Income Tax Slab applicable for Assessment Year
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All the Important Due Dates and Limits applicable FY 2023
Income Tax Slab for Assessment Year 2021-22
As we already know, in India there is a progressive rate of tax, meaning that persons with higher income, are taxed at higher rate. The main motive behind such a taxation system is to have equal distribution of income in India. For determining the applicable tax slab, many factors have been provided by the IT department. Various factors on which the Income Tax Slab of the taxpayer depends are – their residential status, the amount of income, form of assessee and their age.
In the Budget presented on 1st February, 2020, the finance minister announced a new taxation method, which will be effective from the AY 2021-22, however, the same shall be optional in nature. Such new tax regime aims to provide lower tax liability to individual and HUF, and being an optional method, the assessee can choose the regime which best suits them. Both regimes have their own merits and demerits, and the taxpayer shall consider the one which provides lower tax liability.
UPDATES UNDER BUDGET 2021
As per the budget presented on 1st February 2021, the following updates were notified
- No change has been observed in the old and new tax slabs, provided under the Income Tax Act.
- It was announced that any Senior Citizens, of age 75years and above and have only pension and interest income as the only source of income, is not required to file their ITR.
- The rate of Surcharge and HEC rates and standard deduction will also be the same.
- The deductions provided under section 24(b), 80C and other sections under chapter VI-A, shall also be the same. However, the benefit provided to the entities under section 80EEA, shall continue to be granted for one more year, that will be till 31st March 2022.
- Also, the timeline for sanctioning of the loan under section 80EEA has been extended till 31st March, 2022.
INCOME TAX SLAB RATES
- FOR INDIVIDUALS BELOW THE AGE OF 60 YEARS
TAXABLE INCOME (RS) | OLD TAX REGIME | NEW TAX REGIME |
0 – 2,50,000 | NIL | NIL |
2,50,001 – 5,00,000 | 5% | 5% |
5,00,001 – 7,50,000 | 20% ON EXCESS OF 5,00,00 + 12,500 | 10% ON EXCESS OF 5,00,000 + 12,500 |
7,50,001 – 10,00,000 | 15% ON EXCESS OF 7,50,000 + 37,500 | |
10,00,001 – 12,50,000 | 30% ON EXCESS OF 10,00,000 + 1,12,500 | 20% ON EXCESS OF 10,00,000 + 75,000 |
12,50,001 – 15,00,000 | 25% ON EXCESS OF 12,50,000 + 1,25,000 | |
ABOVE 15,00,000 | 30% ON EXCESS OF 15,00,000 + 1,87,500 |
ADDITIONS TO TAX LIABILITY
This rate of surcharge and CESS is applied on all the individuals, HUF, BOI, AOP and NRI.
- HEALTH AND EDUCATION CESS: On the above tax liability, a Health and Education Cess @4%, is charged on the value of the tax liability including Surcharge, if any. This cess is applied on the tax liability of every person irrespective of their age and residency.
- SURCHARGE APPLICABLE: A fixed percentage of Surcharge is levied on the tax liability; in case the total taxable income of the individual exceeds the limit prescribed. The rates are as follows –
- 10% for Income exceeding Rs 50 Lakh and up to Rs 1 crore.
- 15% for Income exceeding Rs 1 Crore and up to Rs 2 crores.
- 25% for Income exceeding Rs 2 Crore and up to Rs 5 crores.
- 37% for Income exceeding Rs 5 Crore
Such rate of surcharge is applied and added to the value of Tax liability.
- INCOME TAX SLAB INDIVIDUALS WITH 60 YEARS AND ABOVE, BUT BELOW 80 YEARS
TAXABLE INCOME (RS) | OLD TAX REGIME | NEW TAX REGIME |
0 – 3,00,000 | NIL | |
0 – 2,50,000 | NIL | |
3,00,001 – 5,00,000 | 5% | |
2,50,001 – 5,00,000 | 5% | |
5,00,001 – 7,50,000 | 20% ON EXCESS OF 5,00,00 + 12,500 | 10% ON EXCESS OF 5,00,000 + 12,500 |
7,50,001 – 10,00,000 | 15% ON EXCESS OF 7,50,000 + 37,500 | |
10,00,001 – 12,50,000 | 30% ON EXCESS OF 10,00,000 + 1,12,500 | 20% ON EXCESS OF 10,00,000 + 75,000 |
12,50,001 – 15,00,000 | 25% ON EXCESS OF 12,50,000 + 1,25,000 | |
ABOVE 15,00,000 | 30% ON EXCESS OF 15,00,000 + 1,87,500 |
- INCOME TAX SLAB INDIVIDUALS WITH THE AGE OF 80 YEARS AND ABOVE
TAXABLE INCOME (RS) | OLD TAX REGIME | NEW TAX REGIME |
0 – 5,00,000 | NIL | |
0 – 2,50,000 | NIL | |
2,50,001 – 5,00,000 | 5% | |
5,00,001 – 7,50,000 | 20% ON EXCESS OF 5,00,00 + 12,500 | 10% ON EXCESS OF 5,00,000 + 12,500 |
7,50,001 – 10,00,000 | 15% ON EXCESS OF 7,50,000 + 37,500 | |
10,00,001 – 12,50,000 | 30% ON EXCESS OF 10,00,000 + 1,12,500 | 20% ON EXCESS OF 10,00,000 + 75,000 |
12,50,001 – 15,00,000 | 25% ON EXCESS OF 12,50,000 + 1,25,000 | |
ABOVE 15,00,000 | 30% ON EXCESS OF 15,00,000 + 1,87,500 |
- INCOME TAX SLAB NRI INDIVIDUAL IRRESPECTIVE OF AGE
TAXABLE INCOME (RS) | OLD TAX REGIME | NEW TAX REGIME |
0 – 2,50,000 | NIL | NIL |
2,50,001 – 5,00,000 | 5% | 5% |
5,00,001 – 7,50,000 | 20% ON EXCESS OF 5,00,00 + 12,500 | 10% ON EXCESS OF 5,00,000 + 12,500 |
7,50,001 – 10,00,000 | 15% ON EXCESS OF 7,50,000 + 37,500 | |
10,00,001 – 12,50,000 | 30% ON EXCESS OF 10,00,000 + 1,12,500 | 20% ON EXCESS OF 10,00,000 + 75,000 |
12,50,001 – 15,00,000 | 25% ON EXCESS OF 12,50,000 + 1,25,000 | |
ABOVE 15,00,000 | 30% ON EXCESS OF 15,00,000 + 1,87,500 |
- INCOME TAX SLAB HINDU UNDIVIDED FAMILY (HUF)
TAXABLE INCOME (RS) | OLD TAX REGIME | NEW TAX REGIME |
0 – 2,50,000 | NIL | NIL |
2,50,001 – 5,00,000 | 5% | 5% |
5,00,001 – 7,50,000 | 20% ON EXCESS OF 5,00,00 + 12,500 | 10% ON EXCESS OF 5,00,000 + 12,500 |
7,50,001 – 10,00,000 | 15% ON EXCESS OF 7,50,000 + 37,500 | |
10,00,001 – 12,50,000 | 30% ON EXCESS OF 10,00,000 + 1,12,500 | 20% ON EXCESS OF 10,00,000 + 75,000 |
12,50,001 – 15,00,000 | 25% ON EXCESS OF 12,50,000 + 1,25,000 | |
ABOVE 15,00,000 | 30% ON EXCESS OF 15,00,000 + 1,87,500 |
- INCOME TAX SLAB ASSOCIATION OF PERSONS, BODY OF INDVIDUAL AND ARTIFICIAL JURIDICAL PERSON
TAXABLE INCOME (RS) | OLD TAX REGIME |
0 – 2,50,000 | NIL |
2,50,001 – 5,00,000 | 5% |
5,00,001 – 10,00,000 | 20% ON EXCESS OF 5,00,00 + 12,500 |
ABOVE 10,00,000 | 30% ON EXCESS OF 10,00,000 + 1,12,500 |
No new tax slabs have been provided for AOP, BOI
- INCOME TAX SLAB CO-OPERATIVE SOCIETY
TAXABLE INCOME (RS) | OLD TAX REGIME | NEW TAX REGIME |
0 – 2,50,000 | NIL | THE RESIDENT CO-OPERATIVE SOCIETY HAVE AN OPTION TO PAY TAX AT A LOWER RATE OF TAX @ 22% AS PER THE SECTION 115BAD, IRRESPECTIVE THE AMOUNT OF INCOME EARNED. |
2,50,001 – 5,00,000 | 5% | |
5,00,001 – 10,00,000 | 20% ON EXCESS OF 5,00,00 + 12,500 | |
ABOVE 10,00,000 | 30% ON EXCESS OF 10,00,000 + 1,12,500 |
ADDITIONS TO TAX LIABILITY
This rate of surcharge and CESS is applied on Co-Operative Societies, Partnership Firms, Local Authorities and Limited Liability Partnership.
-
- HEALTH AND EDUCATION CESS: On the above tax liability, a Health and Education Cess @4%, is charged on the value of the tax liability including Surcharge, if any.
- SURCHARGE APPLICABLE:A fixed percentage of Surcharge is levied on the tax liability; in case the total taxable income. Where the total taxable income of the above mentioned assesses exceeds Rs 1 crore, a surcharge @ 12 % of the income tax liability is levied.
- INCOME TAX SLAB INDIAN COMPANIES
PARTICULARS | SECTION 115BA | SECTION 115BAA | SECTION 115BAB | OTHERS |
EFFECTIVE DATE | A.Y. 2017-18 | A.Y. 2020-21 | A.Y. 2020-21 | – |
ELIGIBLE ENTITIES | ALL DOMESTIC COMPNAIES ENGAGED IN MANUFACTURING AND PRODUCTION OF ARTICLES. | ALL DOMESTIC COMPANIES | ALL DOMESTIC COMPNAIES ENGAGED IN MANUFACTURING AND PRODUCTION OF ARTICLES. | ALL DOMESTIC COMPANIES |
DATE OF INCORPORATION | INCORPORATED AND COMMENCED ON AND AFTER 1ST MARCH 2016 | NO SPECIFIC REQUIREMENT | INCORPRATED ON AND AFTER 1ST OCTOBER 2019 AND COMMENCED ON AND BEFORE 31ST MARCH 2023 | NO SPECIFIC REQURIEMENT |
BASIC RATE OF TAX | 25% | 22% | 15% | 25% IF TURNOVER UPTO RS 400 CRORES, OTHERWISE 30% |
SURCHARGE APPLICABLE | 7% IF INCOME ABOVE RS 1 CRORE, UPTO RS 10 CRORES. 12% FOR INCOME ABOVE RS 10 CRORES | 10% | 10% | 7% IF INCOME ABOVE RS 1 CRORE, UPTO RS 10 CRORES. 12% FOR INCOME ABOVE RS 10 CRORES |
CESS | 4% | 4% | 4% | 4% |
MAT APPLICABILITY | APPLICABLE @ 15% | NOT APPLICABLE | NOT APPLICABLE | APPLICABLE @ 15% |
- INCOME TAX SLAB FOREIGN COMPANY
PARTICULARS | TAX RATE | SURCHARGE | CESS |
FOREIGN COMPANY RECEIVING ROYALTY OR TECHNICAL FEES FROM GOVERNMENT OF INDIA | 50% | 2% IF INCOME ABOVE RS 1 CRORE, UPTO RS 10 CRORES. 5% FOR INCOME ABOVE RS 10 CRORES | 4% |
FOREIGN COMPANY RECEIVING ANY OTHER INCOME | 40% | 2% IF INCOME ABOVE RS 1 CRORE, UPTO RS 10 CRORES. 5% FOR INCOME ABOVE RS 10 CRORES | 4% |
SOME CALCULATIONS RELATING TO TAX LIABILITY
INCOME TAX SLAB INDIVIDUALS BELOW THE AGE OF 60 YEARS
TAXABLE INCOME (RS) | OLD TAX REGIME | NEW TAX REGIME | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
0 – 2,50,000 | NIL | NIL | NIL | NIL | NIL |
2,50,001 – 5,00,000 | 5% | 5% | NIL | 4% | UPTO RS 12,500 |
5,00,001 – 7,50,000 | 20% ON EXCESS OF 5,00,000 + 12,500 | 10% ON EXCESS OF 5,00,000 + 12,500 | NIL | 4% | NIL |
7,50,001 – 10,00,000 | 15% ON EXCESS OF 7,50,000 + 37,500 | NIL | 4% | NIL | |
10,00,001 – 12,50,000 | 30% ON EXCESS OF 10,00,000 + 1,12,500 | 20% ON EXCESS OF 10,00,000 + 75,000 | NIL | 4% | NIL |
12,50,001 – 15,00,000 | 30% ON EXCESS OF 12,50,000 + 1,87,500 | 25% ON EXCESS OF 12,50,000 + 1,25,000 | NIL | 4% | NIL |
15,00,001 – 50,00,000 | 30% ON EXCESS OF 15,00,000 + 2,62,500 | 30% ON EXCESS OF 15,00,000 + 1,87,500 | NIL | 4% | NIL |
50,00,001 – 1,00,00,000 | 30% ON EXCESS OF 50,00,000 + 13,12,500 | 30% ON EXCESS OF 50,00,000 + 12,37,500 | 10% | 4% | NIL |
1,00,00,001 – 2,00,00,000 | 30% ON EXCESS OF 1,00,00,000 + 28,12,500 | 30% ON EXCESS OF 1,00,00,000 + 27,37,500 | 15% | 4% | NIL |
2,00,00,001 – 5,00,00,000 | 30% ON EXCESS OF 2,00,00,000 + 58,12,500 | 30% ON EXCESS OF 2,00,00,000 + 57,37,500 | 25% | 4% | NIL |
ABOVE 5,00,00,000 | 30% ON EXCESS OF 5,00,00,000 + 1,48,12,500 | 30% ON EXCESS OF 5,00,00,000 + 1,47,37,500 | 37% | 4% | NIL |
INCOME TAX SLAB INDIVIDUALS WITH 60 YEARS AND ABOVE, BUT BELOW 80 YEARS
TAXABLE INCOME (RS) | OLD TAX REGIME | NEW TAX REGIME | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
0 – 3,00,000 | NIL | NIL | NIL | NIL | |
0 – 2,50,000 | NIL | NIL | NIL | NIL | |
3,00,001 – 5,00,000 | 5% | NIL | 4% | UPTO RS 12,500 | |
2,50,001 – 5,00,000 | 5% | NIL | 4% | UPTO RS 12,500 | |
5,00,001 – 7,50,000 | 20% ON EXCESS OF 5,00,000 + 10,000 | 10% ON EXCESS OF 5,00,000 + 12,500 | NIL | 4% | NIL |
7,50,001 – 10,00,000 | 15% ON EXCESS OF 7,50,000 + 37,500 | NIL | 4% | NIL | |
10,00,001 – 12,50,000 | 30% ON EXCESS OF 10,00,000 + 1,10,000 | 20% ON EXCESS OF 10,00,000 + 75,000 | NIL | 4% | NIL |
12,50,001 – 15,00,000 | 30% ON EXCESS OF 12,50,000 + 1,85,000 | 25% ON EXCESS OF 12,50,000 + 1,25,000 | NIL | 4% | NIL |
15,00,001 – 50,00,000 | 30% ON EXCESS OF 15,00,000 + 2,60,000 | 30% ON EXCESS OF 15,00,000 + 1,87,500 | NIL | 4% | NIL |
50,00,001 – 1,00,00,000 | 30% ON EXCESS OF 50,00,000 + 13,10,000 | 30% ON EXCESS OF 50,00,000 + 12,37,500 | 10% | 4% | NIL |
1,00,00,001 – 2,00,00,000 | 30% ON EXCESS OF 1,00,00,000 + 28,10,000 | 30% ON EXCESS OF 1,00,00,000 + 27,37,500 | 15% | 4% | NIL |
2,00,00,001 – 5,00,00,000 | 30% ON EXCESS OF 2,00,00,000 + 58,10,000 | 30% ON EXCESS OF 2,00,00,000 + 57,37,500 | 25% | 4% | NIL |
ABOVE 5,00,00,000 | 30% ON EXCESS OF 5,00,00,000 + 1,48,10,000 | 30% ON EXCESS OF 5,00,00,000 + 1,47,37,500 | 37% | 4% | NIL |
INCOME TAX SLAB INDIVIDUALS WITH AGE OF 80 YEARS AND ABOVE
TAXABLE INCOME (RS) | OLD TAX REGIME | NEW TAX REGIME | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
0 – 5,00,000 | NIL | NIL | NIL | NIL | |
0 – 2,50,000 | NIL | NIL | NIL | NIL | |
2,50,001 – 5,00,000 | 5% | NIL | 4% | UPTO RS 12,500 | |
5,00,001 – 7,50,000 | 20% ON EXCESS OF 5,00,000 | 10% ON EXCESS OF 5,00,000 + 12,500 | NIL | 4% | NIL |
7,50,001 – 10,00,000 | 15% ON EXCESS OF 7,50,000 + 37,500 | NIL | 4% | NIL | |
10,00,001 – 12,50,000 | 30% ON EXCESS OF 10,00,000 + 1,00,000 | 20% ON EXCESS OF 10,00,000 + 75,000 | NIL | 4% | NIL |
12,50,001 – 15,00,000 | 30% ON EXCESS OF 12,50,000 + 1,75,000 | 25% ON EXCESS OF 12,50,000 + 1,25,000 | NIL | 4% | NIL |
15,00,001 – 50,00,000 | 30% ON EXCESS OF 15,00,000 + 2,50,000 | 30% ON EXCESS OF 15,00,000 + 1,87,500 | NIL | 4% | NIL |
50,00,001 – 1,00,00,000 | 30% ON EXCESS OF 50,00,000 + 13,00,000 | 30% ON EXCESS OF 50,00,000 + 12,37,500 | 10% | 4% | NIL |
1,00,00,001 – 2,00,00,000 | 30% ON EXCESS OF 1,00,00,000 + 28,00,000 | 30% ON EXCESS OF 1,00,00,000 + 27,37,500 | 15% | 4% | NIL |
2,00,00,001 – 5,00,00,000 | 30% ON EXCESS OF 2,00,00,000 + 58,00,000 | 30% ON EXCESS OF 2,00,00,000 + 57,37,500 | 25% | 4% | NIL |
ABOVE 5,00,00,000 | 30% ON EXCESS OF 5,00,00,000 + 1,48,00,000 | 30% ON EXCESS OF 5,00,00,000 + 1,47,37,500 | 37% | 4% | NIL |
INCOME TAX SLAB NON-RESIDENT INDIVIDUALS, IRRESPECTIVE OF AGE
TAXABLE INCOME (RS) | OLD TAX REGIME | NEW TAX REGIME | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
0 – 2,50,000 | NIL | NIL | NIL | NIL | NIL |
2,50,001 – 5,00,000 | 5% | 5% | NIL | 4% | UPTO RS 12,500 |
5,00,001 – 7,50,000 | 20% ON EXCESS OF 5,00,000 + 12,500 | 10% ON EXCESS OF 5,00,000 + 12,500 | NIL | 4% | NIL |
7,50,001 – 10,00,000 | 15% ON EXCESS OF 7,50,000 + 37,500 | NIL | 4% | NIL | |
10,00,001 – 12,50,000 | 30% ON EXCESS OF 10,00,000 + 1,12,500 | 20% ON EXCESS OF 10,00,000 + 75,000 | NIL | 4% | NIL |
12,50,001 – 15,00,000 | 30% ON EXCESS OF 12,50,000 + 1,87,500 | 25% ON EXCESS OF 12,50,000 + 1,25,000 | NIL | 4% | NIL |
15,00,001 – 50,00,000 | 30% ON EXCESS OF 15,00,000 + 2,62,500 | 30% ON EXCESS OF 15,00,000 + 1,87,500 | NIL | 4% | NIL |
50,00,001 – 1,00,00,000 | 30% ON EXCESS OF 50,00,000 + 13,12,500 | 30% ON EXCESS OF 50,00,000 + 12,37,500 | 10% | 4% | NIL |
1,00,00,001 – 2,00,00,000 | 30% ON EXCESS OF 1,00,00,000 + 28,12,500 | 30% ON EXCESS OF 1,00,00,000 + 27,37,500 | 15% | 4% | NIL |
2,00,00,001 – 5,00,00,000 | 30% ON EXCESS OF 2,00,00,000 + 58,12,500 | 30% ON EXCESS OF 2,00,00,000 + 57,37,500 | 25% | 4% | NIL |
ABOVE 5,00,00,000 | 30% ON EXCESS OF 5,00,00,000 + 1,48,12,500 | 30% ON EXCESS OF 5,00,00,000 + 1,47,37,500 | 37% | 4% | NIL |
INCOME TAX SLAB HUF
TAXABLE INCOME (RS) | OLD TAX REGIME | NEW TAX REGIME | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
0 – 2,50,000 | NIL | NIL | NIL | NIL | NIL |
2,50,001 – 5,00,000 | 5% | 5% | NIL | 4% | NIL |
5,00,001 – 7,50,000 | 20% ON EXCESS OF 5,00,000 + 12,500 | 10% ON EXCESS OF 5,00,000 + 12,500 | NIL | 4% | NIL |
7,50,001 – 10,00,000 | 15% ON EXCESS OF 7,50,000 + 37,500 | NIL | 4% | NIL | |
10,00,001 – 12,50,000 | 30% ON EXCESS OF 10,00,000 + 1,12,500 | 20% ON EXCESS OF 10,00,000 + 75,000 | NIL | 4% | NIL |
12,50,001 – 15,00,000 | 30% ON EXCESS OF 12,50,000 + 1,87,500 | 25% ON EXCESS OF 12,50,000 + 1,25,000 | NIL | 4% | NIL |
15,00,001 – 50,00,000 | 30% ON EXCESS OF 15,00,000 + 2,62,500 | 30% ON EXCESS OF 15,00,000 + 1,87,500 | NIL | 4% | NIL |
50,00,001 – 1,00,00,000 | 30% ON EXCESS OF 50,00,000 + 13,12,500 | 30% ON EXCESS OF 50,00,000 + 12,37,500 | 10% | 4% | NIL |
1,00,00,001 – 2,00,00,000 | 30% ON EXCESS OF 1,00,00,000 + 28,12,500 | 30% ON EXCESS OF 1,00,00,000 + 27,37,500 | 15% | 4% | NIL |
2,00,00,001 – 5,00,00,000 | 30% ON EXCESS OF 2,00,00,000 + 58,12,500 | 30% ON EXCESS OF 2,00,00,000 + 57,37,500 | 25% | 4% | NIL |
ABOVE 5,00,00,000 | 30% ON EXCESS OF 5,00,00,000 + 1,48,12,500 | 30% ON EXCESS OF 5,00,00,000 + 1,47,37,500 | 37% | 4% | NIL |
INCOME TAX SLAB-AOP, BOI, AJP
TAXABLE INCOME (RS) | TAX RATE | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
0 – 2,50,000 | NIL | NIL | NIL | NIL |
2,50,001 – 5,00,000 | 5% | NIL | 4% | NIL |
5,00,001 – 10,00,000 | 20% ON EXCESS OF 5,00,000 + 12,500 | NIL | 4% | NIL |
10,00,001 – 50,00,000 | 30% ON EXCESS OF 10,00,000 + 1,12,500 | NIL | 4% | NIL |
50,00,001 – 1,00,00,000 | 30% ON EXCESS OF 50,00,000 + 13,12,500 | 10% | 4% | NIL |
1,00,00,001 – 2,00,00,000 | 30% ON EXCESS OF 1,00,00,000 + 28,12,500 | 15% | 4% | NIL |
2,00,00,001 – 5,00,00,000 | 30% ON EXCESS OF 2,00,00,000 + 58,12,500 | 25% | 4% | NIL |
ABOVE 5,00,00,000 | 30% ON EXCESS OF 5,00,00,000 + 1,48,12,500 | 37% | 4% | NIL |
INCOME TAX SLAB PARTNERSHIP FIRM/ LLP/ LOCAL AUTHORITY
TAXABLE INCOME (RS) | TAX RATE | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
0 – 1,00,00,000 | 30% | NIL | 4% | NIL |
ABOVE 1,00,00,000 | 30% ON EXCESS OF 1,00,00,000 + 30,00,000 | 12% | 4% | NIL |
INCOME TAX SLAB INDIAN COMPANY WITH GROSS RECEIPTS MORE THAN RS. 400 CRORES
TAXABLE INCOME (RS) | TAX RATE | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
0 – 1,00,00,000 | 30% | NIL | 4% | NIL |
1,00,00,001 – 10,00,00,000 | 30% ON EXCESS OF 1,00,00,000 + 30,00,000 | 7% | 4% | NIL |
ABOVE 10,00,00,000 | 30% ON EXCESS OF 10,00,00,000 + 3,00,00,000 | 12% | 4% | NIL |
INCOME TAX SLAB INDIAN COMPANY WITH GROSS RECEIPTS UPTO RS. 400 CRORES
TAXABLE INCOME (RS) | TAX RATE | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
0 – 1,00,00,000 | 25% | NIL | 4% | NIL |
1,00,00,001 – 10,00,00,000 | 25% ON EXCESS OF 1,00,00,000 + 25,00,000 | 7% | 4% | NIL |
ABOVE 10,00,00,000 | 25% ON EXCESS OF 10,00,00,000 + 2,50,00,000 | 12% | 4% | NIL |
INCOME TAX SLAB COMPANY REGISTERED UNDER SECTION 115BBA
TAXABLE INCOME (RS) | TAX RATE | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
ANY AMOUNT OF INCOME | 22% | 10% | 4% | NIL |
INCOME TAX SLAB COMPANY REGISTERED UNDER SECTION 115BAB
TAXABLE INCOME (RS) | TAX RATE | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
ANY AMOUNT OF INCOME | 15% | 10% | 4% | NIL |
INCOME TAX SLAB FOREIGN COMPANY
RECEIVING ROYALTY FOR TECHNICAL FEES FROM INDIAN GOVERNMENT
TAXABLE INCOME (RS) | TAX RATE | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
0 – 1,00,00,000 | 50% | NIL | 4% | NIL |
1,00,00,001 – 10,00,00,000 | 50% ON EXCESS OF 1,00,00,000 + 50,00,000 | 2% | 4% | NIL |
ABOVE 10,00,00,000 | 50% ON EXCESS OF 10,00,00,000 + 5,00,00,000 | 5% | 4% | NIL |
RECEIVING ANY OTHER INCOME
TAXABLE INCOME (RS) | TAX RATE | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
0 – 1,00,00,000 | 40% | NIL | 4% | NIL |
1,00,00,001 – 10,00,00,000 | 40% ON EXCESS OF 1,00,00,000 + 40,00,000 | 2% | 4% | NIL |
ABOVE 10,00,00,000 | 40% ON EXCESS OF 10,00,00,000 + 4,00,00,000 | 5% | 4% | NIL |
INCOME TAX SLAB –CO-OPERATIVE SOCIETY
TAXABLE INCOME (RS) | OLD TAX REGIME | NEW TAX REGIME | SURCHARGE | CESS | REBATE UNDER SECTION 87A |
0 –10,000 | 10% | 22% | NIL | 4% | NIL |
10,001 – 20,000 | 20% ON EXCESS OF 10,000 + 1,000 | 22% ON EXCESS OF 10,000 + 2,200 | NIL | 4% | NIL |
20,001 – 1,00,00,000 | 30% ON EXCESS OF 20,000 + 3,000 | 22% ON EXCESS OF 20,000 + 4,400 | NIL | 4% | NIL |
ABOVE 1,00,00,000 | 30% ON EXCESS OF 1,00,00,000 + 29,97,000 | 22% ON EXCESS OF 1,00,00,000 + 22,00,000 | 12% | 4% | NIL |
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