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    Rates Of Income Tax

    Assessment year : 2021 -22 
    Previous year : 20
    20 - 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

     
    Rates Of Income Tax (Assessment year : 2016 - 17, P.Y-2015-16) 
    Rates Of Income Tax (Assessment year : 2015 - 16, P.Y-2014-15) 
    Rates Of Income Tax (Assessment year : 2014 - 15, P.Y-2013-14)
    Rates Of Income Tax (Assessment year : 2012 - 13 & 2013-14, P.Y-2011-12 & 2012-13)

     

     

     



     
         
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