Get News Alerts from Taxmann.com on your desktop.
No Thanks Allow
You have blocked the notification on recent updates. Click below to re-subscribe.
No Thanks
You have already subscribed to Taxmann’s notification.
No Thanks UnSubscribe
Your Session Will Expire in   seconds.
If you do not wish to log-out, choose 'Let me continue'
Reset Session Cancel Session
 
Skip Navigation Links

Tax Rates: Income Tax Slab for A.Y. 2021-22


1.             Income tax slab in case of Individuals for A.Y. 2021-22

1.1.       Normal slab rates [Assesses has not opted for Section 115BAC]

1.1.1. Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:

 

Net income range

Income-Tax rate

Up to Rs. 2,50,000

Nil

Rs. 2,50,001- Rs. 5,00,000

5%

Rs. 5,00,001- Rs. 10,00,000

20%

Above Rs. 10,00,000

30% 

Taxmann's Finance ACT, Income Tax Act, Master Guide

1.1.2. Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:

 

Net income range

Income-Tax rate

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%

1.1.3. Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:

 

Net income range

Income-Tax rate

Up to Rs. 5,00,000

Nil

Rs. 5,00,001- Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

1.2.       Tax rates if the assessee has opted for section 115BAC [applicable in case of all individuals]


Total Income

Rate of tax

Up to Rs. 2,50,000

 Nil

From Rs. 2,50,001 to Rs. 5,00,000

5%

From Rs. 5,00,001 to Rs. 7,50,000

10%

From Rs. 7,50,001 to Rs. 10,00,000

15%

From Rs. 10,00,001 to Rs. 12,50,000

20%

From Rs. 12,50,001 to Rs. 15,00,000

25%

Above Rs. 15,00,000

30%


Plus: -
 

Surcharge: - 10% of income tax where total income exceeds Rs. 50,00,000.

                      15% of income tax where total income exceeds Rs. 1,00,00,000.

                      25% of income tax where total income exceeds Rs. 2,00,00,000.

                      37% of income tax where total income exceeds Rs. 5,00,00,000.

Note: Enhanced surcharged levied at the rates of 25%/37% shall not be levied in case of income accessable under sections 111A / 112A or 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%.

 

Health and Education cess: - 4% of income tax and surcharge.

2.             Income tax rate for Partnership Firm

A partnership firm (including LLP) is taxable at 30%.

Plus:

Surcharge:- 12% of tax where total income exceeds Rs. 1 crore.

Health and Education cess: 4% of income tax plus surcharge.

3.             Income tax rates for companies

3.1.       Tax rates in case of domestic companies

Sections

Tax rate

Surcharge

Section 115BA

25%

7%/12%*

Section 115BAA

22%

10%

Section 115BAB

15%

10%

Second schedule to Finance Act, 2020

[Where total turnover or gross receipts in the previous year 2017-2018 does not exceed Rs. 400 crores]

25%

7%/12%*

Any other case

30%

7%/12%*

Plus

* Surcharge

In case assessee has opted for section 115BA/ 115BAA: 10% in any case

In any other case: 

7% if income exceeds Rs. 1 crore but does not exceeds Rs. 10 crore 

12% if income exceeds Rs. 10 crore.

Health and education cess: 4% of income tax plus surcharge.

3.2.       Tax rates in case of foreign companies

Tax rate in case of foreign companies is 40%.

Plus

Surcharge: 2% if income exceeds Rs. 1 crore but does not exceeds Rs. 10 crore.

                    5% if income exceeds Rs. 10 crore.

Health and education cess: 4% of income tax plus surcharge.

4.             Income Tax Rates For HUF/AOP/BOI/Any other Artificial Juridical Person:

4.1.       Normal slab rates


Net income range

Income-Tax rate

Up to Rs. 2,50,000

Nil

Rs. 2,50,000- Rs. 5,00,000

5%

Rs. 5,00,000- Rs. 10,00,000

20%

Above Rs. 10,00,000

30% 

 

Plus: - 

Surcharge: - 10% of income tax where total income exceeds Rs. 50,00,000.

                      15% of income tax where total income exceeds Rs. 1,00,00,000.

                      25% of income tax where total income exceeds Rs. 2,00,00,000.

                      37% of income tax where total income exceeds Rs. 5,00,00,000.

Note: Enhanced surcharged levied at the rates of 25%/37% shall not be levied in case of income assessable under sections 111A/112A or 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%.h

Health and Education cess: - 4% of income tax and surcharge.

4.2.       Special slab rates in case of HUF opting for section 115BAC

Total Income

Rate of tax

Up to Rs. 2,50,000

 Nil

From Rs. 2,50,001 to Rs. 5,00,000

5%

From Rs. 5,00,001 to Rs. 7,50,000

10%

From Rs. 7,50,001 to Rs. 10,00,000

15%

From Rs. 10,00,001 to Rs. 12,50,000

20%

From Rs. 12,50,001 to Rs. 15,00,000

25%

Above Rs. 15,00,000

30%

Plus: - 

Surcharge: - 10% of income tax where total income exceeds Rs. 50,00,000.

                      15% of income tax where total income exceeds Rs. 1,00,00,000.

                      25% of income tax where total income exceeds Rs. 2,00,00,000.

                      37% of income tax where total income exceeds Rs. 5,00,00,000.

Note: Enhanced surcharged levied at the rates of 25%/37% shall not be levied in case of income assessable under sections 111A/112A or 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%. 

Health and Education cess: - 4% of income tax and surcharge.


Taxmann's Income Tax Module

5.             Income tax slab rates for co-operative society

5.1.       Normal income tax rates

Net income range

Income-Tax rate

Up to Rs. 10,000

10%

Rs. 10,000 to Rs. 20,000

20%

Above Rs. 20,000

30%

 

Plus: - 

Surcharge: - 12% of income tax where total income exceeds Rs. 1,00,00,000.

Health and Education cess: - 4% of income tax and surcharge.

5.2.       Spceial tax regime under section 115BAD

Income of a co-operative society will be taxed at flat rate of 22% provided conditions mentioned under section 115BAD are satisfied. 

Plus: - 

Surcharge: - 10% in any case

Health and Education cess: - 4% of income tax and surcharge.

6.          Income tax in case of local authority

Income of a local authority is taxable at the rate of 30%.

Plus: - 

Surcharge: - 12% of income tax where total income exceeds Rs. 1,00,00,000.

Health and Education cess: - 4% of income tax and surcharge.

Suggested Reads:

Taxmann's Analysis on Income tax reliefs given by the Government due to Covid-19

Disclaimer: This information is updated till 23 February 2019.

Related Stories

Taxmann's Income-Tax Compliance Calendar for July 2020

Monthly Compliance Calendar with Important Due Dates for Income Tax Filing, TDS Deposit, TCS Deposit,

Process of filing of Nil GSTR-3B through SMS

Rule 67A of the CGST Rules, 2017 provides the manner of furnishing of ‘Nil’ GSTR 3B by short messaging service (‘SMS’) facility. This facility to file return through SMSis notified on June 8, 2020. The return shall be filed using the registered mobile number of authorised signatory and verified by One Time Password (OTP) facility.

Taxmann's : Key Expectations from 40th GST Council Meeting | June 2020

The outbreak of COVID-19 pandemic has affected the businesses as well as the revenue collection of the Govt. under GST. It is the high time, the GST Council should take concrete measures to strengthen the industry and provide appropriate relief to taxpayers by easing the tax burden.







taxmann.com
Payment
Best view in 1140 x 768