The following mentioned Income Tax slab rates are applicable to Indian individuals, Hindu Undivided family (HUF), AOP, BOI, Artificial juridical person. The rates are applicable based on the total income made or earned in the previous year and above the total tax amount the assesse should also pay a Education cess of 2% and Secondary & Higher Education cess of 1% in total.
Net Income Range upto Rs 1,60,000 :
If the total income is upto Rs 1,60,000 or less then there is no Income Tax to be paid because this is the minimum amount which Government of India allows to be considered as tax free income level, following which there are huge taxes to be paid. Since there is no Tax there is no need to pay any Education Cess and Secondary & Higher Education cess.
Net Income Range from Rs 1,60,000 to Rs 3,00,000 :
If the total income in the range between Rs 1,60,000 to Rs 3,00,000 then you should pay a total 10% of (total income minus Rs 1,60,000). On the total tax amount you will also be liable to pay Education Cess of 2% of Income tax and Secondary & Higher Education cess of 1% of Income tax.
Net Income Range from Rs 3,00,000 to Rs 5,00,000 :
If the total income in the range between Rs 3,00,000 to Rs 5,00,000 then you should pay a total of Rs 14,000 minimum tax amount and 20% of (total income minus Rs 3,00,000). On the total tax amount you will also be liable to pay Education Cess of 2% of Income tax and Secondary & Higher Education cess of 1% of Income tax.
Net Income Range above Rs 5,00,000 :
If the total income is above Rs 5,00,000 in the previous then you should pay a total of Rs 54,000 minimum tax amount and 30% of (total income minus Rs 5,00,000). On the total tax amount you will also be liable to pay Education Cess of 2% of Income tax and Secondary & Higher Education cess of 1% of Income tax.
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