Income Tax Rates
Income tax rates usually change annually. Any adjustments are announced by the Ministry of Finance, Government of India.
Income tax rates determine the tax that will be applied to your income. In India, there are different income tax rates for men, women and senior citizens. The table outlines these.
Assessment Year 2014-15, Relevant to Financial Year 2013-14
For Individuals below 60 years age (including Woman Assessees):
|200,000 to 500,000||10% of the amount exceeding 200,000|
|500,000 to 1,000,000||Rs.30,000 + 20% of the amount exceeding 500,000|
|1,000,000 & above||Rs.130,000 + 30% of the amount exceeding 1,000,000|
For Individuals aged 60 years and above but below 80 years (Senior Citizen):
|250,000 to 500,000||10% of the amount exceeding 250,000|
|500,000 to 1,000,000||Rs.25,000 + 20% of the amount exceeding 500,000|
|1,000,000 & above||Rs.125,000 + 30% of the amount exceeding 1,000,000|
For Individuals aged 80 years and above (Very Senior Citizen):
|500,000 to 1,000,000||20% of the amount exceeding 500,000|
|1,000,000 & above||Rs.100,000 + 30% of the amount exceeding 1,000,000|
Tax Credit: Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000
Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.10,000,000. Surcharge shall not exceed the amount of income that exceeds Rs.10,000,000.
Education Cess: 3% of Income Tax plus Surcharge