Every year with Government budget, the most common expectation an Indian citizen has is of 'change for better' in the Income tax slab. So to plan your investment strategy and understand how much tax liability you will incur this year let’s have a look at the tax structure for different categories. These categories are created by the Government of India for taxation purposes, and they are based on Gender and Age.
New Tax Regime | Rate |
---|---|
Up to 2,50,000 | Nil |
2,50,001 - 3,00,000 | 5% |
3,00,001 - 5,00,000 | 5% |
5,00,001 - 7,50,000 | 10% |
7,50,001 - 10,00,000 | 15% |
10,00,001 - 12,50,000 | 20% |
12,50,001 - 15,00,000 | 25% |
Above 15,00,000 | 30% |
New Tax Regime | Rate |
---|---|
Up to 2,50,000 | Nil |
2,50,001 - 3,00,000 | Nil |
3,00,001 - 5,00,000 | 5% |
5,00,001 - 7,50,000 | 10% |
7,50,001 - 10,00,000 | 15% |
10,00,001 - 12,50,000 | 20% |
12,50,001 - 15,00,000 | 25% |
Above 15,00,000 | 30% |
New Tax Regime | Rate |
---|---|
Up to 2,50,000 | Nil |
2,50,001 - 3,00,000 | Nil |
3,00,001 - 5,00,000 | Nil |
5,00,001 - 7,50,000 | 10% |
7,50,001 - 10,00,000 | 15% |
10,00,001 - 12,50,000 | 20% |
12,50,001 - 15,00,000 | 25% |
Above 15,00,000 | 30% |
Net income range | Income-Tax rate |
---|---|
Up to 2,50,000 | Nil |
2,50,001 - 5,00,000 | 5% |
5,00,001 - 10,00,000 | 20% |
Above 10,00,000 | 30% |
Net income range | Income-Tax rate |
---|---|
Up to 3,00,000 | Nil |
3,00,001 - 5,00,000 | 5% |
5,00,001 - 10,00,000 | 20% |
Above 10,00,000 | 30% |
Net income range | Income-Tax rate |
---|---|
Up to 5,00,000 | Nil |
5,00,001 - 10,00,000 | 20% |
Above 10,00,000 | 30% |
Total Income | Rate of tax |
---|---|
Up to 2,50,000 | Nil |
From 2,50,001 to 5,00,000 | 5% |
From 5,00,001 to 7,50,000 | 10% |
From 7,50,001 to 10,00,000 | 15% |
From 10,00,001 to 12,50,000 | 20% |
From 12,50,001 to 15,00,000 | 25% |
Above 15,00,000 | 30% |
Taxable income slabs | Tax and Cess | Change In Amount | ||
---|---|---|---|---|
Income tax rates and cess | Educational cess | Post Budget Tax Liability | Increase in TAX due to cess | |
Up to 2.5 lakhs | Nil | Nil | - | - |
2,50,001 to 5,00,000 | 5% of (Total income minus 2,50,000) + 4% cess | 2% of Income Tax | 13000 | 125 |
5,00,001 to 10,00,000 | 12,500 + 20% of (Total income minus 5,00,000) + 4% cess | 2% of Income Tax | 1,17,000 | 1125 |
10,00,001 and above | 1,12,500 + 30% of (Total income minus 10,00,000) + 4% cess | 2% of Income Tax | 2,73,000 | 2625 |
Taxable income slabs | Tax and Cess | Change In Amount | ||
---|---|---|---|---|
Income tax rates and cess | Educational cess | Post Budget Tax Liability | Increase in TAX due to cess | |
Up to 3 lakhs | Nil | Nil | - | - |
3,00,001 to 5,00,000 | 5% of (Total income minus 3,00,000) + 4% cess | 2% of Income Tax | 10400 | 100 |
5,00,001 to 10,00,000 | 10,000 + 20% of (Total income minus 5,00,000) + 4% cess | 2% of Income Tax | 1,14,400 | 1100 |
10,00,001 and above | 1,10,000 + 30% of (Total income minus 10,00,000) + 4% cess | 2% of Income Tax | 2,70,400 | 2600 |
Taxable income slabs | Tax and Cess | Change In Amount | ||
---|---|---|---|---|
Income tax rates and cess | Educational cess | Post Budget Tax Liability | Increase in TAX due to cess | |
Up to 5 lakhs | Nil | Nil | - | - |
5,00,001 to 10,00,000 | 20% of (Total income minus 5,00,000) + 4% cess | 2% of Income Tax | 1,04,000 | 1000 |
10,00,001 and above | 1,00,000 + 30% of (Total income minus 10,00,000) + 4% cess | 2% of Income Tax | 2,60,000 | 2500 |
Taxable income slabs | Tax and Cess | Change In Amount | ||
---|---|---|---|---|
Income tax rates and cess | Educational cess | Post Budget Tax Liability | Increase in TAX due to cess | |
Up to 5 lakhs | Nil | Nil | - | - |
5,00,001 to 10,00,000 | 20% of (Total income minus 5,00,000) + 4% cess | 2% of Income Tax | 1,04,000 | 1000 |
10,00,001 and above | 1,00,000 + 30% of (Total income minus 10,00,000) + 4% cess | 2% of Income Tax | 2,60,000 | 2500 |
Surcharges to be levied for FY 2019-20: | |
---|---|
Taxable Income | Surcharge (%) |
Income above 50 lakh but below 1 crore | 10 |
Income above 1 crore but below 2 crore | 15 |
Income above 2 crore but below 5 crore | 25 |
Income above 5 crore | 37 |
Income Between 2 Crore and 5 Crore | ||
---|---|---|
Existing | Proposed | |
Total Income | 3,00,00,000 | 3,00,00,000 |
Deduction Claimed | -6,00,000 | -6,00,000 |
New Taxable Income | 2,94,00,000 | 2,94,00,000 |
Tax on this | 86,32,500 | 86,32,500 |
Surcharge | 12,94,875 | 21,58,125 |
Cess | 3,97,095 | 4,31,625 |
Total Tax | 1.03 Crore | 1.12 Crore |
Higher By | 8.98 Lakh Per Year 74,815 Per Year |
Income Above 5 Crore | ||
---|---|---|
Existing | Proposed | |
Total Income | 6,00,00,000 | 6,00,00,000 |
Deduction Claimed | -10,00,000 | -10,00,000 |
New Taxable Income | 5,90,00,000 | 5,90,00,000 |
Tax on this | 1,75,12,500 | 1,75,12,500 |
Surcharge | 26,26,875 | 64,79,625 |
Cess | 8,05,575 | 9,59,685 |
Total Tax | 2.09 Crore | 2.49 Crore |
Higher By | 40 Lakh Per Year 3.33 Lakh Per Year |