- For individual, if the taxable income is up to 5 lakhs yearly, Rate of tax is 1% i.e. Rs. 5000
For married couple, if the taxable income is up to 5 lakhs yearly, Rate of tax is 1% i.e. Rs. 6000
- If the taxable income is above 5 lakhs and upto 7 lakhs, for individual, tax rate is 10% and for couple, if the taxable income is above 6 lakhs and upto 8 lakhs, tax rate is 10% ie Rs. 20,000 for both group.
- If the taxable income is above 7 lakhs and below 10 lakhs, for individual and above 8 lakhs and below 11 lakhs for couple tax rate is 20% i.e. Rs. 60000 for both groups.
- If the taxable income is above 10 lakhs and below 20 lakhs for individual and above 11 lakhs and upto 20 lakhs for couple, tax rate is 30% i.e. Rs. 300000 and 270000 respectively for individual and couple.
- If taxable income is above 20 lakhs, tax rate is 36% for both groups i.e Rs. 360000.
