# Budget

#### Income Tax Slabs for individuals

| Income Tax Slab | Tax Rate |
| ------------------------- | -------- |
| Upto Rs 2.5 lakh | NIL |
| Rs. 2,50,001 to 5,00,000 | 5% |
| Rs. 5,00,001 to 10,00,000 | 20% |
| Rs. 10,00,001 and above | 30% |

#### Income Tax Slabs for Indian Companies

| Income Tax Slab | Tax Rate |
| :------------------------------------------ | -------- |
| Gross Turnover upto Rs 250 crore in PY | 25% |
| Gross Turnover exceeding Rs 250 crore in PY | 30% |

**Note** 2% Education cess and 2% Health cess is applicable on tax

#### Income Tax Slabs for Foreign Companies

<table><tr><td>Total income</td><td>Flat 40%</td></tr></table>

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- As per Bank of America Securities, Fiscal deficit of India for current FY may widen to 3.8%. Projection was 3.3%.