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Union Budget 2026-27 - Finance Bill, 2026
Tax rates under Part I-A of the First Schedule applicable for the assessment year 2026-27
Paragraph A of Part-I-A of First Schedule to the Bill provides following rates of income-tax:—
(i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or HUF or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in section 2(31)(vii) of the Income-tax Act, 1961 (not being a case to which Paragraph B, C, D or E of Part I-A applies) are as under:—
(1) | Upto ₹ 2,50,000 | Nil |
(2) | From ₹ 2,50,001 to ₹ 5,00,000 | 5% |
(3) | From ₹ 5,00,001 to ₹ 10,00,000 | 20% |
(4) | Above ₹ 10,00,000 | 30% |
(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,—
(1) | Upto ₹ 3,00,000 | Nil |
(2) | From ₹ 3,00,001 to Rs.5,00,000 | 5% |
(3) | From ₹ 5,00,001 to Rs.10,00,000 | 20% |
(4) | Above ₹ 10,00,000 | 30% |
(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,—
(1) | Upto ₹ 5,00,000 | Nil |
(2) | From ₹ 5,00,001 to Rs.10,00,000 | 20% |
(3) | Above ₹ 10,00,000 | 30% |
These rates are the same as those applicable for the assessment year 2025-26.
Full Text:
Individual tax rates set in the Finance Bill 2026: progressive slabs with higher nil thresholds for senior residents. The Finance Bill 2026 prescribes progressive income-tax slabs for individuals, HUFs, associations of persons, bodies of individuals and artificial juridical persons: nil up to Rs. 2,50,000; 5% on Rs. 2,50,001-5,00,000; 20% on Rs. 5,00,001-10,00,000; 30% above Rs. 10,00,000; with higher nil thresholds for resident senior citizens (Rs. 3,00,000 for 60-79 years; Rs. 5,00,000 for 80+), and states these rates mirror the prior year. of Press 'Enter' after typing page number.
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