New Income Tax slabs: who will pay how much IT?
Posted on: 07/Feb/2017 4:15:36 PM
For those who earn between Rs. 50 Lakhs to Rs. 1 Lakh per annum, an additional income tax of 10 percent is charged along with the existing 30 percent Income Tax.
For persons whose annual income is between Rs. 2.5 Lakhs to Rs. 5 Lakhs, the central Finance Minister Arun Jaitley has announced a concession in the 2017 budget – the Income Tax for this racket is reduced to 5 percent from the existing 10 percent.
Here is the data about Income Tax for various income slabs:
General cadre (people under 60 years of age)
Persons under the age of 60 earning an annual income up to Rs. 2.5 Lakhs need not pay any Income Tax. Persons who earn an annual income between Rs. 250001/- to Rs. 5 Lakhs need to pay 5 percent Income Tax.Persons earning an annual income between Rs. 500001/- and Rs. 10 Lakhs need to pay 20 percent income tax. Persons earning over Rs. 10 Lakhs per annum need to pay 30 percent Income Tax.
Senior Citizens
Persons in the age group 60-80 earning up to Rs. 3 lakh per annum need not pay any Income Tax. The people of this age group earning between Rs. 300001/- and Rs. 5 Lakh per annum need to pay 5 percent Income Tax. The people of this age group earning between Rs. 500001/- and Rs. 10 Lakhs need to pay 20 percent Income Tax. The people of this age group earning over Rs. 10 Lakhs per annum need to pay 30 percent Income Tax.
Very Senior Citizens
People above 80 years of age need not pay any Income Tax with an annual earning up to Rs. 5 Lakhs. The persons in the age group earning between Rs. 500001/- and Rs. 10 Lakhs per annum need to pay 20 percent Income Tax. The people of this age group earning over Rs. 10 Lakhs per annum need to pay 30 percent Income Tax.
