Rs.5,00,000 but does not exceed Rs. 10,00,000	20% of the amount by which the total income exceeds Rs. 5,00,000
Where the total income exceeds Rs. 10, 00,000	Rs. 100,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

POINTS TO BE NOTED: 

• Education Cess is 3% in case of an Individual or HUF. 
• There is no surcharge in case of an Individual or HUF, having income upto Rs. 1 crore but after this surcharge will be 10% of the tax payable.

Note: There shall be a credit of ` 2000 or tax payable whichever is less for individual tax payer for having income upto Rs. 5 Lacs. 

- See more at: http://gsoftnet.blogspot.in/2014/03/income-tax-rateslab-for-asstt-year-2014.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed:+blogspot/qrIv+(Gsoftnet)#sthash.qqjPVbRm.dpuf