Portfolio
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gireesh@graspinvestments.in
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.
|
Annual Income |
Tax Rates |
Education Cess |
Secondary and Higher Education Cess |
|
Up to Rs.2,50,000 |
Nil |
Nil |
Nil |
|
Rs.2,50,001-Rs.5,00,000 |
5% |
2% of income tax |
1% of income tax |
|
Rs.5,00,001-Rs.10,00,000 |
Rs.12,500 + 20% |
2% of income tax |
1% of income tax |
|
Above Rs.10,00,000 |
Rs.1,12,500 + 30% |
2% of income tax |
1% of income tax |
|
Annual Income |
Tax Rates |
Education Cess |
Secondary and Higher Education Cess |
|
Up to Rs.3,00,000 |
Nil |
Nil |
Nil |
|
Rs.3,00,001-Rs.5,00,000 |
5% |
2% of income tax |
1% of income tax |
|
Rs.5,00,001-Rs.10,00,000 |
Rs.10,000 + 20% |
2% of income tax |
1% of income tax |
|
Above Rs.10,00,000 |
Rs.1,10,000 + 30% |
2% of income tax |
1% of income tax |
|
Annual Income |
Tax Rates |
Education Cess |
Secondary and Higher Education Cess |
|
Up to Rs.5,00,000 |
Nil |
Nil |
Nil |
|
Rs.5,00,001-Rs.10,00,000 |
20% |
2% of income tax |
1% of income tax |
|
Above Rs.10,00,000 Rs.1,12,500 |
Rs.1,00,000 + 30% |
2% of income tax |
1% of income tax |
