Income Tax

An income tax is a tax imposed on individuals or entities in respect of the income or profits earned by them. Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income.

For Individual (resident or non-resident) less than 60 years of age anytime during the previous year (<60)

Tax rate as per section 139(1)

Tax rate as per section 115 BAC

Income Tax Slab

Up to ₹2,50,000

₹2,50,001- ₹5,00,000

₹5,00,001- ₹10,00,000

Above ₹ 10,00,000

Income Tax Rate

Nil

5%

20%

30%

Income Tax Slab

Up to ₹ 2,50,000

₹2,50,001- ₹5,00,000

₹5,00,001- ₹7,50,000

₹7,50,001- ₹10,00,000

₹10,00,001- ₹12,50,000

₹12,50,001- ₹5,00,000

Above ₹15,00,000

Income Tax Rate

Nil

5%

10%

15%

20%

25%

30%

For Individuals (resident or non-resident), 60 years or more but less than 80 years of age anytime during the previous year (60+)

Tax rate as per section 139(1)

Tax rate as per section 115 BAC

Income Tax Slab

Up to ₹3,00,000

3,00,001- ₹5,00,000

₹5,00,001- ₹10,00,000

Above ₹ 10,00,000

Income Tax Rate

Nil

5%

20%

30%

Income Tax Slab

Up to ₹ 2,50,000

₹2,50,001- ₹5,00,000

₹5,00,001- ₹7,50,000

₹7,50,001- ₹10,00,000

₹10,00,001- ₹12,50,000

₹12,50,001- ₹5,00,000

Above ₹15,00,000

Income Tax Rate

Nil

5%

10%

15%

20%

25%

30%

For Individual (resident or non-resident) 80 years of age or more anytime during the previous year (80+)

Tax rate as per section 139(1)

Tax rate as per section 115 BAC

Income Tax Slab

Up to ₹5,00,000

₹5,00,001- ₹10,00,000

Above ₹ 10,00,000

Income Tax Rate

Nil

20%

30%

Income Tax Slab

Up to ₹ 2,50,000

₹2,50,001- ₹5,00,000

₹5,00,001- ₹7,50,000

₹7,50,001- ₹10,00,000

₹10,00,001- ₹12,50,000

₹12,50,001- ₹5,00,000

Above ₹15,00,000

Income Tax Rate

Nil

5%

10%

15%

20%

25%

30%