#1
26th April 2016, 03:59 PM
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What is the Income Tax Slab
Can you provide me the Income Tax Slabs and Rates followed in India as I want to check in which category I fit, please help me with this I will be very thankful to you?
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#2
26th April 2016, 03:59 PM
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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 |