1. FOR INDIVIDUALS (UPTO 60 YEARS OF AGE) & HUF
INCOME UPTO TAX %
UPTO 250000 NIL
250001 TO 500000 5%
500001 TO 1000000 20%
1000000 ABOVE 30%
2. FOR INDIVIDUALS (FROM 60 YEARS TO 80 YEARS OF AGE)
INCOME UPTO TAX%
UPTO 300000 NIL
300001 TO 500000 5%
500001 TO 1000000 20%
1000000 ABOVE 30%
3. FOR INDIVIDUALS (ABOVE 80 YEARS OF AGE)
INCOME UPTO TAX%
UPTO 500000 NIL
500001 TO 1000000 20%
1000000 ABOVE 30%
4. SURCHARGE ON TAX: (FOR HIGHER INCOME PERSONS)
INCOME UPTO SURCHARGE%
UPTO 50 LAKH NIL
50 LAKH TO 1CRORE 10%
1CRORE TO 2 CRORE 15%
2 CRORE TO 5 CRORE 25%
ABOVE 5CRORES 37%
5. REBATE U/S 87A REBATE AMOUNT
1. INCOME IS MORE THAN RS. 5,00,000 = NIL
2. INCOME BETWEEN Rs. 2,50,000 TO Rs. 5,00,000 = (Total Income – Rs.250000) X 5%
SOME EXAMPLES ARE :
1. INCOME IS Rs. 3,00,000 then rebate = (Rs. 3,00,000 – Rs. 2,50,000) X 5% = RS. 2,500
2. INCOME IS Rs. 3,50,000 then rebate = (Rs. 3,50,000 – Rs. 2,50,000) X 5% = RS. 5,000
3. INCOME IS Rs. 4,00,000 then rebate = (Rs. 4,00,000 – Rs. 2,50,000) X 5% = RS. 7,500
4. INCOME IS Rs. 4,50,000 then rebate = (Rs. 4,50,000 – Rs. 2,50,000) X 5% = RS. 10,000
5. INCOME IS Rs. 5,00,000 then rebate = (Rs. 5,00,000 – Rs. 2,50,000) X 5% = RS. 12,500