What is the basic exemption limit for individual?

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What is the basic exemption limit for individual?

Therefore, under the new tax regime, basic exemption limit will remain Rs 2.5 lakh for all taxpayers.” Do keep in mind that only individuals having no business income in a financial year are eligible to choose between both the tax regimes every year.

What is the maximum income tax rate slab for the individual taxpayer?

Income tax slab for Individual aged more than 80 years 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore. 15% of income tax, where the total income exceeds Rs.1 crore.

What was the tax rate in 2013?

2013 Tax Brackets

Table: 2013 Tax Rates and Brackets
Single $0 to $8,925*: 10%
$8,925* to $36,250: 15%
$36,250 to $87,850: 25%
$87,850 to $183,250: 28%

What is the income tax slab for AY 2020 21?

New Income Tax Slab for FY 2020-21 & AY 2021-22

Annual Income New Tax Regime Old Tax Regime
Rs.5 lakh – Rs.7.5 lakh 10% 20%
Rs.7.5 lakh – Rs.10 lakh 15% 20%
Rs.10 lakh – Rs.12.5 lakh 20% 30%
Rs.12.5 lakh – Rs.15 lakh 25% 30%

What is the rebate for AY 2020 21?

Rs 12,500
Claim a tax rebate under section 87A if your total income does not exceed Rs 5 lakh. The maximum rebate under section 87A for the AY 2020-21 is Rs 12,500.

What is the income tax slab for AY 2020-21?

What is the rebate for AY 2020-21?

How much tax do I pay on 15 lakhs?

Frequently Asked Questions ( FAQ’s )

Income Slab Applicable Tax Rate
Above Rs 7.5 lakh and up to Rs 10 lakh 15%
Above Rs 10 lakh and up to Rs 12.5 lakh 20%
Above Rs 12.5 lakh and up to Rs 15 lakh 25%
Above Rs 15 lakh 30%

What are the income tax slabs for FY 2012-13?

The new and revised income tax slabs and rates applicable for the FY 2012-13 and AY 2013-14:- Where the total income does not exceed Rs. 10,000/-. Where the total income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-.

Are there any tax surcharges in FY 2012-13?

Surcharge on Income tax: There will be no surcharge on income tax payments by individual taxpayers during FY 2011-12 (AY 2012-13). Education Cess on Income tax: The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.

What was the tax rate for FY 2012-13 in India?

The Slab of Income Tax Rates for FY 2012-13 (AY 2013-14) is to some extent different from that of slab of FY 11-12 (AY 2012-13). In the Budget 2013 announcement the tax slabs has been broadened for men and senior citizens by the Indian finance ministry.

What are the income tax slabs in India?

In case of an individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year :- i. Where the total income does not exceed Rs. 2,50,000/-. ii. Where the total income exceeds Rs. 2,50,000/- , but does not exceed Rs. 5,00,000/-.

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