Page 16 - DCOM308_DCOM502_INDIRECT_TAX_LAWS

Unit 1: Introduction to Indirect Taxes

The rates for personal income tax are as follows: Notes
Individual resident in India other than a woman or a senior citizen

Income Income Tax Rate
Level/Slabs ( )
i 0–180,000 NIL
ii 180,000–500,000 10% of amount by which the total income exceeds 180,000

iii 500,000–800,000 32,000 + 20% of the amount by which the total income exceeds
500,000.
iv 800,000 or above 92,000 + 30% of the amount by which the total income exceeds
800,000.
Individual being a woman resident in India

Income Income Tax Rate
Level/Slabs ( )

i 0–190,000 NIL
ii 190,000–500,000 10% of amount by which the total income exceeds 190,000
iii 500,000–800,000 31,000 + 20% of the amount by which the total income exceeds
500,000.

iv 800,000 or above 92,000 + 30% of the amount by which the total income exceeds
800,000.

Individual resident who is of the age of 60 years or more but below the age of 80 years at any time
during the previous year

Income Level/Slabs Income Tax Rate
( )
i 0–250,000 NIL

ii 250,000–500,000 10% of amount by which the total income exceeds 250,000
iii 500,000–800,000 25,000 + 20% of the amount by which the total income
exceeds 500,000.
iv 800,000 or above 92,000 + 30% of the amount by which the total income
exceeds 800,000.
Individual resident who is of the age of 80 years or more at any time during the previous year

Income Level/Slabs ( ) Income Tax Rate

i 0 – 500,000 NIL
ii 500,000–800,000 20% of the amount by which the total income exceeds
500,000
iii 800,000 or above 60,000 + 30% of the amount by which the total income
exceeds 800,000.

Surcharges of 10% on total tax is levied if income exceeds 8,50,000.

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