Indian income tax returns Indian share market

Taxable Annual Income Slab (In Rs.)	Tax Rate (In %)
Upto Rs. 1,50,000/-	Nil
Rs. 1,50,001/- to Rs. 3,00,000/-	10%
Rs. 3,00,001/- to Rs. 5,00,000/-	20%
Above Rs. 5,00,000/-	30%

Taxable Annual Income Slab (In Rs.)	Tax Rate (In %)
Upto Rs. 1,80,000/-	Nil
Rs. 1,80,001/- to Rs. 3,00,000/-	10%
Rs. 3,00,001/- to Rs. 5,00,000/-	20%
Above Rs. 5,00,000/-	30%

Taxable Annual Income Slab (In Rs.)	Tax Rate (In %)
Upto Rs. 2,25,000/-	Nil
Rs. 2,25,001/- to Rs. 3,00,000/-	10%
Rs. 3,00,001/- to Rs. 5,00,000/-	20%
Above Rs. 5,00,000/-	30%

*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.

Note : -
· Education cess is applicable @ 3 per cent on income tax, inclusive
   of surcharge if there is any.
· A marginal relief may be provided to ensure that the additional IT
   payable, including surcharge, on excess of income over
   Rs 1,000,000 is limited to an amount by which the income is
   more than this mentioned amount.

How to calculate tax

Example : Let us take a case where the female assessee's income is Rs. 3,50,000.
· According to the Income Tax Slab, the first 1,80,000 is not taxable.
· The next Rs. 1,20,000 (3,00,000 - 1,80,000) is taxable @10%.
    (10% of Rs. 1,20,000 = Rs. 12,000).
· The remaining Rs. 50,000 is taxable @20%. i.e. 3,50,000 - (1,80,000+1,20,000)
    (20% of Rs. 50,000 = Rs. 10,000).
· Therefore, the net Income Tax Payable is Rs. 12,000 + Rs. 10,000 = Rs. 22,000

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