As per Item I of Paragraph A of Part I of THE FIRST SCHEUDULE
In the case of every
individual other than the individual referred to in items (II) and (III) of this Paragraph or
Hindu undivided family or
association of persons or body of individuals, whether incorporated or not, or
every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act,
not being a case to which any other Paragraph of this Part applies
| Slab | Tax rates |
| Up to Rs. 250000 | NIL |
| Above 250000 but not exceeding 500000 | 10% |
| Above 500000 but not exceeding 1000000 | Rs. 25000 +20% of Amount exceeding Rs. 500000 |
| Above Rs. 1000000 | Rs. 125000 +30% of Amount exceeding Rs. 1000000 |
Individuals covered by Item II of Paragraph A of Part I of The First Shedule
Every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year
exemption limit starts from Rs. 3 lacs
Individuals covered by Item III of Paragraph A of Part I of The First Shedule
Every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year
Exemption Limit shall commence from Rs. 5 lacs