Rates Of Income Tax
|
Assessment
year : 2021 -22
Previous year : 2020 -
21
|
|
1.
For resident Senior Citizens. (Age above 60 Years)
|
|
Old Tax Slab
|
Rate
|
New Tax Slab (
Sec 115BAC)
|
Rate
|
|
Upto Rs 3,00,000
|
NIL
|
Upto Rs 2,50,000
|
NIL
|
|
Rs 3,00,001 - Rs
5,00,000
|
5%
|
Rs 2,50,001 - Rs
5,00,000
|
5%
|
|
Rs 5,00,001 - Rs
10,00,000
|
20%
|
Rs 5,00,001 - Rs
7,50,000
|
10%
|
|
|
|
Rs 7,50,001 - Rs
10,00,000
|
15%
|
|
Above Rs 10,00,000
|
30%
|
Rs 10,00,001 - Rs
12,50,000
|
20%
|
|
|
|
Rs 12,50,001 - Rs
15,00,000
|
25%
|
|
|
|
Above Rs 15,00,000
|
30%
|
|
|
2.
For resident Super Senior Citizens. (Age above 80 Years)
|
|
Old Tax Slab
|
Rate
|
New Tax Slab (
Sec 115BAC)
|
Rate
|
|
Upto Rs 5,00,000
|
NIL
|
Upto Rs 2,50,000
|
NIL
|
|
|
|
Rs 2,50,001 - Rs
5,00,000
|
5%
|
|
Rs 5,00,001 - Rs
10,00,000
|
20%
|
Rs 5,00,001 - Rs
7,50,000
|
10%
|
|
|
|
Rs 7,50,001 - Rs
10,00,000
|
15%
|
|
Above Rs 10,00,000
|
30%
|
Rs 10,00,001 - Rs
12,50,000
|
20%
|
|
|
|
Rs 12,50,001 - Rs
15,00,000
|
25%
|
|
|
|
Above Rs 15,00,000
|
30%
|
|
|
3.
Individuals, [other than those mentioned above, HUF, AOP/BOI (other than
co-operative societies).
|
|
Old Tax
Slab
|
Rate
|
New Tax Slab (
Sec 115BAC)
|
Rate
|
|
Upto Rs 2,50,000
|
NIL
|
Upto Rs 2,50,000
|
NIL
|
|
Rs 2,50,001 - Rs
5,00,000
|
5%
|
Rs 2,50,001 - Rs
5,00,000
|
5%
|
|
Rs 5,00,001 - Rs
10,00,000
|
20%
|
Rs 5,00,001 - Rs
7,50,000
|
10%
|
|
|
|
Rs 7,50,001 - Rs
10,00,000
|
15%
|
|
Above Rs 10,00,000
|
30%
|
Rs 10,00,001 - Rs
12,50,000
|
20%
|
|
|
|
Rs 12,50,001 - Rs
15,00,000
|
25%
|
|
|
|
Above Rs 15,00,000
|
30%
|
|
|
Note:
Rebate u/s 87A, in which resident individuals are allowed rebate (if
their taxable income does not exceed Rs. 5 lakh) equal to 100% of income
tax or Rs. 12,500 whichever less.
|
|
Surcharge
:
10% for
Individual having taxable Income exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable
Income exceeding 1 Crore but doesn’t exceed two crore rupees
25%
for Individual having taxable Income exceeding 2 Crore but doesn’t
exceed five crore rupees
37%
for Individual having taxable Income exceeding 5 Crore
Health
and Education Cess: 4% on the amount of Tax plus surcharge
|
|
Firms
|
|
Income
tax : 30%.
Surcharge
: 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health
and Education Cess: 4% on the amount of Tax plus surcharge.
|
|
Companies
|
|
(A)
Domestic Companies
|
|
Income
tax :
|
|
If
opted for Section 115BA (in case turnover or gross receipt does
not exceed Rs 400 crore in the FY 2017-18) - 25%
|
|
If
opted for Section 115BAA (in case assessee is not claming Profit
linked deductions, unabsorbed depreciation & Losses) - 22%
|
|
If
opted for Section 115BAB (for new manufacturing companies)
-15%
|
|
Any
other domestic company -30%
MAT-
15%
|
|
Surcharge: 7%
if the taxable income exceeds Rs. 1 crore & 12% if the
taxable income exceeds 10 crores
|
|
However,
the rate of surcharge in case of a company opting for taxability
under Section 115BAA or Section 115BAB shall be 10% irrespective
of amount of total income.
|
|
Health
and Education Cess: 4% on the amount of Tax plus surcharge
|
|
|
(B)
Foreign Companies
|
|
Income
tax :
|
40%
(in general )
50% (Royalty received from Government or an Indian concern in
pursuance of an agreement made with the Indian concern after
March 31, 1961, but before April 1, 1976, or fees for rendering
technical services in pursuance of an agreement made after
February 29, 1964 but before April 1, 1976 and where such
agreement has, in either case, been approved by the Central
Government)
|
|
Surcharge
:
|
2%
if the taxable income exceeds Rs. 1 crore & 5%
if the taxable income exceeds 10 crores
|
|
Health
and Education Cess:
4% on the amount of Tax plus surcharge
|
|
|
Cooperative
Socities (Under Old Regime)
|
|
Upto
Rs. 10,000
|
10%
|
|
Rs.
10,001 to Rs. 20,000
|
20%
|
|
Rs.
20,001 to Above
|
30%
|
|
|
Surcharge
: 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health
and Education Cess: 4% on the amount of Tax plus surcharge
|
|
Cooperative
Socities (Under New Regime) -Section 115BAC
|
|
Income
tax : Flat
rate of 22%
Surcharge
: 10%
of the Income Tax
Health
and Education Cess: 4% on the amount of Tax plus
surcharge
|
| Local
Authorities |
|
Income
tax : 30%.
Surcharge
: 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore
Health
and Education Cess: 4% on the amount of Tax plus
surcharge
|
|
Assessment
year : 2020 -21
Previous year : 2019 - 20
|
|
1.
For resident Senior Citizens. (Age above 60 Years)
|
|
Up
to Rs 3,00,000
|
Nil
|
|
Rs.
3,00,001 to Rs. 5,00,000
|
5%
|
|
Rs.
5,00,001 to Rs. 10,00,000
|
20%
|
|
Above
Rs. 10,00,000
|
30%
|
|
|
2.
For resident Super Senior Citizens. (Age above 80 Years)
|
|
Up
to Rs 5,00,000
|
Nil
|
|
Rs.
5,00,001 to Rs. 10,00,000
|
20%
|
|
Above
Rs. 10,00,000
|
30%
|
|
|
3.
Individuals, [other than those mentioned above, HUF, AOP/BOI (other than
co-operative societies).
|
|
Upto
Rs. 2,50,000
|
Nil
|
|
Rs.
2,50,001 to Rs. 5,00,000
|
5%
|
|
Rs.
5,00,001 to Rs 10,00,000
|
20%
|
|
Above
Rs. 10,00,000
|
30%
|
|
|
Note:
Rebate u/s 87A, in which resident individuals are allowed rebate *(if
their taxable income does not exceed Rs. 5 lakh) equal to 100% of income
tax or Rs. 12,500 whichever less.
*(
by Finance Act 2019)
|
|
Surcharge
:
10% for
Individual having taxable Income exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable
Income exceeding 1 Crore but doesn’t exceed two crore rupees
25%
for Individual having taxable Income exceeding 2 Crore but doesn’t
exceed five crore rupees
37%
for Individual having taxable Income exceeding 5 Crore
Health
and Education Cess: 4% on the amount of Tax plus surcharge
Short-Term
Capital Gains u/s 111A: 10% (on income more than 50Lakh but upto 1
crore) &15% (on income above 1 Crore) plus surcharge.
|
|
Firms
|
|
Income
tax : 30%.
Surcharge
: 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health
and Education Cess: 4% on the amount of Tax plus surcharge.
|
|
Companies
|
|
(A)
Domestic Companies
|
|
Income
tax :
|
|
If
opted for Section 115BA (in case turnover or gross receipt does
not exceed Rs 400 crore in the FY 2017-18) - 25%
|
|
If
opted for Section 115BAA (in case assessee is not claming Profit
linked deductions, unabsorbed depreciation & Losses) - 22%
|
|
If
opted for Section 115BAB (for new manufacturing companies)
-15%
|
|
Any
other domestic company -30%
|
|
Surcharge: 7%
if the taxable income exceeds Rs. 1 crore & 12% if the
taxable income exceeds 10 crores
|
|
However,
the rate of surcharge in case of a company opting for taxability
under Section 115BAA or Section 115BAB shall be 10% irrespective
of amount of total income.
|
|
Health
and Education Cess: 4% on the amount of Tax plus surcharge
|
|
|
(B)
Foreign Companies
|
|
Income
tax :
|
40%
(in general )
50% (Royalty received from Government or an Indian concern in
pursuance of an agreement made with the Indian concern after
March 31, 1961, but before April 1, 1976, or fees for rendering
technical services in pursuance of an agreement made after
February 29, 1964 but before April 1, 1976 and where such
agreement has, in either case, been approved by the Central
Government)
|
|
Surcharge
:
|
2%
if the taxable income exceeds Rs. 1 crore & 5%
if the taxable income exceeds 10 crores
|
|
Health and Education Cess:
4% on the amount of Tax plus surcharge
|
|
|
Cooperative
Societies
|
|
Upto
Rs. 10,000
|
10%
|
|
Rs.
10,001 to Rs. 20,000
|
20%
|
|
Rs.
20,001 to Above
|
30%
|
|
|
Surcharge
: 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health
and Education Cess: 4% on the amount of Tax plus surcharge
|
|
Local
Authorities
|
|
Income
tax : 30%.
Surcharge
: 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore
Health
and Education Cess: 4% on the amount of Tax
plus surcharge
|
|
Assessment
year : 2017 - 18
Previous year : 2016 - 17
|
|
1.
For resident Senior Citizens. (Age above 60 Years)
|
|
Up to Rs 3,00,000
|
Nil
|
|
Rs. 3,00,001 to Rs.
5,00,000
|
10%
|
|
Rs. 5,00,001 to Rs.
10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
|
|
2.
For resident Super Senior Citizens. (Age above 80 Years)
|
|
Up to Rs 5,00,000
|
Nil
|
|
Rs. 5,00,001 to Rs.
10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
|
|
3.
Individuals, [other than those mentioned above, HUF, AOP/BOI (other than
co-operative societies).
|
|
Upto Rs. 2,50,000
|
Nil
|
|
Rs. 2,50,001 to Rs.
5,00,000
|
10%
|
|
Rs. 5,00,001 to Rs
10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
|
|
Note:
Rebate u/s 87A is added from Finance Act 2013, in which resident
individuals are allowed rebate (if their taxable income does not exceed
Rs. 5 lakh) equal to 100% of income tax or Rs. 5000 whichever less
|
|
Surcharge
: 15% for Individual having taxable Income exceeding 1
Crore
Education
Cess : 2% on income-tax plus surcharge.
Secondary
and Higher Education cess : 1% on income-tax plus
surcharge
Long-Term
Capital Gains: 20% on income-tax plus surcharge.
Short-Term
Capital Gains u/s 111A:15% on income-tax plus surcharge.
|
|
Firms
|
|
Income
tax : 30%.
Surcharge
: 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education
Cess : 2%
on income-tax plus surcharge
Secondary
and Higher Education cess : 1%
on income-tax plus surcharge
|
|
Companies
|
|
(A)
Domestic Companies
|
|
Income
tax : 30%
(29% if turnover or gross receipt does not exceed Rs.5 Crore)
|
|
Surcharge: 7%
if the taxable income exceeds Rs. 1 crore & 12% if the
taxable income exceeds 10 crores
|
|
Education
Cess: 2%
on income-tax plus surcharge.
|
|
Secondary
and Higher Education cess : 1%
on income-tax plus surcharge
|
|
|
(B)
Foreign Companies
|
|
Income
tax :
|
40%
(in general )
|
|
Surcharge
:
|
2%
if the taxable income exceeds Rs. 1 crore & 5%
if the taxable income exceeds 10 crores
|
|
Education
Cess :
|
2% on
income-tax plus surcharge
|
|
Secondary
and Higher Education cess :
|
1% on
income-tax plus surcharge
|
|
|
|
Cooperative
Societies
|
|
Upto Rs. 10,000
|
10%
|
|
Rs. 10,001 to Rs.
20,000
|
20%
|
|
Rs. 20,001 to Above
|
30%
|
|
|
Surcharge
: 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education
Cess : 2% on income-tax.
Secondary
And Higher EducationCess : 1% on income tax plus surcharge
|
|
Local
Authorities
|
|
Income
tax : 30%.
Surcharge
: 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore
Education
Cess : 2% on income-tax plus surcharge.
Secondary
and Higher Education cess : 1% on income-tax plus
surcharge
|
|