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Rates of Income-tax
General
Rate of tax
Income Level Click for Calculator
(%)
upto Rs. 1.6 lakh -
Between Rs. 1.6 lakh & Rs. 5 lakhs 10
Between Rs. 5 lakhs & Rs. 8 lakhs 20
In excess of Rs. 8 lakhs 30
Surcharge (%)
General -
Income upto Rs. 10 lakhs -
Computation of Income
Total Income -
rounded to -
General
Tax on Total Income -
Surcharge -
Education Cess -
-
Rates of Income-tax
General
Rate of tax
Income Level Click for Calculator
(%)
upto Rs. 1.5 lakh -
Between Rs. 1.5 lakh & Rs. 3 lakhs 10
Between Rs. 3 lakhs & Rs. 5 lakhs 20
In excess of Rs. 5 lakhs 30
Surcharge (%)
General 10
Income upto Rs. 10 lakhs -
Computation of Income
Total Income -
rounded to -
General
Tax on Total Income -
Surcharge -
Education Cess -
-
* Term Deposits over five years with Scheduled Banks eligible for
deduction
entitled to under Section
deduction upto80C
Rs. 1 lac as against the earler Rs. 10,000.
However, overall deduction under Section 80C, 80CCC & 80CCD
y these columns
for Self & 15,000 for Senior Citizen Parents
for Self & Spouse for Senior Citizens
COMPUTATION OF TOTAL INCOME AND TAX
STATUS : INDIVIDUAL
Base Salary
Taxable House Rent Allowance
GROSS SALARY
TOTAL INCOME
COMPUTATION OF TAX
Taxable HRA
Tax has been calculated on the basis of the following tax rates:
Rates of Income-tax
General
Rate of tax
Income Level Click for Calculator
(%)
upto Rs. 1.5 lakh -
Between Rs. 1.5 lakh & Rs. 3 lakhs 10
Between Rs. 3 lakhs & Rs. 5 lakhs 20
In excess of Rs. 5 lakhs 30
Surcharge (%)
General 10
Income upto Rs. 10 lakhs -
Computation of Income
Total Income -
rounded to -
General
Tax on Total Income -
Surcharge -
Education Cess -
-
* Term Deposits over five years with Scheduled Banks eligible for
deduction
entitled to under Section
deduction upto80C
Rs. 1 lac as against the earler Rs. 10,000.
However, overall deduction under Section 80C, 80CCC & 80CCD
y these columns
for Self & 15,000 for Senior Citizen Parents
for Self & Spouse for Senior Citizens
Personal Taxation - Raakesh Thayyil
Rates of Income-tax
General
Surcharge (%)
General 10
Income upto Rs. 10 lakhs -
Computation of Income
General
Tax on Total Income -
Surcharge -
Education Cess -
-
* Term Deposits over five years with Scheduled Banks eligible for deduction under
Section 80C
Investments in specified pension funds under Section 80CCC is now entitled to deduction
upto Rs. 1 lac as against the earler Rs. 10,000. However, overall deduction under Section
80C, 80CCC & 80CCD remains unchanged at Rs. 1 lac
Personal Taxation - Raakesh Thayyil
Rates of Income-tax
General
Rate of tax
Income Level (%)
upto Rs. 1 lakh -
Between Rs. 1 lakh & Rs. 1.5 lakhs 10
Between Rs. 1.5 lakhs & Rs. 2.5 lakhs 20
In excess of Rs. 2.5 lakhs 30
Surcharge (%)
General 10
Income upto Rs. 10 lakhs -
Computation of Income
General
Tax on Total Income -
Surcharge -
Education Cess -
-
* Term Deposits over five years with Scheduled Banks eligible for deduction under
Section 80C
Investments in specified pension funds under Section 80CCC is now entitled to
deduction upto Rs. 1 lac as against the earler Rs. 10,000. However, overall
deduction under Section 80C, 80CCC & 80CCD remains unchanged at Rs. 1 lac
COMPUTATION OF TOTAL INCOME AND TAX
STATUS : INDIVIDUAL
Base Salary -
Taxable House Rent Allowance -
GROSS SALARY -
TOTAL INCOME -
COMPUTATION OF TAX
Taxable HRA 0
Tax has been calculated on the basis of the following tax rates: