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India Individual - Taxes on personal income

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Personal income tax rates

The slab rates applicable to individuals for the tax year 2019-20 are as follows:

Taxable income over (in INR) Not over (in INR)   Tax on column 1 (in INR) Percentage on excess (%)
0 250,000 - Nil
250,000 500,000 - 5%
500,000 10,00,000 12,500 20%
10,00,000   112,500 30%

The basic exemption limit for resident individuals who are 60 years or more but less than 80 years of age at any time during the tax year is INR 0.3 million and for resident individuals who are 80 years of age or more it is INR 0.5 million.

Surcharge

Taxable income (INR) Surcharge (%)
Up to 5 million Nil
Above 5 million but up to 10 million 10
Above 1o million but up to 20 million 15
Above 20 million but up to 50 million 25*
Above 50 million 37*

Health and Education Cess (HEC)

Health and Education Cess at the rate of 4% of the income tax and surcharge (if applicable) will be levied to compute the effective tax rate of individuals.

Maximum marginal tax rate (MMR)

Based on the above, the MMR for individuals are provided below:

Taxable income (INR) Maximum Marginal Rate (%)
Up to 5 million 31.2
Above 5 million but up to 10 million 34.32
Above 1o million but up to 20 million 35.88
Above 20 million but up to 50 million 39
Above 50 million 42.744

Tax rebate

Resident individuals are eligible to a tax rebate of lower of the income-tax or INR 12,500 where the total income does not exceed INR 0.5 million.

Alternative minimum tax

Alternative minimum tax (AMT) is applicable to all persons other than a company, having income from business or profession. AMT means an amount of tax that is computed on the adjusted total income. The taxpayer is liable to pay tax on such income at a rate of 18.5% (plus SC, and HEC) on the adjusted total income. For a person located in an International Financial Services Centre deriving income solely in convertible foreign exchange shall be liable to pay tax on such income at the rate of 9% (plus SC and HEC). AMT paid in a year is eligible to be carried forward for set-off against normal tax liability for 15 years. In case of an individual, a Hindu undivided family, an association of persons, a body of individuals, or an artificial juridical person, AMT is not applicable where the adjusted total income does not exceed INR 2 million.

Tax year

The Indian tax year is from 1 April to 31 March.

Local taxes on income

Profession taxes imposed by certain states on individuals are minimal and are first added to the total income and then deductible while calculating taxable income.


Last Reviewed - 03 October 2019

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