If you are a citizen of India then below are the rates of tax applicable for you:
| Rate | Super Senior citizen i.e. resident aged 80 years or more | Senior citizen resident i.e. aged 60 years or more but less than 80 years | Other (Individual, including resident woman, HUF, AOP, BOI, Artificial juridical person) |
| Nil | Upto Rs.500000 | Upto Rs.300000 | Upto Rs.250000 |
| 10% | NA | 300001 – 500000 | 250001 – 500000 |
| 20% | 500001-1000000 | 500001 – 1000000 | 500001 – 1000000 |
| 30% | Above 1000000 | Above 1000000 | Above 1000000 |
Education cess: 2% on tax liability after surcharge (if any)
Secondary and Higher Education cess: 1% on tax liability after surcharge (if any)
Summary of surcharge
| Cases | Rate of surcharge |
| Individual, HUF, BOI, AOP, artificial juridical person, firm, co-operative society or local authority –
– If net income does not exceed Rs. 1 crore – If net income exceeds Rs. 1 crore |
0% 10% |
| Domestic company
– If net income does not exceed Rs. 1 crore – If net income exceeds Rs. 1 crore but does not exceed Rs. 10 crore – If net income exceeds Rs. 10 crore |
0% 5% 10% |
| Foreign company
– If net income does not exceed Rs. 1 crore – If net income exceeds Rs. 1 crore but does not exceed Rs 10 crore – If net income exceeds Rs. 10 crore |
0% 2% 5% |
Tax Rebate: A rebate of Rs. 5000/- is available to an individual (resident) whose total income does not exceed five lakh rupees. Rebate is subject to maximum tax liability of the individual.
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