New Income Tax Code
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Rates of income-tax |
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| I) In the case of every individual, other than women and senior citizens: |
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| (1) Where the total income does not exceed Rs 1,60,000 | Nil |
| (2) Where the total income exceeds Rs 1,60,000, but does not exceed Rs 10,00,000 | 10 per cent of the amount by which the total income exceeds Rs 1,60,000 |
| (3) Where the total income exceeds Rs 10,00,000 but does not exceed Rs 25,00,000 | Rs 84,000 plus 20 per cent of the amount by which the total income exceeds Rs 10,00,000 |
| (4) Where the total income exceeds Rs 25,00,000 | Rs 3,84,000 plus 30 per cent of the amount by which the total income exceeds Rs 25,00,000 |
| II) In the case of women below the age of 65 years at any time during the financial year: | |
| (1) Where the total income does not exceed Rs 1,90,000 | Nil |
| (2) Where the total income exceeds Rs 1,90,000 but does not exceed Rs 10,00,000 | 10 per cent of the amount by which the total income exceeds Rs 1,90,000 |
| (3) Where the total income exceeds Rs 10,00,000, but does not exceed Rs 25,00,000 | Rs 81,000 plus 20 per cent of the amount by which the total income exceeds Rs 10,00,000 |
| (4) Where the total income exceeds Rs 25,00,000 | Rs 3,81,000 plus 30 per cent of the amount by which the total income exceeds Rs 25,00,000 |
| III) In the case of senior citizens: | |
| (1) Where the total income does not exceed Rs 2,40,000 | Nil |
| (2) Where the total income exceeds Rs 2,40,000 but does not exceed Rs 10,00,000 | 10 per cent of the amount by which the total income exceeds Rs 2,40,000 |
| (3) Where the total income exceeds Rs 10,00,000 but does not exceed Rs 25,00,000 | Rs.76,000 plus 20 per cent of the amount by which the total income exceeds Rs 10,00,000 |
| (4) Where the total income exceeds Rs 25,00,000 | Rs 3,76,000 plus 30 per cent of the amount by which the total income exceeds Rs 25,00,000 |
“We expect to have better compliance and better collection of taxes,” Pranab Mukherjee said.
