The normal tax rates applicable to a resident individual will depend on the age of the individual. However, in case of a non-resident individual the tax rates will be same irrespective of his age. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as follows:
i. Individual below the age of 60 years i.e. born on or after 1.4.1956, Non-resident individual irrespective of age, Resident/Non-Resident Hindu undivided family, association of persons, body of individuals, artificial juridical person.
| Net income range | Income-tax rates | Education Cess | Secondary and higher Education Cess |
| Up to Rs. 2,50,000 | Nil | Nil | Nil |
| Rs. 2,50,000 – Rs. 5,00,000 | 10% of (total income minus Rs. 2,50,000) [*] | 2% of income-tax | 1% of income-tax |
| Rs. 5,00,000 – Rs. 10,00,000 | Rs. 25,000 + 20% of (total income minus Rs. 5,00,000) | 2% of income-tax | 1% of income-tax |
| Above Rs. 10,00,000 | Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000) | 2% of income-tax | 1% of income-tax |
(ii) In the case of 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 i.e. born during 1.4.1936 to 31.3.1956
| Net income range | Income-tax rates | Education Cess | Secondary and higher Education Cess |
| Up to Rs. 3,00,000 | Nil | Nil | Nil |
| Rs. 3,00,000 – Rs. 5,00,000 | 10% of (total income minus Rs. 3,00,000) [*] | 2% of income- tax | 1% of income-tax |
| Rs. 5,00,000 – Rs. 10,00,000 | Rs. 20,000 + 20% of (total income minus Rs. 5,00,000) | 2% of income- tax | 1% of income-tax |
| Above Rs. 10,00,000 | Rs. 1,20,000 + 30% of (total income minus Rs. 10,00,000) | 2% of income- tax | 1% of income-tax |