For individuals below 60 years of age
– Up to Rs. 2.5 lakhs - No tax – Rs. 2.5 to 5 lakhs - 5% – Rs. 5 to 7.5 lakhs - 10% – Rs. 7.5 to 10 lakhs - 15% – Rs. 10 to 12.5 lakhs - 20% – Rs. 12.5 to 15 lakhs - 25% – Above Rs. 15 lakhs - 30%
For individuals above 60 years but below 80 years of age:
– Up to Rs. 3 lakhs - No tax – Rs. 3 to 5 lakhs - 5% – Rs. 5 to 10 lakhs - 20% – Above Rs. 10 lakhs - 30%
For individuals above 80 years of age:
– Up to Rs. 5 lakhs - No tax – Rs. 5 to 10 lakhs - 20% – Above Rs. 10 lakhs - 30%