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IT rates and slabs

Senior citizens between 60-80 years would get a basic exemption limit of Rs 3 lakh

What are the Income Tax rates and slabs for individuals and senior citizens?
- Baskaran

Tax slab for individuals below 60 years:
Basic exemption of up to ₹2.5 lakh: Nil tax
₹2.5 lakh-₹5.0 lakh: 10 per cent plus cess
₹5 lakh-₹10 lakh: 20 per cent plus cess
₹10 lakh and above: 30 per cent plus cess

Senior citizens (60-80 years)

Senior citizens between 60-80 years would get a basic exemption of ₹3 lakh.
₹3-₹5 lakh: 10 per cent plus cess
₹5-₹10 lakh: 20 per cent plus cess
₹10 lakh above: 30 per cent plus cess

Super senior citizens (above 80 years)

Super senior citizens above 80 years would get a basic exemption of ₹5 lakh.
₹5-₹10 lakh: 20 per cent plus cess
₹10 lakh and above: 30 per cent plus cess

There will be an additional surcharge of 12 per cent on income above ₹1 crore. This applies to all three class.

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