Tax Slab

(a) In case of a resident individual of the age of 60 years or above but below 80 years, the basic exemption limit is Rs. 300,000.
(b) In case of a resident individual of age of 80 years or above, the basic exemption limit is Rs 500,000.
(c) Rate of surcharge
    . 37% on base tax where specified income exceeds Rs. 5 crore;
    . 25% where specified income exceeds Rs. 2 crore but does not exceed Rs. 5 crore
    . 15% where total income exceeds Rs. 1 crore but does not exceed Rs. 2 crore; and
    . 10% where total income exceeds Rs 50 lakhs but does not exceed Rs. 1 crore.
    Specified income – Total income excluding income by way of dividend on shares and short term capital gains in case of listed equity shares, equity oriented mutual fund units, units of business trust and long-term capital gains.
    Marginal relief for such person is available.
(d) Health and Education cess @ 4% on aggregate of base tax and surcharge.
(e) Individuals having total income not exceeding Rs. 500,000 can avail rebate of lower of actual tax liability or Rs. 12,500 .