Personal taxation - Important notes
Personal taxation - Important notes
- Tax slabs
-Upto Rs 1 Lakh - Nil
-From Rs 1 Lakh - Rs 1.5 Lakh - 10%
-From Rs 1.5 Lakh - Rs 2.5 Lakh - 20%
-From Rs 2.5 Lakh and above - 30% - Surcharge of 10% for income above Rs 10 Lakh
- No surcharge for income below Rs 10 Lakh
- 2% Cess on total tax
- Women tax payers have basic slab at Rs 1.35 Lakhs
- Senior citizen tax payers have basic slab at Rs 1.85 Lakhs
- No standard deduction
