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Chapter 4 Income Tax Rates
Last updated at May 29, 2023 by Teachoo
Income Tax Rates for Individuals teachoo.com →This is currently Applicable INCOME TAX UPTO 250000 0 250001-500000 5% of (Income-250000) 5000001-750000 10% of (Income-500000)+12500 750001-1000000 15% of (Income-750000)+37500 1000001-1250000 20% of (Income-1000000)+75000 1250000-1500000 25% of (Income-1250000)+125000 >1500000 30% of (Income-1000000)+187500 INCOME TAX UPTO 250000 0 250001-500000 5% of (Income-250000) 5000001-1000000 20% of (Income-500000)+12500 >1000000 30% of (Income-1000000)+112500 Financial year 2019-20 (AY 2020-21) Financial year 2020-21 (AY 2021-22) →This will be applicable for next year returns How to Calculate Tax Tax on Income 200000 Income 200000 Tax Rate Tax 0% 0 (If Income Upto 250000, No Tax) Tax on Income 260000 Income 250000 Tax Rate Tax 0% 10000 5% 260000 0 500 500 Income Tax Upto 250000 0 250001-500000 5%*(Income-250000) 500001-1000000 20%*(Income-500000)+12500 >1000000 30%*(Income-1000000)+112500 (First 250000 Is Tax Free, On Balance We Calculate 5%) Tax on Income 500000 Income 250000 Tax Rate Tax 0% 250000 5% 500000 0 12500 12500 (First 250000 Is Tax Free, On Balance We Calculate 5%) Tax on Income 600000 Income 250000 Tax Rate Tax 250000 100000 600000 0% 5% 20% 0 12500 (First 250000 Is Tax Free, On Balance We Calculate 5% Till 500000 Only) 20000 (On Remaining We Calculate 20%) 32500 Tax on Income 1000000 Income 250000 Tax Rate Tax 250000 500000 1000000 0% 5% 20% 0 12500 (First 250000 Is Tax Free,On Balance We Calculate 5% Till 500000 Only) 100000 (On Remaining We Calculate 20%) 112500 Tax on Income 1100000 Income 250000 Tax Rate Tax 250000 500000 100000 1100000 0% 5% 20% 30% 0 12500 (First 250000 Is Tax Free, On Balance We Calculate 5% Till 500000 Only) 100000 (On Remaining, We Calculate 20% Till 10 Lac) 30000 (On Income More Than 10 Lacs , We Calculate 142500 Tax on Income 5000000 Income 250000 Tax Rate Tax 250000 500000 4000000 5000000 0% 5% 20% 30% 0 12500 (First 250000 Is Tax Free, On Balance We Calculate 5% Till 500000 Only) 100000 (On Remaining, We Calculate 20% Till 10 Lac) 1200000 (On Income More Than 10 Lacs , We Calculate 1312500