Income tax slabs for the year is as follows :
I. The basic exemption limit for persons is proposed to be increased from Rs. 1,00,000/- to Rs. 1,10,000/-. In such cases, the rates of income-tax on total income shall be as follows-
Upto Rs. 1,10,000/- Nil.
Rs. 1,10,001/- to Rs. 1,50,000/- 10 %.
Rs. 1,50,001/- to Rs. 2,50,000/- 20 %.
Above Rs. 2,50,000/- 30 %.
II. In the case of every individual, being a woman resident in India, and below the age of sixty-five years at any time during the previous year, the exemption limit is proposed to be raised from Rs. 1,35,000/- to Rs. 1,45,000/-. The rates of income-tax on total income in such cases shall be as follows-
Upto Rs. 1,45,000/- Nil.
Rs. 1,45,001/- to Rs. 1,50,000/- 10 %
Rs. 1,50,001/- to Rs. 2,50,000/- 20 %
Above Rs. 2,50,000/- 30 %
III. In the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year, the exemption limit is proposed to be raised from Rs. 1,85,000/- to Rs. 1,95,000/-. The rates of income-tax on total income in such cases shall be as follows-
Upto Rs. 1,95,000/- Nil.
Rs. 1,95,001/- to Rs. 2,50,000/- 20%
Above Rs. 2,50,000/- 30%