The new income slabs and rates of income tax on total income shall be as under:
|
Income-slab |
Rates of income tax |
|
|
(a) |
Total taxable income upto Rs.2,00,000/- |
NIL |
|
(b) |
Total taxable income exceeding Rs.2, 00,000/- but does not exceed Rs.5, 00,000/- |
10% of the amount by which the total income exceeds Rs.2, 00,000/- |
|
(c) |
Total taxable income exceeding 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/- |
|
(d) |
Total taxable income above Rs.10, 00,000/- |
Rs.1,30, 000/- plus 30% of the amount by which the total income exceeds Rs.10,00,000/- |
2. In case of every individual being a resident in India who is of the age of sixty years or more but less than eighty years at any time during the previous year. The rates of income tax are as under:-
|
Income-slab |
Rates of income tax |
|
|
(a) |
Total taxable income upto Rs.2, 50,000/- |
NIL |
|
(b) |
Total taxable income exceeding Rs.2, 50,000/- but does not exceed Rs.5, 00,000/- |
10% of the amount by which the total income exceeds Rs.2,50, 000/- |
|
(c) |
Total taxable income exceeding 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/- |
|
(d) |
Total taxable income above Rs.10, 00,000/- |
Rs 1,25,000/- plus 30% of the amount by which the total income exceeds Rs.10,00,000/- |