Individual Tax Payers - Male Less Than 60 Years Old 

Income up To Rs. 250000 - Nil Rate

Income More then Rs. 250000 upto Rs. 500000 - 5%

Income More then Rs. 500000 upto Rs. 1000000. - 20%

Income Exceeding Rs. 1000000 - 30%

In Addition to Tax Surcharge and Education Cess is Applicable

Surcharge at the Rate of 10% on Tax Amount if Total Income excced Rs. 50 Lakh upto Rs. 1 Crore

Surcharge at the Rate of 15% onTax Amount if Total Income excced Rs. 1 Crore.

Education at the Rate of 3 % on Tax Amount plus Surcharge Amount.

There will Rebate of 100% of Tax Payable subject to maximum of Rs. 2500 under Sec  87A of Income Tax Act if Total Income of Resident Individual after claiming Deduction under section 80 of Income Tax Act does not exceed Rs. 350000.

 

Individual Tax Payers - Female Less Than 60 Years Old 

Income up To Rs. 250000 - Nil Rate

Income More then Rs. 250000 upto Rs. 500000 - 5%

Income More then Rs. 500000 upto Rs. 1000000. - 20%

Income Exceeding Rs. 1000000 - 30%

In Addition to Tax Surcharge and Education Cess is Applicable

Surcharge at the Rate of 10% on Tax Amount if Total Income excced Rs. 50 Lakh upto Rs. 1 Crore

Surcharge at the Rate of 15% onTax Amount if Total Income excced Rs. 1 Crore.

Education at the Rate of 3 % on Tax Amount plus Surcharge Amount.

There will Rebate of  100% of Tax Payable subject to maximum of Rs. 2500 under Sec  87A of Income Tax Act if Total Income of Resident Individual after claiming Deduction under section 80 of Income Tax Act does not exceed Rs. 350000.

 

Individual Tax Payers - Age More than 60 Year but Than 80 Year

Income up To Rs. 300000 - Nil Rate

Income More then Rs. 300000 upto Rs. 500000 - 5%

Income More then Rs. 500000 upto Rs. 1000000. - 20%

Income Exceeding Rs. 1000000 - 30%

In Addition to Tax Surcharge and Education Cess is Applicable

Surcharge at the Rate of 10% on Tax Amount if Total Income excced Rs. 50 Lakh upto Rs. 1 Crore

Surcharge at the Rate of 15% onTax Amount if Total Income excced Rs. 1 Crore.

Education at the Rate of 3 % on Tax Amount plus Surcharge Amount.

There will Rebate of 100% of Tax Payable subject to maximum of Rs. 2500 under Sec  87A of Income Tax Act if Total Income of Resident Individual after claiming Deduction under section 80 of Income Tax Act does not exceed Rs. 350000.

 

Individual Tax Payers - Age More than 80 Year

Income up To Rs. 500000 - Nil Rate

Income More then Rs. 500000 upto Rs. 1000000. - 20%

Income Exceeding Rs. 1000000 - 30%

In Addition to Tax Surcharge and Education Cess is Applicable

Surcharge at the Rate of 15% onTax Amount if Total Income excced Rs. 1 Crore.

Education at the Rate of 3 % on Tax Amount plus Surcharge Amount.

There will Rebate of 100% of Tax Payable subject to maximum of  Rs. 2500 under Sec  87A of Income Tax Act if Total Income of Resident Individual after claiming Deduction under section 80 of Income Tax Act does not exceed Rs. 350000.

 

Hindu Undivided Family (HUF) Tax Payers 

Income up To Rs. 250000 - Nil Rate

Income More then Rs. 250000 upto Rs. 500000 - 5%

Income More then Rs. 500000 upto Rs. 1000000. - 20%

Income Exceeding Rs. 1000000 - 30%

In Addition to Tax Surcharge and Education Cess is Applicable

Surcharge at the Rate of 10% on Tax Amount if Total Income excced Rs. 50 Lakh upto Rs. 1 Crore

Surcharge at the Rate of 15% onTax Amount if Total Income excced Rs. 1 Crore.

Education at the Rate of 3 % on Tax Amount plus Surcharge Amount.

 

Association of Persons (AOP) and Body of Individual (BOI)  Tax Payers 

Income up To Rs. 250000 - Nil Rate

Income More then Rs. 250000 upto Rs. 500000 - 5%

Income More then Rs. 500000 upto Rs. 1000000. - 20%

Income Exceeding Rs. 1000000 - 30%

In Addition to Tax Surcharge and Education Cess is Applicable

Surcharge at the Rate of 10% on Tax Amount if Total Income excced Rs. 50 Lakh upto Rs. 1 Crore

Surcharge at the Rate of 15% onTax Amount if Total Income excced Rs. 1 Crore.

Education at the Rate of 3 % on Tax Amount plus Surcharge Amount.

 

Domestic Company Tax Payer - Companies Having Trunover upto Rs. 50 Crore

Income Tax Rate - 25 %

Surcharge Rate - 7% of Tax Amount if Total Income exceed Rs. 1 Crore or 12% of Tax Amount if Total Income exceed Rs. 10 Crore.

Education Cess: - 3% of Tax Amount + Surcharge Amount (If any)

 

Domestic Company Tax Payer - Companies Having Trunover exceeding Rs. 50 Crore

Income Tax Rate - 30%

Surcharge Rate - 7% of Tax Amount if Total Income exceed Rs. 1 Crore or 12% of Tax Amount if Total Income exceed Rs. 10 Crore.

Education Cess: - 3% of Tax Amount + Surcharge Amount (If any)

 

Foreign Company Tax Payer 

Income Tax Rate - 40%

Surcharge Rate - 2% of Tax Amount if Total Income exceed Rs. 1 Crore or 5% of Tax Amount if Total Income exceed Rs. 10 Crore.

Education Cess: - 3% of Tax Amount + Surcharge Amount (if any)

 

Co - Operative Society Tax Payer

Income Up to Rs. 10000 - 10% 

Income Exceeding Rs. 10000 up to 20000 - 20%

Income Exceeding Rs. 20000 - 30%

Surcharge Rate: - 12% of Tax Amount if Total Income exceed Rs. 1 Crore.

Education Cess: - 3% of Tax Amount + Surcharge Amount (If any)

Note: - Where Surcharge is applicable on Income of Assessee  due to Increase income of Assessee by small amount then Tax payable by assessee including Surcharge and Education Cess does not exceed such Income. Difference in Actual Tax Payable and Tax to be Payable as Per Calculation based on Income Tax Slab Rates is provided as Relief to Assessee.

 

 

 

 

 

 

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