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Income Tax Slab

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The direct taxes levied on an individual's income is called Direct Tax. Direct tax is deducted directly from the income of an individual but indirect are levied on consumers when they purchase goods or services. The different forms of direct taxes collected from people are wealth tax, inheritance tax, corporate tax etc. These taxes are used later for the improvement of infrastructure, healthcare, education, defense and other purposes. A huge chunk of the development in a country is funded from the direct tax collected from people. Direct taxes are considered to be one of the most stable sources of credit for the government. The direct tax collected from people are also used to pay the income to government employees

How to Calculate Income Tax

The calculation of Income Tax depends on many factors. Some of the important factors that affect the calculation of Income Tax are the amount of income earned, the source of income and the age of the earning person. To calculate the amount of income tax levied on an individual, they are required to declare their total earnings and the total deductions for the assessment year. ALong with the earnings and deductions, the individual is also required to file exemptions from the taxes as well. A person can claim medical, educational, HRA exemption etc. There are certain investments that attract exemptions from the government. If the taxpayer intimates the Income Tax Department regarding these investments, then they can avail tax exemptions.

Normal tax rates applicable to a resident individual below the age of 60 years i.e. born on or after 1.4.1958

Net income range

Income-tax rates

Health and Education Cess

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,000 – Rs. 5,00,000

5% of (total income minus Rs. 2,50,000) [*]

4% of income tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)

4% of income tax

Above Rs. 10,00,000

Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)

4% of income tax

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Normal tax rates applicable to a resident individual of the age of 60 years or above at any time during the year but below the age of 80 years

Net income range

Income-tax rates

Health and Education Cess

Up to Rs. 3,00,000

Nil

Nil

Rs. 3,00,000 – Rs. 5,00,000

5%  of  (total  income  minus  Rs.3,00,000) [*]

4% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 10,000 + 20% of (total income minus Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,10,000 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

Normal tax rates applicable to a resident individual of the age of 80 years or above at any time during the year

Net income range

Income-tax rates

Health and Education Cess

Up to Rs. 5,00,000

Nil

Nil

Rs. 5,00,000 – Rs. 10,00,000

20%  of  (total  income  minus  Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,00,000 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

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 Non-resident individual irrespective of age

Net income range

Income-tax rates

Health and Education Cess

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,000 – Rs. 5,00,000

5%  of  (total  income  minus  Rs. 2,00,000) [*]

4% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

Normal tax rate applicable to resident/non-resident Hindu Undivided Family (HUF)

Net income range

Income-tax rates

Health and Education

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,000 – Rs. 5,00,000

5%  of  (total  income  minus  Rs.2,50,000)

4% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

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Normal tax rates applicable to every AOP/BOI/Artificial juridical person

Net income range

Income-tax rates

Health and Education

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,000 – Rs. 5,00,000

5%  of  (total  income  minus  Rs. 2,50,000)

4% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)

4% of income-tax

Above Rs. 10,00,000

Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)

4% of income-tax

Normal tax rates applicable to a Co-operative societies

Net income range

Rate of income-tax

Up to Rs. 10,000

10%

Rs. 10,000 - Rs. 20,000

20%

Above Rs. 20,000

30%

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