:: Welcome to www.joinliccoimbatore.com: Tax Information

back

Tax Information

Every year with Government budget, the most common expectation an Indian citizen has is of ‘change for better’ in the Income tax slab. So to plan your investment strategy and understand how much tax liability you will incur this year let’s have a look at the tax structure for different categories. These categories are created by the Government of India for taxation purposes, and they are based on Gender and Age.

Income Tax Slabs 2023– 2024

Old Regime

Income Tax Slab	Individuals (Age < 60 years)	Resident Senior Citizens (60 but <80 years)	Resident Super Senior Citizens (80 years and above)
Up to Rs. 2,50,000	Nil	Nil	Nil
Rs. 2,50,001 to Rs. 3,00,000	5%	Nil	Nil
Rs 3,00,001 to Rs 5.00,000	5%	5%	Nil
Rs 5,00.001 to Rs 10,00,000	20%	20%	20%
Above Rs 10,00,000	30%	30%	30%

New Regime

Slabs	Income Tax Rates
Up to Rs 3,00.000	Nil
Rs 3,00.001 to Rs 6.00,000	5% (Tax rebate Ws 87A)
Rs 6,00.001 to Rs 900,000	10% (Tax rebate u/s 87A up to Rs 7 lakh)
Rs 9,00,001 to Rs 12,00,000	15%
Rs 12,00,001 to Rs 1500,000	20%
Above Rs 15,00,000	30%

*Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:-

Range of Income	Rs. 50 Lakhs to Rs. 1 Crore	Rs. 1 Crore to Rs. 2 Crore	Rs. 2 Crore to Rs. 5 Crore	Exceeding Rs. 5 Crore
Surcharge Rate	10%	15%	25%	37%

Income Tax Slabs 2022– 2023 for Individuals & HUF below 60 Years of Age

Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 5,00,000	5%	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A

Income Tax Slabs 2022 – 2023 for Senior Citizens (Aged 60 Years but Less than 80 Years)

Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 3,00,000	Nil	5%
Rs. 3,00,001 to Rs. 5,00,000	5%	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A

Income Tax Slabs 2022 – 2023 for Super Senior Citizens (Above 80 Years)

Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 5,00,000	Nil	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

*Surcharge to be levied for F.Y. 2022 - 23

Taxable Income	Surcharge (%)
Total income above Rs.50 Lakh but below Rs. 1 Crore	10%
Total income above Rs.1 Crore but below : Rs. 2 Crore	15%
Total income above Rs.2 Crore but below 5 Crore	25%
Total income above Rs.5 Crore	37%

A cess at the rate of 4 per cent is added on the income tax amount. Further, surcharge is levied at different income tax rates if the total income exceeds Rs. 50 lakh in a financial year.

Income Tax Slabs 2021 - 2022 for Individuals & HUF below 60 Years of Age

Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 5,00,000	5%	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A

Income Tax Slabs 2021 – 2022 for Senior Citizens (Aged 60 Years but Less than 80 Years)

Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 3,00,000	Nil	5%
Rs. 3,00,001 to Rs. 5,00,000	5%	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A

Income Tax Slabs 2021 – 2022 for Super Senior Citizens (Above 80 Years)

Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 5,00,000	Nil	5%
Rs. 5,00,001 to Rs. 7,50,000	20%	10%
Rs. 7,50,001 to Rs. 10,00,000	20%	15%
Rs. 10,00,001 to Rs. 12,50,000	30%	20%
Rs. 12,50,001 to Rs. 15,00,000	30%	25%
Above Rs. 15,00,000	30%	30%

*Surcharge to be levied for F.Y. 2021 - 22

Taxable Income	Surcharge (%)
Total income above Rs.50 Lakh but below Rs. 1 Crore	10%
Total income above Rs.1 Crore but below : Rs. 2 Crore	15%
Total income above Rs.2 Crore but below 5 Crore	25%
Total income above Rs.5 Crore	37%

For Non-Resident Individuals (NRI), the basic exemption limit is of Rs. 2.5 lakh in a financial year irrespective of their age.

Note: Surcharge and cess shall be continued to be levied at the existing rates.

Income Tax Slabs 2020-2021 for Individuals & HUF below 60 years of age


Net income range	Income-Tax rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,001- Rs. 5,00,000	5%
Rs. 5,00,001- Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A

Income Tax Slabs 2020-2021 for Senior Citizens (Aged 60 years but less than 80 years)


Net income range	Income-Tax rate
Up to Rs. 3,00,000	Nil
Rs. 3,00,001 – Rs. 5,00,000	5%
Rs. 5,00,001- Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A

Income Tax Slabs 2020-2021 for Super Senior Citizens (Above 80 years)


Net income range	Income-Tax rate
Up to Rs. 5,00,000	Nil
Rs. 5,00,001- Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A

Tax rates if the Assesse has opted for section 115BAC [Applicable in case of all Individuals & HUF]


Total Income	Rate of tax
Up to Rs. 2,50,000	Nil
From Rs. 2,50,001 to Rs. 5,00,000	5%
From Rs. 5,00,001 to Rs. 7,50,000	10%
From Rs. 7,50,001 to Rs. 10,00,000	15%
From Rs. 10,00,001 to Rs. 12,50,000	20%
From Rs. 12,50,001 to Rs. 15,00,000	25%
Above Rs. 15,00,000	30%

Plus: -
Surcharge: - 10% of income tax where total income exceeds Rs. 50,00,000.
15% of income tax where total income exceeds Rs. 1,00,00,000.
25% of income tax where total income exceeds Rs. 2,00,00,000.
37% of income tax where total income exceeds Rs. 5,00,00,000.

Note: Enhanced surcharged levied at the rates of 25%/37% shall not be levied in case of income accessable under sections 111A / 112A or 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%.

Income tax slabs 2019-2020 for Individuals & HUF below 60 years of age

Taxable income slabs	Tax and Cess		Change In Amount
Taxable income slabs	Income tax rates and cess	Educational cess	Post Budget Tax Liability	Increase in TAX due to cess
Up to Rs 2.5 lakhs	Nil	Nil	-	-
Rs 2,50,001 to Rs 5,00,000	5% of (Total income minus Rs 2,50,000) + 4% cess	2% of Income Tax	13000	125
Rs 5,00,001 to Rs 10,00,000	Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess	2% of Income Tax	1,17,000	1125
Rs 10,00,001 and above	Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess	2% of Income Tax	2,73,000	2625

*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A

Income tax slabs 2019-2020 for Senior citizens (Aged 60 years but less than 80 years)

Taxable income slabs	Tax and Cess		Change In Amount
Taxable income slabs	Income tax rates and cess	Educational cess	Post Budget Tax Liability	Increase in TAX due to cess
Up to Rs 3 lakhs	Nil	Nil	-	-
Rs 3,00,001 to Rs 5,00,000	5% of (Total income minus Rs 3,00,000) + 4% cess	2% of Income Tax	10400	100
Rs 5,00,001 to Rs 10,00,000	Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess	2% of Income Tax	1,14,400	1100
Rs 10,00,001 and above	Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess	2% of Income Tax	2,70,400	2600

*Rebate of Rs 12,500 will be available for taxpayers with taxable income up to Rs 5 lakh available under Section 87A

Income tax slabs 2019-2020 for Super Senior citizens (Above 80 Years)

Taxable income slabs	Tax and Cess		Change In Amount
Taxable income slabs	Income tax rates and cess	Educational cess	Post Budget Tax Liability	Increase in TAX due to cess
Up to Rs 5 lakhs	Nil	Nil	-	-
Rs 5,00,001 to Rs 10,00,000	20% of (Total income minus Rs 5,00,000) + 4% cess	2% of Income Tax	1,04,000	1000
Rs 10,00,001 and above	Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess	2% of Income Tax	2,60,000	2500

Surcharges to be levied for FY 2019-20:
Taxable Income	Surcharge (%)
Income above Rs 50 lakh but below Rs 1 crore	10
Income above Rs 1 crore but below Rs 2 crore	15
Income above Rs 2 crore but below 5 crore	25
Income above Rs 5 crore	37

For Non-resident individuals (NRI), the basic exemption limit is of Rs 2.5 lakh in a financial year irrespective of their age.

A resident individual can also avail rebate under Section 87(A) whose net income is equal to or less than Rs 3.5 lakh. The amount of rebate under this section is 100% of the income tax or Rs 2,500 whichever is less. It is deductible before calculating the cess.

Total Income	3,00,00,000	3,00,00,000
What changed for Super HNIs?
Income Between 2 Crore and 5 Crore
	Existing	Proposed
Deduction Claimed	-6,00,000	-6,00,000
New Taxable Income	2,94,00,000	2,94,00,000
Tax on this	86,32,500	86,32,500
Surcharge	12,94,875	21,58,125
Cess	3,97,095	4,31,625
Total Tax	1.03 Crore	1.12 Crore
Higher By	8.98 Lakh Per Year
Higher By	74,815 Per Year

Total Income	6,00,00,000	6,00,00,000
Income Above 5 Crore
	Existing	Proposed
Deduction Claimed	-10,00,000	-10,00,000
New Taxable Income	5,90,00,000	5,90,00,000
Tax on this	1,75,12,500	1,75,12,500
Surcharge	26,26,875	64,79,625
Cess	8,05,575	9,59,685
Total Tax	2.09 Crore	2.49 Crore
Higher By	40 Lakh Per Year
Higher By	3.33 Lakh Per Year

Income tax slabs 2018-19 for Individuals & HUF

Income tax slab (in Rs.)	Tax percentage	Education Cess	Surcharge
0 to 250000	Nil	Nil	Nil
250001 to 350000	5%*	4%	Nil
250001 to 500000	5%	4%	Nil
500001 to 1000000	20%	4%	Nil
1000001 to 5000000	30%	4%	Nil
5000001 to 10000000	30%	4%	10%
10000001 & Above	30%	4%	15%

*Rebate of Rs.2500 can be claimed by individuals earning between Rs 2.5 lakh and Rs 3.5 lakh u/s87A

Income tax slabs 2018-19- for Senior citizens (Aged 60 years but less than 80 years)

Income tax slab (in Rs.)	Tax percentage	Education Cess	Surcharge
0 to 300000	Nil	Nil	Nil
300001 to 350000	5%*	4%	Nil
300001 to 500000	5%	4%	Nil
500000 to 1000000	20%	4%	Nil
1000001 to 5000000	30%	4%	Nil
5000001 to 10000000	30%	4%	10%
10000001 & Above	30%	4%	15%

*Rebate of Rs.2500 can be claimed by individuals earning between Rs 2.5 lakh and Rs 3.5 lakh u/s87A

Income tax slabs 2018-19 - for Very Senior citizens (Above 80 years)

Income tax slab (in Rs.)	Tax percentage	Education Cess	Surcharge
0 to 500000	Nil	Nil	Nil
500001 to 1000000	20%	4%	Nil
1000001 to 5000000	30%	4%	Nil
5000001 to 10000000	30%	4%	10%
10000001 & Above	30%	4%	15%

Surcharge: If the total income exceeds Rs 50 Lakhs but below Rs 1 crore, a surcharge of 10% will be levied. 15% surcharge on income tax if the total income is over and above Rs 1 cr

Income tax slabs 2017-2018 for Individuals & HUF

Income tax slab (in Rs.)	Tax percentage	Education Cess	Surcharge
0 to 250000	Nil	Nil	Nil
250001 to 350000	5%*	3%	Nil
250001 to 500000	5%	3%	Nil
500001 to 1000000	20%	3%	Nil
1000001 to 5000000	30%	3%	Nil
5000001 to 10000000	30%	3%	10%
10000001 & Above	30%	3%	15%

* U/S 87A, Tax rebate of Rs 2,500 for individuals with income of up to Rs 3.5 Lakh has been proposed

Income tax slabs 2017-2018 - for Senior citizens (Aged 60 years but less than 80 years)

Income tax slab (in Rs.)	Tax percentage	Education Cess	Surcharge
0 to 300000	Nil	Nil	Nil
300001 to 350000	5%*	3%	Nil
300001 to 500000	5%	3%	Nil
500000 to 1000000	20%	3%	Nil
1000001 to 5000000	30%	3%	Nil
5000001 to 10000000	30%	3%	10%
10000001 & Above	30%	3%	15%

* U/S 87A, Tax rebate of Rs 2,500 for individuals with income of up to Rs 3.5 Lakh has been proposed

Income tax slabs 2017-2018 - for Very Senior citizens (Above 80 years)

Income tax slab (in Rs.)	Tax percentage	Education Cess	Surcharge
0 to 500000	Nil	Nil	Nil
500001 to 1000000	20%	3%	Nil
1000001 to 5000000	30%	3%	Nil
5000001 to 10000000	30%	3%	10%
10000001 & Above	30%	3%	15%

Surcharge: If the total income exceeds Rs 50 Lakhs but below Rs 1 crore, a surcharge of 10% will be levied. 15% surcharge on income tax if the total income is over and above Rs 1 cr

India Income tax slabs 2016-2017 for General tax payers and Women

S. No.	Income tax slab (in Rs.)	Tax percentage
1	0 to 2,50,000	No tax
2	2,50,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%

India Income tax slabs 2016-2017 - for Senior citizens (Aged 60 years but less than 80 years)

S. No.	Income tax slab (in Rs.)	Tax percentage
1	0 to 3,00,000	No tax
2	3,00,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%

India Income tax slabs 2016-2017 - for Very Senior citizens (Above 80 years)

S. No.	Income tax slab (in Rs.)	Tax percentage
1	0 to 5,00,000	No tax
2	5,00,001 to 10,00,000	20%
3	Above 10,00,000	30%

India Income tax slabs 2015-2016 for General tax payers and Women

S. No.	Income tax slab (in Rs.)	Tax percentage
1	0 to 2,50,000	No tax
2	2,50,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%

India Income tax slabs 2015-2016 - for Senior citizens (Aged 60 years but less than 80 years)

S. No.	Income tax slab (in Rs.)	Tax percentage
1	0 to 3,00,000	No tax
2	3,00,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%

India Income tax slabs 2015-2016 - for Very Senior citizens (Above 80 years)

S. No.	Income tax slab (in Rs.)	Tax percentage
1	0 to 5,00,000	No tax
2	5,00,001 to 10,00,000	20%
3	Above 10,00,000	30%

Pepin Esaw

USEFUL LINK

CONTACT US

Pepin Esaw

USEFUL LINK

CONTACT US

OUR NEWSLETTER