Income Tax rates depend on your total yearly income. If your yearly income exceeds these slabs you need to pay tax on your income depending on your income. Even, if you are earning less than taxable income, it is advisable to file your tax returns.
| Income Slab | Tax Rate | ||
|---|---|---|---|
| Income up to Rs 2,50,000* | No tax | ||
| Income from Rs 2,50,000 – Rs 5,00,000 | 5% | ||
| Income from Rs 5,00,000 – 10,00,000 | 20% | ||
| Income more than Rs 10,00,000 | 30% | ||
| Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore. | |||
| Cess: 3% on total of income tax + surcharge. | |||
| Credit: https://incometaxindiaefiling.gov.in/ | |||
| Income Slab | Tax Rate | ||
|---|---|---|---|
| Income up to Rs 3,00,000* | No tax | ||
| Income from Rs 3,00,000 – Rs 5,00,000 | 5% | ||
| Income from Rs 5,00,000 – 10,00,000 | 20% | ||
| Income more than Rs 10,00,000 | 30% | ||
| Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh upto Rs.1 crore.Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore. | |||
| Cess: 3% on total of income tax + surcharge. | |||
| Credit: https://incometaxindiaefiling.gov.in/ | |||
| Income Slab | Tax Rate | ||
|---|---|---|---|
| Income up to Rs 2,50,000* | No tax | ||
| Income up to Rs 5,00,000* | No tax | ||
| Income from Rs 5,00,000 hjm – 10,00,000 | 20% | ||
| Income more than Rs 10,00,000 | 30% | ||
| Surcharge: 15% of income tax, where total income exceeds Rs.1 crore. | |||
| Cess: 3% on total of income tax + surcharge. | |||
| Credit: https://incometaxindiaefiling.gov.in/ | |||
Above Income tax rates are applicable for Individuals and HUFs.
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Disclaimer:
All efforts are made to keep the content as accurate as possible. We take no responsibly of any errors. You are advised to consult your Chartered accountant for any query on income tax.
This post was last modified on March 22, 2021
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