Individual resident aged below 60 years/ HUF/ AOP/ BOI/ Artificial Judicial Person
Surcharge : 10% of the Income Tax where taxable income is more than INR 1 crore.
Education Cess : 3% (EC 2% + SHEC 1%) of the total of Income Tax and Surcharge.
Tax Credit u/s 87A – For resident individuals, deduction of maximum of INR 2,000/- is available if the total income does not exceed INR 5,00,000/-.
Senior Citizen (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 | Income Tax Rate |
|---|---|
| Where the taxable income does not exceed INR 2,50,000/-. | NIL |
| Where the taxable income exceeds INR 2,50,000/- but does not exceed INR 5,00,000/-. | 10% of amount by which the taxable income exceeds INR 2,50,000/-. |
| Where the taxable income exceeds INR 5,00,000/- but does not exceed INR 10,00,000/-. | INR 25,000/- + 20% of the amount by which the taxable income exceeds INR 5,00,000/-. |
| Where the taxable income exceeds INR 10,00,000/-. | INR 1,25,000/- + 30% of the amount by which the taxable income exceeds INR 10,00,000/-. |
Education Cess : 3% (EC 2% + SHEC 1%) of the total of Income Tax and Surcharge.
Tax Credit u/s 87A – For resident individuals, deduction of maximum of INR 2,000/- is available if the total income does not exceed INR 5,00,000/-.
Senior Citizen (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 | Income Tax Rate |
|---|---|
| Where the taxable income does not exceed INR 3,00,000/-. | NIL |
| Where the taxable income exceeds INR 3,00,000/- but does not exceed INR 5,00,000/-. | 10% of amount by which the taxable income exceeds INR 3,00,000/-. |
| Where the taxable income exceeds INR 5,00,000/- but does not exceed INR 10,00,000/-. | INR 20,000/- + 20% of the amount by which the taxable income exceeds INR 5,00,000/-. |
| Where the taxable income exceeds INR 10,00,000/-. | INR 1,20,000/- + 30% of the amount by which the taxable income exceeds INR 10,00,000/-. |
Surcharge : 10% of the Income Tax where taxable income is more than INR 1 crore.
Education Cess : 3% (EC 2% + SHEC 1%) of the total of Income Tax and Surcharge.
Tax Credit u/s 87A – For resident individuals, deduction of maximum of INR 2,000/- is available if the total income does not exceed INR 5,00,000/-.
Super Senior Citizen (Individual resident who is of the age of 80 years or more at any time during the previous year
| Income | Income Tax Rate |
|---|---|
| Where the taxable income does not exceed INR 5,00,000/-. | NIL |
| Where the taxable income exceeds INR 5,00,000/- but does not exceed INR 10,00,000/-. | 20% of the amount by which the taxable income exceeds INR 5,00,000/-. |
| Where the taxable income exceeds INR 10,00,000/-. | INR 1,00,000/- + 30% of the amount by which the taxable income exceeds INR 10,00,000/-. |
Surcharge : 10% of the Income Tax where taxable income is more than INR 1 crore.
Education Cess : 3% (EC 2% + SHEC 1%) of the total of Income Tax and Surcharge.
Tax Credit u/s 87A – Not available as income of Super Senior Citizen is taxable only when Income exceeds INR 5,00,000/-.
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