RATES OF INCOME TAX
RATES OF INCOME TAX
ASSESSMENT YEAR : 2022 -23PREVIOUS YEAR : 2021 - 22| 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 : |
| 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 2018-19) – 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) | ||||||
|---|---|---|---|---|---|---|
| ||||||
| 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 : 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 on Income Tax computed on Other Incomes : 10% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 50 Lacs upto 1 Crore 15% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 1 Crore but upto two 2 Crore 25% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 2 Crore but upto 5 Crore 37% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 5 Crore Surcharge on Income Tax computed on Dividend Income & Income taxable u/s 111A & 112A : 10% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 50 Lacs upto 1 Crore 15% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 1 Crore but upto two 2 Crore 15% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 2 Crore but upto 5 Crore 15% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) 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 2019-20) – 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) | ||||||
|---|---|---|---|---|---|---|
| ||||||
| 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 – Rs 5,00,000 | 5% |
| Rs 5,00,001 – Rs 10,00,000 | 20% |
| Above Rs 10,00,000 | 30% |
| 2. For resident Super Senior Citizens. (Age above 80 Years) | |
|---|---|
| Upto 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 | ||||||
|---|---|---|---|---|---|---|
| ||||||
| 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 – 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) | |
|---|---|
| Upto 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 | ||||||
|---|---|---|---|---|---|---|
| ||||||
| 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 |