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%