Proposed Income Tax Rate

NEW TAX CODE

TAX DEDUCTION LIMIT ON SAVINGS TO BE HIKED to Rs 3 lakh (Rs 3,00,000).
Proposed Income Tax Rates for Individuals
Up to Rs.1,60,000 Nil
From Rs.1,61,000 to Rs.10,00,000 10 Per cent (Income exceeds Rs.1,60,000)
From Rs.10,01,000 to 25,00,000 20 Per cent (Rs.84,000 + Income exceeds Rs.10,00,000)
Above Rs.25,00,000 30 Per cent (Rs.3,84,000 + Income exceeds Rs.25,00,000)
Proposed Income Tax Rates for Women-below 65 years
Up to Rs.1,90,000 Nil
From Rs.1,91,000 to Rs.10,00,000 10 Per cent (Income exceeds Rs.1,90,000)
From Rs.10,01,000 to 25,00,000 20 Per cent (Rs.81,000 + Income exceeds Rs.10,00,000)
Above Rs.25,00,000 30 Per cent (Rs.3,81,000 + Income exceeds Rs.25,00,000)
Proposed Income Tax Rates for Senior Citizens
Up to Rs.2,40,000 Nil
From Rs.2,41,000 to Rs.10,00,000 10 Per cent (Income exceeds Rs.2,40,000)
From Rs.10,01,000 to 25,00,000 20 Per cent (Rs.76,000 + Income exceeds Rs.10,00,000)
Above Rs.25,00,000 30 Per cent (Rs.3,76,000 + Income exceeds Rs.25,00,000)