Step 5: Calculating Income Tax Liability Income SlabRate of TaxationAmount to be PaidBelow Rs. 2.5 lakhNo tax0Between Rs. 2.5 lakh and Rs. 5 lakh5%5% of (Rs. 4,88,500 less Rs. 2.5 lakh) = Rs. 11,925Between Rs. 5 lakh and Rs. 10 lakh20%0Rs. 10 lakh and above30%02 more rows • Jun 9, 2020