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An Overview Of The Income Tax Slabs For Individuals

  • Upto 2.5 lakhs- No Tax.
  • Above 2.5 lakhs to 5 lakhs- 5% + 4% cess.
  • Above Rs. 5 lakhs to Rs.10 Lakhs- 20% + 4% cess
  • Above Rs. 10 Lakhs to Rs. 50 lakhs- 30% + 4% cess
  • Above Rs. 50 Lakhs to Rs. 1 crore- 30% + 10% surcharge + 4% cess
  • Above Rs. 1 crore- 30% + 15% surcharge + 4% cess
  • Rebate under section 87(A)- 100% tax rebate subject to maximum of Rs. 2,500 available to resident individual whose total income does not exceed Rs. 3.5 lakhs
  • If an individual, male or female, is above the age of 60 years but below the age of 80 years, then their annual income upto Rs. 3,00,000 is not taxable.
  • If an individual, male or female, is above the age of 80 years, then their annual income upto Rs. 5,00,000 is not taxable.
  • All the other tax slabs regarding the annual income above Rs. 5 Lakh remain the same for all individuals.

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