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26th April 2016, 03:59 PM
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Join Date: May 2012
Re: What is the Income Tax Slab

Income tax is collected on a yearly basis as a percentage of an entity’s income in a fiscal year (April to March) in India. The maximum rate of income tax is capped at 30% in India, though surcharge and educational cess are also applicable, which may increase the upper limit by some percentage.

Taxpayers are broadly categorized into:
• Individuals and Hindu Unified Families (HUF) entities:
• Individuals (both male and female) up to the age of 60 years.
• Senior citizens above 60 years and up to 80 years of age.
• Super senior citizens above 80 years old.
• Business Entities
• Domestic company, firms and local authority.
• Co-operative societies.
• Foreign companies.

Income Tax Slabs and Rates

1.
Individual Taxpayers

For HUF and individuals (less than 60 years old):

Tax Slabs Tax Rates
Income up to Rs.2.5 lakhs Nil
Income between Rs.2.5 lakhs and Rs.5 lakhs 10% of amount exceeding Rs.2.5 lakhs
Income between Rs.5 lakhs to Rs.10 lakhs 20% of amount exceeding Rs.5 lakhs
Income above Rs.10 lakhs 30% of amount exceeding Rs.10 lakhs

Senior citizens (individuals over 60 years old):

Tax Slabs Tax Rates
Income up to Rs.3 lakhs NIL
Income between Rs.3 lakhs and Rs.5 lakhs 10% of amount exceeding Rs.3 lakhs
Income between Rs.5 lakhs to Rs.10 lakhs 20% of amount exceeding Rs.5 lakhs
Income above Rs.10 lakhs 30% of amount exceeding Rs.10 lakhs

Super senior citizens (individuals over 80 years old):

Tax Slabs Tax Rates
Income up to Rs.5 lakhs NIL
Income between Rs.5 lakhs to Rs.10 lakhs 20% of amount exceeding Rs.5 lakhs
Income above Rs.10 lakhs 30% of amount exceeding Rs.10 lakhs

2.
Businesses:

Co-operative societies:


Tax Slabs Tax Rates
Income up to Rs.10,000 10% of income
Income between Rs.10,000 to Rs.20,000 20% of amount exceeding Rs.10,000
Income above Rs.20,000 30% of amount exceeding Rs.20,000


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