How your income tax has changed over the last 9 years
Here’s how the income tax slabs, surcharges and deduction limits have changed over the past nine years
2009-10
Basic exemption limit raised to Rs 1.6 lakh (male taxpayers), Rs 1.9 lakh (females) and Rs 2.4 lakh (senior citizens). 10% surcharge on personal income tax removed.
2010-11
Tax slabs changed. 10% up to Rs 5 lakh, 20% up to Rs 8 lakh and 30% for over Rs 8 lakh. Additional deduction for investing up to Rs 20,000 in infra bonds under Sec 80CCF.
Tax slabs changed. 10% up to Rs 5 lakh, 20% up to Rs 8 lakh and 30% for over Rs 8 lakh. Additional deduction for investing up to Rs 20,000 in infra bonds under Sec 80CCF.
2011-12
Basic exemption raised to Rs 1.8 lakh (male taxpayers), Rs 1.9 lakh (females) and Rs 2.5 lakh (senior citizens). Senior citizens age reduced to 60 years and very senior citizen category added for those above 80.2012-13
Basic exemption raised to Rs 1.8 lakh (male taxpayers), Rs 1.9 lakh (females) and Rs 2.5 lakh (senior citizens). Senior citizens age reduced to 60 years and very senior citizen category added for those above 80.2012-13
Basic exemption for general taxpayers raised to Rs 2 lakh. No change for senior citizens. Difference in basic exemption between males and females done away with. New Sec 80TTA exempts up to Rs 10,000 interest earned on bank balance.
2013-14
10% surcharge levied on tax for incomes above Rs 1 crore. Sec 80CCF deduction for infra bonds scrapped. Tax rebate of Rs 2,000 for incomes up to Rs 5 lakh.2014-15
Basic exemption raised to Rs 2.5 lakh (general), Rs 3 lakh (senior citizens) and Rs 5 lakh (very senior citizens). Section 80C limit hiked to Rs 1.5 lakh. Home loan deduction limit hiked to Rs 2 lakh.
10% surcharge levied on tax for incomes above Rs 1 crore. Sec 80CCF deduction for infra bonds scrapped. Tax rebate of Rs 2,000 for incomes up to Rs 5 lakh.2014-15
Basic exemption raised to Rs 2.5 lakh (general), Rs 3 lakh (senior citizens) and Rs 5 lakh (very senior citizens). Section 80C limit hiked to Rs 1.5 lakh. Home loan deduction limit hiked to Rs 2 lakh.
2015-16
Surcharge on incomes above Rs 1 crore hiked to 12%. Additional deduction of up to Rs 50,000 for investment in NPS. Wealth tax removed. Medical insurance deduction hiked to Rs 25,000.2016-17
Surcharge on incomes above Rs 1 crore hiked to 15%. Dividends of over Rs 10 lakh to be taxed at 10%. Tax rebate hiked to Rs 5,000 for those earning up to Rs 5 lakh.
Surcharge on incomes above Rs 1 crore hiked to 12%. Additional deduction of up to Rs 50,000 for investment in NPS. Wealth tax removed. Medical insurance deduction hiked to Rs 25,000.2016-17
Surcharge on incomes above Rs 1 crore hiked to 15%. Dividends of over Rs 10 lakh to be taxed at 10%. Tax rebate hiked to Rs 5,000 for those earning up to Rs 5 lakh.
2017-18
New 10% surcharge on incomes above Rs 50 lakh. Tax rebate reduced from Rs 5,000 to Rs 2,500 and will apply only to incomes up to Rs 3.5 lakh. Rs 12,500 rebate for all taxpayers. Home loan deduction capped at Rs 2 lakh.
New 10% surcharge on incomes above Rs 50 lakh. Tax rebate reduced from Rs 5,000 to Rs 2,500 and will apply only to incomes up to Rs 3.5 lakh. Rs 12,500 rebate for all taxpayers. Home loan deduction capped at Rs 2 lakh.
