Simple income tax calculator cum flexi allocation kit, for the use of salaried employees of govt and private sector, basis the latest budget proposals.
Tax slabs;s
Rates for Individuals below 60 years
|
Income slabs |
Income tax rate |
|
Income up to Rs. 2.50 lakhs |
Nil |
|
Rs. 2.50 to Rs. 5 lakhs |
10% |
|
Rs.5 Lakhs to Rs. 10 Lakhs |
20% |
|
Rs. 10 lakhs above |
30% |
Rates for Individuals below 60 years below 80 Years
|
Income slabs |
Income tax rate |
|
Income up to Rs. 3 lakhs |
Nil |
|
Rs. 3 to Rs. 5 lakhs |
10% |
|
Rs.5 Lakhs to Rs. 10 Lakhs |
20% |
|
Rs. 10 lakhs above |
30% |
Rates for Individuals 80 years & above
|
Income slabs |
Income tax rate |
|
Income up to Rs. 3 lakhs |
Nil |
|
Rs. 3 to Rs. 5 lakhs |
Nil |
|
Rs.5 Lakhs to Rs. 10 Lakhs |
20% |
|
Rs. 10 lakhs above |
30% |
Surcharge of 12% on Income tax those taxable income exceeds Rs.1.00 crore will apply.
Education cess will apply 3% on the Income tax & Surcharge will apply for all.
Section 80C gives deduction for various savings schemes upto Rs. 1.50 lakhs . and additional deduction of Rs.50,000 towards investment in NPS under 80CCD (1b).
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