I. Individual Resident below 60 years of age

Income Slabs Tax Rates
Less than Rs. 2,50,000 NIL
2,50,000 to 5,00,000 5% of the amount that exceeds 2,50,000
5,00,000 to 10,00,000 12,500 + 20% of the amount that exceeds 5,00,000
More than 10,00,000 1,12,500 + 30% of the amount that exceeds 10,00,000
Age < 60

II. Individual Resident above 60 years of age and below 80 years

Income Slabs Tax Rates
Less than Rs. 3,00,000 NIL
3,00,000 to 5,00,000 5% of the amount that exceeds 3,00,000
5,00,000 to 10,00,000 15,000 + 20% of the amount that exceeds 5,00,000
More than 10,00,000 1,15,000 + 30% of the amount that exceeds 10,00,000
60 < Age < 80

III. Individual Resident above 80 years of age

Income Slabs Tax Rates
Less than Rs. 5,00,000 NIL
5,00,000 to 10,00,000 20% of the amount that exceeds 5,00,000
More than 10,00,000 1,00,000 + 30% of the amount that exceeds 10,00,000
Age > 80

Surcharge And Education Cess

Net Surcharge if applicable (10% if taxable income is more than 50L but less than 1 crore, And 15%, if taxable income is more than 1 crore ). And 3% Education Cess (On total tax amount including net surcharge)