Income Tax Slab Rates FY 2020-21 in India

Income Tax Slab Rates for 2020 – 2021

In India, income is charged, as the income of the taxpayer’s increased, he is required to contribute more portion of his earned income in the form of taxes to the government.

Income Tax is a tax payable to the government in the form of direct and indirect taxes. Everyone who is earning in India has to income tax.

Under the tax structure, income is categorized into different groups and the purpose of grouping is income.

Each such group is referred to as a tax slab.

The Income tax slab table that indicates the threshold limit beyond which specific tax rate is applicable and various deductions are made.

The basic exemption limit depends on the age as well as the residential status.

Being a taxpayer. One must be well versed in the changes announced in the budget. Many filing details remain unchanged, whereas there may be changes in a few.

If you are seeking information regarding the income tax slab rates then you are at the right place.

So, without much ado, let’s just began

Budget 2020 Tax Highlights

Main tax highlights from the budget presented by Hon’ble Finance Minister Ms. Nirmala Sitharaman on 1st Feb 2020

  • Option to the taxpayer choose between old income tax rate and slabs and the new ones
  • New tax slabs offer a reduction in applicable tax rate from 20% to 10% and from 30% to 20% in some cases (details in the table below)
  • In case the taxpayer opts for new slabs and rates, no exemption or deduction can be claimed such as those on account of house rent allowance (HRA) investments, LIC premium, school fees, mediclaim, etc.
  • The cut in income tax rates, which would help save 1,820 to 20,300 a year in tax for persons with annual income of above 10 lakh, was however conditioned on foregoing current exemptions and deductions, including standard deduction for 50,000 as well as the waiver earned on payment of up to 1.5 lakh in tuition fee of children, and contribution towards insurance premium and provident fund.

Income Tax Slabs & Rates 2020-2021

The income tax slab rate determines whether your income is taxable or not.

There are some alterations that are introduced in the income tax slab rates for the financial year 2020-21.

Based on the annual income earned by an individual.

New Income Tax Slabs for Individual (New Regime)

Income Tax Slab Tax Rate
Up to Rs.2.5 lakh Nil
From Rs.2,50,001 to Rs.5,00,000 5% of the total income that is more than Rs.2.5 lakh + 4% cess
From Rs.5,00,001 to Rs.7,50,000 10% of the total income that is more than Rs.5 lakh + 4% cess
From Rs.7,50,001 to Rs.10,00,000 15% of the total income that is more than Rs.7.5 lakh + 4% cess
From Rs.10,00,001 to Rs.12,50,000 20% of the total income that is more than Rs.10 lakh + 4% cess
From Rs.12,50,001 to Rs.15,00,000 25% of the total income that is more than Rs.12.5 lakh + 4% cess
Income above Rs.15,00,001 30% of the total income that is more than Rs.15 lakh + 4% cess

Note: New income tax rates are optional

Income Tax Slab Tax Rates As Per New Regime Tax Rates As Per Old Regime
₹0 – ₹2,50,000 Nil Nil
₹2,50,001 – ₹ 5,00,000 5% 5%
₹5,00,001 – ₹ 7,50,000 ₹12500 + 10% of total income exceeding ₹5,00,000 ₹12500 + 20% of total income exceeding ₹5,00,000
₹7,50,001 – ₹ 10,00,000 ₹37500 + 15% of total income exceeding ₹7,50,000 ₹62500 + 20% of total income exceeding ₹7,50,000
₹10,00,001 – ₹12,50,000 ₹75000 + 20% of total income exceeding ₹10,00,000 ₹112500 + 30% of total income exceeding ₹10,00,000
₹12,50,001 – ₹15,00,000 ₹125000 + 25% of total income exceeding ₹12,50,000 ₹187500 + 30% of total income exceeding ₹12,50,000
Above ₹ 15,00,000 ₹187500 + 30% of total income exceeding ₹15,00,000 ₹262500 + 30% of total income exceeding ₹15,00,000

Given below is an example of how income tax is calculated under the new regime?(optional):

Components A B C D E F
Annual Salary (Rs.) 2.5 lakh 5 lakh 7.5 lakh 10 lakh 12.5 lakh 15 lakh
Computation of tax on the gross total income
Up to Rs.2.5 lakh Nil Nil Nil Nil Nil Nil
From Rs.2,50,001 to Rs. 5 lakh Nil 12,500 12,500 12,500 12,500 12,500
From Rs.5,00,001 to Rs.7.5 lakh Nil 25,000 25,000 25,000 25,000
From Rs.7,50,001 to Rs.10 lakh Nil 37,500 37,500 37,500
From Rs.10,00,001 to Rs.12.5 lakh Nil 50,000 50,000
From Rs.12,50,001 to Rs.15 lakh Nil 62,500
Above Rs.15 lakh Nil
Total Tax Amount Nil 12,500 37,500 75,000 1,25,000 1,87,500
Additional Cess (4%) Nil 500 1,500 3,000 5,000 7,500
Total payable tax amount Nil 13,000 39,000 78,000 1,30,000 1,95,000

Note: The calculation in this table is based on the new optional tax regime which has been announced on 1 February 2020.

Income Tax Slabs for FY 2019-20

The government of India imposed a tax on the income earned by individuals and businesses.

One must file an income tax return to justify his/her income. In this regard, to gain tax advantages to the fullest, it is significant to understand the existing income tax slab for the fiscal year 2019-20.

Income Threshold Tax rate applicable
Up to ₹ 2,50,000  NIL
₹ 2,50,001 to ₹ 5,00,000  5% on income exceeding Rs. 2.5 lakh (max. Rs. 12,500)
₹ 5,00,001 to ₹ 10,00,000 20% on income exceeding Rs. 5 lakh  (max. Rs. 1 lakh) + Rs. 12,500
Over ₹ 10,00,000 30% on income exceeding Rs. 10 lakh + Rs. 1 lakh + Rs. 12,500

Decoding Income tax Slab

The source of income is manifold in India. It is not possible for the government to set or charge a single tax rate for all. That is why the government of India has set different income tax slabs applicable to different groups of income earners.

The income tax slab varies from group to group. Every year slab is revised as per the rules of the income tax act, 1961

The budget theorem directly impacts on the income tax slab for each year.

Yet, a 4% increment in education and health and wellness. Due to this, existing income slab categories are affected and have seen a nominal increase in the income tax rate.

Income Tax Slab for Individual who are below 60 years:

The income tax rate for citizens below 60 years.

The following income tax rate will be applied to resident individuals below 60 years as well as Hindu undivided families. The HUF does not fall under any age group, the income tax for Hindu undivided family is similar as for residents below 60.

Income Tax slab Tax Rate
Up to Rs.2.5 lakh Nil
From Rs.2,50,001 to Rs.5,00,000 5% of the total income that is more than Rs.2.5 lakh + 4% cess
From Rs.5,00,001 to Rs.10,00,000 20% of the total income that is more than Rs.5 lakh + Rs.12,500 + 4% cess
Income of above Rs.10 lakh 30% of the total income that is more than Rs.10 lakh + Rs.1,12,500 + 4% cess

Individuals who have an income of less than Rs.5 lakh are eligible for tax deductions under Section 87A.

The income tax rate for income below Rs 2.5 lakh in a financial year

If you are an individual resident below 60 years of age having a total income of Rs 2.5 lakh in the financial year 2019-2020 then no tax is applicable to you. That means your income is exempt from taxes.

The income tax rate for income between Rs 2.5 Lakh to 5 lakh in a financial year.

Resident’s individuals whose total income lies between Rs 2.5 Lakh and Rs 5 Lakh in the financial year 2019-2020 will come under the tax rate of 5%.

For example, the total income is Rs 3,00,000 then individual/HUF would require to pay 5% of Rs 3,00,000 i.e. 15,000 as income tax.

For individuals, falling under this age group/income slab 3% health and education cess would be applied.

So, understanding this through example, 3% cess on 15,000 would be 450. The cess would be deducted from the income tax.

So, the income tax would be 14,500 in this case, further rebates in the form may apply.

Income Tax Rate for income between Rs 5 Lakh to Rs 10 lakh in a financial year

HUF or resident individual within 60 year age group having income between 5 to 10 lakh in the financial year 2019-20 would be taxed at 20%.

So, if you’re total income is 7.5 lakh in a financial year, then income tax would be 20% of 7, 50,000 or Rs 1, 50,000

3% education and health cess on income tax would be applicable for this slab so the cess would be 3% of 1, 50,000 or Rs 4500.

The income tax in this example would be 1, 50,000 – 4500=1, 45,000 further rebates in the form may apply.

The income tax rate for Income above Rs 10 Lakh in a financial year

For all the residents’ individuals who have income above ten lakh in the financial year 2019-20, the income tax rate will be 30%.

So if your total income is 60 lakhs in the financial year, income tax would be 30% of 60 lakhs i.e. 1, 80,000. There would be a cess 3% on the income tax, that would be 3% of 18, 00000, RS 54,000

For the individual in the age group within 60 years and HUF having an income of 50 lakh to 1 crore, there would be a surcharge of 10% on the income tax which means 10%  of 18,00000 which will be 1,80,000.

The final income tax would be cess+surchgarge or Rs 1, 80,000+54,000+1, 80,000=1, 44,000 in the financial year 2019-20. The surcharge on income tax is 15% for income above Rs 1 Crore in a financial year.

Income Tax Slab between 60-80 years:

Income tax for citizens in the age group of 60 years to 80 Years for FY 2017-18 to AY 2019-20

Resident’s individuals in the age group of 60 YRS to 80 YRS are considered as senior citizens and concession on the income tax rate would be applicable for this age group.

The income tax rate for senior citizens would be slightly different across the three age/Income slabs.

Income Tax slabs Tax Rate
Up to Rs.3 lakh Nil
From Rs.3,00,001 to Rs.5,00,000 5% of the total income that is more than Rs.3 lakh + 4% cess
From Rs.5,00,001 to Rs.10,00,000 20% of the total income that is more than Rs.5 lakh + Rs.10,500 + 4% cess
Income of above Rs.10 lakh 30% of the total income that is more than Rs.10 lakh + Rs.1,10,000 + 4% cess

Tax Slab for Senior Citizens (age more than 60 years but less than 80 years FY 2019-20)

Income range per annum New Slab for FY 2020-21, AY 2020-21 Tax Rate FY 2019-20, AY 2020-21
Up to Rs. 3 lakhs No Tax No Tax
Above Rs. 3 lakh to Rs. 5 lakhs 5% 5%
Above Rs. 5 lakhs to Rs. 7.5 lakhs 10% 20%
Above Rs. 7.5 lakhs to Rs. 10 lakhs 15% 20%
Above Rs. 10 lakhs to Rs. 12.5 lakhs 20% 30%
Above Rs. 12.5 lakhs to Rs. 15 lakhs 25% 30%
Above Rs. 15 lakhs 30% 30%
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 100% tax rebate subject to maximum of Rs. 2,500 available to resident individual whose total income does not exceed Rs. 3.5 lakhs

Income Tax for income up to Rs 3 Lakh in a financial year

Senior citizens having a total income below Rs 3 Lakh in the financial year 2019-20 are exempted from paying taxes. In other words, income tax for senior citizens having an income of Rs 3 Lakh is zero percent.

Income Tax for income Rs 3 Lakh to 5 Lakh in a financial year

For residents individuals in the age group of 60 Years to 80  years having total income between 3 lakh to 5 lakhs income tax rate would be 5% of total income.

If your total income is 3, 50,000 in the financial year then the income tax would be 5% of 3, 50,000 its will be 17,500 for the financial year 2019-20.

Taxpayers who come under this income slab have to pay 3% education and health cess on the income tax amount which would be 3% of 17,500 that is 5250. Your final income tax would be 17,500-5250=12,250. Further rebates may be applied in the ITR-V form.

Income Tax rate for income between Rs 5 lakh to Rs 10 lakh in a financial year.

Residents falling under the senior citizen income slab having an income of 5 lakh to 10 lakh in the financial year 2019-20 income tax rate would be 20% on total income.

If total income is 7.5 lakh in the financial year, then income tax would be 20% 7.5 lakh that is 1,50,000

The taxpayer under this slab will be eligible for 3% education and health cess on the income tax which works out to be 3% or Rs 1,50,000 that is 4500. The income tax after cess would be 1,45,500.

Income tax for income above Rs 10 Lakh in a financial year

Residents falling under senior citizen income slab having income above Rs 10 lakh in FY 2019-20 the income tax rate is 30%.

Thus, if your total income is 66 lakhs in the financial year, then income tax would be 30% of 66 lakhs that is 1,980, 000.

Health education Cess would be 3% on 1,980,000 which is 59,400.

The income tax plus surcharge would be Rs 19, 80000 less 59,400 plus 6, 60,000 would 25, 80,600.

Taxpayers in the slab having an income of Rs 50 lakh to Rs 1 Crores will have to pay a surcharge of 10% on the income tax amount.

If the total income is more than 1 Crores, then the surcharge would be 15% of the income tax.

Income Tax Rate for Citizens above 80 years for FY 2019-20

Residents who are above age 80 years are considered as super senior citizens and are granted further concessions in the income taxes.

Tax slabs for Senior Citizens (age more than 80 years FY 2019-20)

Income range per annum New Slab for FY 2020-21, AY 2021-22 Tax Rate FY 2019-20, AY 2020-21
Up to Rs. 2.5 lakhs per annum No Tax No Tax
Up to Rs. 5 lakhs per annum No Tax No Tax
Above Rs. 5 lakhs to Rs. 7.5 lakhs 10% 20%
Above Rs. 7.5 lakhs to Rs. 10 lakhs 15% 20%
Above Rs. 10 lakhs to Rs. 12.5 lakhs 20% 30%
Above Rs. 12.5 lakhs to Rs. 15 lakhs 25% 30%
Above Rs. 15 lakhs 30% 30%
 

Cess at 4% of tax applicable in all cases. Surcharge at 10% for income above Rs. 50 lakhs and at 15% for income above Rs. 1 crore.

Income Tax Rate for income up to Rs 5 Lakh in a financial year

Those super senior citizens having an income of 5 lakh in the financial year 2019-20 are not required to pay any taxes. So, the income tax rate for this slab would be zero.

Income tax for income between 5 lakh and 10 lakh in a financial year

Octogenarians who have income between 5 lakh to 10 Lakh are eligible for a 20% income tax rate on their total income and 3% health and education cess on the income tax.

The final income tax for this income slab is income tax less the cess amount.

Let us consider if income is 6 lakh then 20% of 6 lakh that is 1,20,000 and health and education cess would be 3% that is 3% of 1,20,00 i.e. 36,000.

The final income tax would be as 1,20,000-36000 which is 84,000.

Income tax for Income above Rs 10 Lakh in a Financial Year

The taxpayer above the age group of 80 years having an income of 10 lakh in the financial year 2017-18 comes under a 30% income bracket.

3% health and education cess are applicable to the tax on total income.

Income up to Rs 50 lakh and 1 Crore will be charged a surcharge of 15% of the income tax.

If we consider the total income of 60 lakh a year, then tax on income would be 30% of 60 lakh that is 1800,000, cess on income tax would be 3% of 1,80,000 that is 54,000. A surcharge of 10% will be implied to the income tax and would be 10% of 1800000 that is 1, 80,000

The income tax after cess and surcharge would be 1800000 -54000+1,80,000=16, 74,000

The increased tax will be applicable from the assessment year 2019-20

As per the current income tax brackets, the taxation applicable to persons below the age 60 years is as follows.

Additions

  • 10% of the income tax amount is surcharged if the income is in between the range of 50 lakhs to Rs 1 Crore
  • 15% of the income tax amount is surcharged if the income tax is greater than 1 crore
  • In order to surcharge being paid, 3% extra cess plus surcharged is charged on the income tax amount.

Rebates

Under section 87A of the income tax act, salaried individuals are supposed to receive a tax rebate up to 2500 if they come under the taxable income slab of 3.5 lakhs

Income tax slab for Hindu undivided family (HUF)

Additions

10% of the income tax amount is surcharged if the income is in between the range of 50 lakhs to Rs 1 Crore.

15% of the income tax amount is surcharged if the income is greater than Rs 1 Crore.

In addition to the surcharge being paid, 3% extra cess plus surcharge is charged on the total income tax amount.

Rebates

Under section 87 A of the income tax act, salaried individuals are supposed to receive a tax rebate of Rs 2500, if they fall under the taxable income slab of upto Rs 3.5 Lakhs.

Income tax slab for Other Artificial Judicial Persons

Income tax slab Tax rate
Up to Rs.2.5 lakh Nil
Between Rs.2.5 lakh to Rs.5 lakh 5%
Between Rs.5 lakh to Rs.10 lakh 20%
Above Rs.10 lakh 30%
Income Range Surcharge
Between Rs.50 lakh and Rs.1 crore 10% of income tax
Above Rs.1 crore 15% of income tax

Additions

10% of the income tax amount is surcharged if the income is in between the range of 50 lakhs to Rs 1 Crore.

15% of the income tax amount is surcharged if the income is greater than Rs 1 Crore.

In addition to the surcharge being paid, 3% extra cess plus surcharge is charged on the total income tax amount

Rebates

Under section 87 A of the income tax act, salaried individuals are supposed to receive a tax rebate of Rs 2500, if they fall under the taxable income slab of upto Rs 3.5 Lakhs.

For Partnership Firm

  • The income tax rate for limited liability partnership and partnership firms will be 30%.

Additions

  • 15% of the income tax amount is surcharged if the income is greater than 1 crore.
  • In addition to the surcharge being paid,3% extra cess plus surcharge on the total income tax amount

For Local Authorities

The income tax rate for local authorities will be 30%

Addition

12% of the income tax amount is surcharged if the income is greater than rs 1,00,0000 (Subject to marginal relief)

In addition to the surcharge being paid, 1% extra secondary and higher education Cess is charged on the income tax amount.

In addition to surcharge being paid, 1% extra secondary and higher education cess is charged on the income tax amount.

Income Tax Rates for Foreign Entity / Companies

Nature of Income Tax rate
If any Foreign Company operating in India receives income as royalty compensated by the Government of India against the agreements executed with the Indian concern (after 31st March 1961, and prior to 1st April  1976) 50%
If any Foreign Company operating in India receives income as fees for any technical services provided as per the agreements executed with an Indian concern (after 29th February 1964, and prior to 1st April  1976) 50%
Any other additional income earned by the Foreign Company operating in India 40%

Tax Rates for Co-operative Societies

Urban / Semi-urban/ Rural excluding Self Help Group (SHG) and Agricultural Societies.

Income Threshold Tax rate applicable
Up to ₹ 10,000 10%
₹ 10,001 to  ₹ 20,000 20%
Over  ₹ 20,000 30%

Tax Slabs For NRI

For the Financial Year of 2018-19, the tax slabs and rates are as follows:

Taxable Income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Health and Education Cess – 4%

Tax Slabs for Expats

For the Financial Year of 2019-2020, the tax slabs and rates are as follows :

Taxable Income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Education cess and Surcharge (if any) payable 3%

Income Tax Slab for Freelancers

The income tax slab rates as the same for all individuals. For Freelancers, the tax slab and rates are as follows :

Income Threshold Tax rate applicable
Up to ₹ 2,50,000 NIL
₹ 2,50,000 to ₹ 5,00,000 5%
₹ 5,00,000 to ₹ 10,00,000 20%
Over ₹ 10,00,000 30%

Additional Components

  1. Surcharge: In case income is more than ₹ 50 lakhs and less than ₹ 1 crore, the surcharge is applicable at a rate of 10% of the income tax. For income, more than ₹ 1 crore, a surcharge of 15% is applicable on income tax on the amount exceeding ₹ 1 crore
  2. Health and Education Cess: “Education Cess” and “Secondary and Higher Education Cess” will be replaced by “Health and Education Cess” at the rate of 4%, on the amount of tax computed, inclusive of surcharge.

Income Tax Slab For Doctors

The income tax slab rate is same for all the salaried persons residing in India. Income tax slab rate for doctors are as follows :

Income Threshold Tax rate applicable
Up to ₹ 2,50,000 NIL
₹ 2,50,000 to ₹ 5,00,000 5%
₹ 5,00,000 to ₹ 10,00,000 20%
Over ₹ 10,00,000 30%

Plus Surcharge:

  • 10% of tax where total income exceeds Rs. 50 lakh
  • 15% of tax where total income exceeds Rs. 1 crore
  • Health & Education cess: 4% of tax plus surcharge

Income Tax slab for Pensioners

Below mentioned is the income tax slab rate for the pensioners:

Income Tax Slabs Tax Rate Health and Education Cess
Income up to Rs 3,00,000* No tax  
Income from Rs 3,00,000 – Rs 5,00,000 5% 4% of Income Tax
Income from Rs 5,00,000 – 10,00,000 20% 4% of Income Tax
Income more than Rs 10,00,000 30% 4% of Income Tax

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of the income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2019-20 is up to Rs. 3,00,000.

Q For applying the income tax rate, how to compute or calculate the total income?

As per the income tax act, individual or HUF must mention all sources of income which includes income from salary, income from investment, income from property, income from the business, income from capital gains and any other sources of income like a lottery win

For each source of income, various exemption and deduction are implied, and these have to be taken into account for calculating taxable income under each income source head.

The taxable income after applying the tax deductions and exemptions are added together to yield the total taxable income.

The income tax rate is applied to the total taxable income for income heads which have the same slab rates.

Different income tax slab rates can also be applicable for specific income head for example long term capital gain of Rs 1 lakh in the financial year from ELSS will be levied 10% (LGCT), this income slab rate will be different from the salary income tax slab rate.

In case slab tax rates are different for different income sources head, then the income tax amount is calculated separately for the specified income heads. All the income taxes are added to calculate the total income tax amount.

Income tax computation is a simple concept, yet the mode, in which deductions, exemptions, and slab tax rates are applied, may seem a complicated matter.

It must be noted, that appropriate tax filling should be used.

For example-salaried individuals and HUF should choose ITR-1, and self-employed should choose ITR-4

2 Tax deducted at source is deducted before or after applying income tax rates

Tax deducted at source or TDS is charged from the salary by the employer and from bank investment returns by banks.

All deductors who deduct tax at source from taxpayer must provide form 16 to the taxpayer at the end of the financial year.

Form 16 is a handy source for calculating the total tax deducted at source for the financial year while filing the income tax returns.

More broad information on TDS can be obtained from form 26 AS which is uploaded on the online income tax account of each registered user and can be downloaded by the taxpayer.

TDS is income tax paid at source and hence is applied after the application of income tax rate on the income amounts. So, the TDS will be deducted from the final income tax amount

If the final income tax amount is more than TDS, a positive balance amount is achieved which is a balanced tax amount that the taxpayer would require to pay to the government.

If the amount is negative then a rebate is indicated and the income tax department would credit the rebate amount into the registered saving account of the taxpayer.

A rebate is a partial refund to someone who has paid too much for tax.

Final Words

Dear readers

I hope you find the above post on “Income tax slab rates” of great help

Please share it on Facebook, Twitter, and other social media.

Also, write to us, if you have any suggestion, doubts, or queries regarding the post

Stay connected for more updates.

I am more than delighted to share my knowledge pertaining to the Income tax slab rates with you.

Thank you.

FAQs about Income Tax Slabs

 

Is there a choice between a new and old income tax regime?

Yes, you can choose between the new and old income tax regime in each financial year provided you don’t have business income.

What is the time period considered for the purposes of income tax?

Income tax is calculated on an annual basis in India. It is calculated for the financial year starting from 1st April and ending on 31st March.

Do I need to file Income Tax Return (ITR) if my annual income is below ₹ 2.5 lakh?

Yes, you should file an ITR regularly.

Are there separate slab rates for males and females?

No. The slab rates for males and females are the same.

What is the income limit for income tax slab 2019-20?

The income limit as per tax slab 2019-20 to which no income tax is levied is Rs. 2.5 lakhs for an individual below 60 years and Rs. 3 lakhs for senior citizens.

Will my income be taxed if I am an agriculturist?

Any income which is generated from agriculture or its allied activities will not be taxed. However, it will be considered for rate purposes while calculating the tax on any non-agricultural income that you may have.

How much surcharge is applicable on my income tax?

The amount of surcharge you will have to pay on your income tax will depend upon your income. Those who earn under Rs.50 lakh will have to pay no surcharge, while those who earn between Rs.50 lakh and Rs.1 crore will be charged 10% on their tax, and those who earn in excess of Rs.1 crore will have to pay 15% extra on their tax.

LEAVE A REPLY

Please enter your comment!
Please enter your name here