I. In case of Men Less than 60 yrs. and HUF :

 

 

Income Level

Tax Amount (At Normal Rate)

i.

If the total taxable income does not exceed Rs.2,00,000/-.

(or)

Total Income <= 2,00,000

NIL

(or)

Gross Tax Liability = Nil or “0”

ii.

If the total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-.

(or)

2,00,000 < Total Income <= 5,00,000

10% of amount by which the total taxable income exceeds Rs. 2,00,000/-

(or)

Gross Tax Liability = (Total Income-2,00,000)*0.1

iii.

If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-.

(or)

If 5,00,000 <Total Income <= 10,00,000

Rs. 30,000/- + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/-.

(or)

Gross Tax Liability = 30,000+[(Total Income-5,00,000)*0.2]

iv.

If the total taxable income exceeds Rs.10,00,000/-.

(or)

Total Income>10,00,000

Rs. 1,30,000/- + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/-.

(or)

Gross Tax Liability =1,30 ,000 + [ (Total Income-10,00,000)*0.3]

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Read Also: Here is the procedure on how to File Income Tax Return online

 

II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-

 

 

 

Income Level Tax Amount (At Normal Rate)

i.

If the total taxable income does not exceed Rs.2,00,000/-.

(or)

Total Income <= 2,00,000

NIL

(or)

Gross Tax Liability = Nil or “0”

ii.

If the total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-.

(or)

2,00,000 < Total Income <= 5,00,000

10% of amount by which the total taxable income exceeds Rs. 2,00,000/-

(or)

Gross Tax Liability = (Total Income-2,00,000)*0.1

iii.

If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-.

(or)

If 5,00,000 <Total Income <= 10,00,000

Rs. 30,000/- + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/-.

(or)

Gross Tax Liability = 30,000+[(Total Income-5,00,000)*0.2]

iv.

If the total taxable income exceeds Rs.10,00,000/-.

(or)

Total Income>10,00,000

Rs. 1,30,000/- + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/-.

(or)

Gross Tax Liability =1,30 ,000 + [ (Total Income-10,00,000)*0.3]


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III. In case of an Individual Resident who is of the age of 60 or more but less than 80 yrs at any time during the previous year:-

 

Income Level

Income Tax Rate

i.

Where the total taxable income does not exceed Rs.2,50,000/-.

(or)

Total Income <= 2,50,000

NIL

(or)

Gross Tax Liability = Nil or “0”

ii.

If the total taxable income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-

(or)

2,50,000 < Total Income <= 5,00,000

10% of the amount by which the total taxable income exceeds Rs.2,50,000/-.

(or)

Gross Tax Liability = (Total Income-2,50,000)*0.1

iii.

If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-

(or)

5,00,000 <Total Income <= 10,00,000

Rs.25,000/- + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/-.

(or)

Gross Tax Liability = 25,000+[(Total Income-5,00,000)*0.2]

iv.

If the total taxable income exceeds Rs.10,00,000/-

(or)

Total Income>10,00,000

Rs.1,25,000/- + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/-.

(or)

Gross Tax Liability = 1,25,000 + [ (Total Income-10,00,000)*0.3]

 

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IV. In case of an Individual Resident who is of the age of 80 years or more at any time during the previous year:-

 

 

Income Level

Income Tax Rate

i.

Where the total taxable income does not exceed Rs.500,000/-.

(or)

Total Income <= 5,00,000

NIL

(or)

Gross Tax Liability = Nil or “0”

iii.

If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-

(or)

If 5,00,000 <Total Income <= 10,00,000

20% of the amount by which the total taxable income exceeds Rs.10,00,000/-.

(or)

Gross Tax Liability = (Total Income-5,00,000)*0.2

iv.

If the total taxable income exceeds Rs.10,00,000/-

(or)

Total Income>10,00,000

1,00,000/- + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/-.

(or)

Gross Tax Liability =1,00,000 + [ (Total Income-8,00,000)*0.3]

 Net Tax Liability = (Gross Tax Liability) x 103% (i.e., 1% and 2% of Education and Secondary and Higher Education Cess resp.)

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Surcharge: No Surcharge on Income Tax for the above cases

Education Cess:2% of the Income-tax calculated above

Secondary and Higher Education Cess:1% of the Income Tax calculated above

THE SUM OF THE ABOVE TAX CALUCULATED AT NORMAL RATE, EDUCATION CESS AND SECONDARY AND HIGHER EDUCATION CESS IS THE TAX LIABILITY