I. In case of individual (other than II and III below) and HUF
| Income Level | Income Tax Rate | |
| i | Where the total income does notexceed Rs.1,60,000/-. | NIL |
| ii | Where the total income exceeds Rs.1,60,000/- but does not exceedRs.5,00,000/-. | 10% of amount by which the totalincome exceeds Rs. 1,60,000/- |
| iii | Where the total income exceeds Rs.5,00,000/- but does not exceedRs.8,00,000/-. | Rs. 34,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv | Where the total income exceeds Rs.8,00,000/-. | Rs. 94,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-. |
II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-
| Income Level | Income Tax Rate | |
| i | Where the total income does notexceed Rs.1,90,000/-. | NIL |
| ii | Where total income exceeds Rs.1,90,000/- but does not exceedRs.5,00,000/-. | 10% of the amount by which the totalincome exceeds Rs.1,90,000/-. |
| iii | Where the total income exceeds Rs.5,00,000/- but does not exceedRs.8,00,000/-. | Rs. 31,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv | Where the total income exceeds Rs.8,00,000/- | Rs.91,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-. |
III. In case of an individual resident who is of the age of 65 years or more at any time during the previous year:-
| Income Level | Income Tax Rate | |
| i | Where the total income does notexceed Rs.2,40,000/-. | NIL |
| ii | Where the total income exceeds Rs.2,40,000/- but does not exceedRs.5,00,000/- | 10% of the amount by which the totalincome exceeds Rs.2,40,000/-. |
| iii | Where the total income exceeds Rs.5,00,000/- but does not exceedRs.8,00,000/- | Rs.26,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv | Where the total income exceeds Rs.8,00,000/- | Rs.86,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-. |
Surcharge: The surcharge on Income Tax for Individuals for total income exceeding Rs.10 lacs stands removed.
Education Cess: 3% of the Income-tax.
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