Income Tax of India: Tax Rates & Relief
Sl No | Particulars | Benifits | Applied To |
---|---|---|---|
1 | Maximum amount of income which is not chargeable to Income-tax | Rs. 2,50,000 | Individual / HUF |
2 | Maximum amount of income which is not chargeable to Income-tax in the hands of a resident senior citizen, who is at least 60 Years of age at any time during the previous year but less than 80 Years of age on the last day of the previous year | Rs. 3,00,000 | Resident Senior Citizen |
3 | Maximum amount of income which is not chargeable to Income-tax in the hands of a resident super senior citizen who is at least 80 Years of age at any time during the previous year | Rs. 5,00,000 | Resident Super Senior Citizen |
4 | Rebate to resident individual whose total income does not exceed Rs. 5,00,000 [Section 87A] | Tax payable but subject to maximum of Rs. 12,500 | Resident Individual |
5 | HUF is assessed to tax as a separate entity | HUF is treated as a person distinct from Individual members or Karta. | HUF |
6 | Concessional tax regime under section 115BAC | Option for payment of taxes at reduced rates (subject to certain conditions) | Individuals and HUF |
Note - Benefits available only to Individuals & Hindu Undivided Family