NEW Income Tax Slab declared

NEW Income Tax Slab declared

NEW Income Tax Slab declared

Earlier, the tax slabs had caps at annual income of Rs 2.5 lakh, Rs 5 lakh and Rs 10 lakh attracting income tax of 10 per cent, 20 per cent and 30 per cent respectively.

Those with annual income between Rs 50 lakh to Rs 1 crore will be levied a surcharge of 10 per cent.

The 15 per cent surcharge on incomes above Rs 1 crore will continue to be charged.

After today's announcement the following tax slabs:

Annual income             Income Tax rates              Education Cess          Higher Education Cess

Upto Rs 3 lakh                 Nil                                            Nil                                                 Nil

Rs 3- 5 lakh                     5%                                            2%                                                 1%

Rs 5 - Rs 10 lakh           20%                                          2%                                                 1%

Above Rs 10 lakh          30%                                           2%                                                 1%

Above Rs 50 lakh          30%    + Surcharge of 10 per cent

Above Rs 1 crore          30%    + Surcharge of 15 per cent