S. No

Total Income

Rate of tax

1

Where the total income does not exceed Rs. 2,00,000/.

Nil

2

Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/

10 per cent of the amount by which the total income exceeds Rs. 2,00,000/

3

Where the total income exceeds Rs. 5,00,000/ but does not exceed Rs. 10,00,000/.

Rs. 30,000/ plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/.

4

Where the total income exceeds Rs. 10,00,000/.

Rs. 1,30,000/ plus 30 Per cent of the amount by which the total income exceeds Rs. 10,00,000/

more but less than eighty years at any time during the financial year:
S. No

Total Income

Rate of tax

1

Where the total income does not exceed Rs. 2,50,000/

Nil

2

Where the total income exceeds
Rs. 2,50,000 but does not exceed Rs. 5,00,000/ 
10 per cent of the amount by which the total income exceeds Rs. 2,50,000/

3

Where the total income exceeds
Rs. 5,00,000/ but does not exceed Rs. 10,00,000/ 
Rs. 25,000/ plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/.

4

Where the total income exceeds
Rs. 10,00,000/ 
Rs. 1,25,000/ plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/

more at any time during the financial year:
S. No

Total Income

Rate of tax

1

Where the total income does not exceed Rs. 5,00,000/

Nil

2

Where the total income exceeds
Rs. 5,00,000 but does not exceed Rs. 10,00,000/ 
20 per cent of the amount by which the total income exceeds Rs. 5,00,000/

4

Where the total income exceeds
Rs. 10,00,000/ 
Rs. 1,00,000/ plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/

The amount of incometax shall be increased by a surcharge @10% of the Incometax on payments to an individual taxpayer, if the total income of the individual exceeds Rs 1 crore during FY 201314 (AY 201415). However the amount of Surcharge shall not exceed the amount by which the individual’s total income exceeds Rs 1 crore and if surcharge so arrived at, exceeds such amount (assessee’s total income minus one crore) then it will be restricted to the amount of total income minus Rupees one crore.
2.3.1 Education Cess on Income tax: The amount of incometax including the surcharge if any, shall be increased by Education Cess on Income Tax at the rate of two percent of the incometax.
2.3.2 Secondary and Higher Education Cess on Incometax: An additional cess is chargeable at the rate of one percent of incometax including the surcharge if any, but not including the Education Cess on income tax as in 2.3.1.
3. SECTION 192 OF THE INCOMETAX ACT, 1961: BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM “SALARIES”:
3.1 Method of Tax Calculation:
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