Income Tax in India is imposed by The Government of India on the income earned by an individual (Men, Women, and Senior Citizen), Hindu undivided family (HUF), a company or a co-operative society. For each year Income has to be assessed and the applicable income tax will be charged by the authority. Its your duty to get a Pan Card and then pay your taxes on time based on the following Income Tax Slabs and rates.
For Individual’s the Income Tax in India is different for Senior Citizens’ aged above 65 years or above, women aged below 65 years and other individuals’.
For Senior citizens (Men or Women) above 65 years
|
When total Income (Chargeable at normal rate) |
Income Tax in Rs. |
Surcharge |
Educational Cess ( On Income tax + Surcharge) |
|
Does not exceed Rs. 1,95,000 |
Nil |
Nil |
Nil |
|
Is greater than Rs. 1,95,000 & less than Rs. 2,50,000 |
(TI – Rs. 1,95,000) x 20%; |
Nil |
3% |
|
Is greater than Rs. 2,50,000 |
[(TI – Rs. 2,50,000) x 30%] + 11,000 |
If TI is more than Rs. 10,00,000 then 10% of Income tax shall be paid as Surcharge. |
3% |
For Women below the age of 65 years
|
When total Income (Chargeable at normal rate) |
Income Tax in Rs. |
Surcharge |
Educational Cess ( On Income tax + Surcharge) |
|
Does not exceed Rs. 1,45,000 |
Nil |
Nil |
Nil |
|
Is greater than Rs. 1,45,000 & less than Rs. 1,50,000 |
(TI – Rs. 1,45,000) x 10%; |
Nil |
3% |
|
Is greater than Rs. 1,50,000 & less than Rs. 2,50,000 |
[(TI – Rs. 1,50,000) x 20%] + 500 |
Nil |
3% |
|
Is greater than Rs. 2,50,000 |
[(TI – Rs. 2,50,000) x 30%] + 20,500 |
If TI is more than Rs. 10,00,000 then 10% of Income tax shall be paid as Surcharge. |
3% |
( For other individuals )
|
When total Income (Chargeable at normal rate) |
Income Tax in Rs. |
Surcharge |
Educational Cess ( On Income tax + Surcharge) |
|
Does not exceed Rs. 1,10,000 |
Nil |
Nil |
Nil |
|
Is greater than Rs. 1,10,000 & less than Rs. 1,50,000 |
(TI – Rs. 1,10,000) x 10% |
Nil |
3% |
|
Is greater than Rs. 1,50,000 & less than Rs. 2,50,000 |
[(TI – Rs. 1,50,000) x 20%] + 4,000 |
Nil |
3% |
|
Is greater than Rs. 2,50,000 |
[(TI – Rs. 2,50,000) x 30%] + 24,000 |
If TI is more than Rs. 10,00,000 then 10% of Income tax shall be paid as Surcharge. |
3% |
In the case of an Hindu Undivided Family the tax would be:-
|
When total Income (Chargeable at normal rate) |
Income Tax in Rs. |
Surcharge |
Educational Cess ( On Income tax + Surcharge) |
|
Does not exceed Rs. 1,10,000 |
Nil |
Nil |
Nil |
|
Is greater than Rs. 1,10,000 & less than Rs. 1,50,000 |
(TI – Rs. 1,10,000) x 10% |
Nil |
3% |
|
Is greater than Rs. 1,50,000 & less than Rs. 2,50,000 |
[(TI – Rs. 1,50,000) x 20%] + 4,000 |
Nil |
3% |
|
Is greater than Rs. 2,50,000 |
[(TI – Rs. 2,50,000) x 30%] + 24,000 |
If TI is more than Rs. 10,00,000 then 10% of Income tax shall be paid as Surcharge. |
3% |
In the case of a co-operative Society the tax would be:-
|
When total Income (Chargeable at normal rate) |
Income Tax in Rs. |
Educational Cess ( On Income tax + Surcharge) |
|
Does not exceed Rs. 10,000 |
TI x 10% |
3% |
|
Is more than Rs. 10,000 & less than Rs. 20,000 |
[(TI – Rs. 10,000) x 20%] + 1000; |
3% |
|
Is greater than Rs. 20,000 |
[(TI – Rs. 20,000) x 30%] + 3,000 |
3% |
In the case of a company the applicable tax would be:-
|
Particulars |
Firm |
Domestic Companies |
Foreign Companies* |
Local Authorities |
|
Tax Rate |
30% |
30% |
40% |
30% |
|
Surcharge (Only if the total income exceeds Rs. 1 Crore) |
10% |
10% |
2.5% |
Nil |
|
Educational Cess |
3% |
3% |
3% |
3% |
* For Royalty Income got below agreement accepted by the Central Government (between 01.04.1961 and 31.03.1976) and Fees for Technical Services got below agreement accepted by Central Government (between 01.03.1964 and 31.03.1976), the tax rates in India is 50% of the said Royalty or Fees for Technical Services.
Good info. Thanks for the update