Tax rates for Assessment Year 2021-22

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  • Last Updated on 28 October, 2020

Tax rates for Assessment Year 2021-22

The Finance Minister, Smt. Nirmala Sitharaman, has presented the Union Budget 2020-21 in the parliament on February 1, 2020. The whole Country was waiting for this budget with bated breath as it was expected that the Finance Minister would announce some tax cuts on personal taxation front considering the recent cuts in the corporate tax rates.

Overpassing everyone’s expectations, a new tax regime has been proposed for Individual, HUF and co-operative societies. Now they would have the option to either opt for the existing tax regime or claim all the deductions and exemptions under the Income Tax Act or else opt for the new scheme foregoing specified exemptions and deductions. The changes in tax rates are enumerated in below tables:-

Use Taxmann’s latest Calculator Updated as per Finance Bill, 2019

TAX RATE

 

Individual (Others) and HUF [OLD REGIME]

 

Net Income Range

Rate of Income-tax

Assessment Year 2021-22

Assessment Year 2020-21

Upto Rs. 2,50,000

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

5%

5%

Rs. 5,00,000 to Rs. 10,00,000

20%

20%

Above Rs. 10,00,000

30%

30%

Senior Citizen

      (who is 60 years or more at any time during the previous year)

Net Income Range

Rate of Income-tax

Assessment Year 2021-22

Assessment Year 2020-21

Upto Rs. 3,00,000

Rs. 3,00,000 to Rs. 5,00,000

5%

5%

Rs. 5,00,000 to Rs. 10,00,000

20%

20%

Above Rs. 10,00,000

30%

30%

Super Senior Citizen

      (who is 80 years or more at any time during the previous year)

Net Income Range

Rate of Income-tax

Assessment Year 2021-22

Assessment Year 2020-21

Upto Rs. 5,00,000

Rs. 5,00,000 to Rs. 10,00,000

20%

20%

Above Rs. 10,00,000

30%

30%

Individual and HUF [NEW REGIME]

Net Income Range

Assessment Year 2021-22

Assessment Year 2020-21

 

 

 

Up to Rs. 2,50,000

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

5%

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

10%

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

15%

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

20%

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

25%

Above Rs. 15,00,000

30%

Company

Particulars

Rate of Income-tax

Assessment Year 2021-22

Assessment Year 2020-21

Domestic Company

Total turnover or gross receipt during the previous year 2017-18 does not exceed Rs. 400 crore

25%

25%

Co. opted for Section 115BA

25%

25%

Co. opted for Section 115BAA

22%

22%

Co. opted for Section 115BAB

15%

15%

Any other domestic company

30%

30%

Foreign Company

In General

40%

40%

Co-operative Society [OLD REGIME]

Net Income Range

Rate of Income-tax

Assessment Year 2021-22

Assessment Year 2020-21

Upto Rs. 10,000

10%

10%

Rs. 10,000 to Rs. 20,000

20%

20%

Above Rs. 20,000

30%

30%

Co-operative Society [NEW REGIME]

Net Income Range

Rate of Income-tax

Assessment Year 2021-22

Assessment Year 2020-21

Co-op. society opting for section 115BAD

22%

Other Co-operative Society

Up to Rs. 10,000

10%

10%

Rs. 10,000 to Rs. 20,000

20%

20%

Above Rs. 20,000

30%

30%

Other Entity

Net Income Range

Rate of Income-tax

Assessment Year 2021-22

Assessment Year 2020-21

Firms

30%

30%

Local Authority

30%

30%

Rates of surcharge

Taxpayer

Rate of Surcharge

Assessment Year 2021-22

Assessment Year 2020-21

Range of Income

Range of Income

Rs. 50 Lakhs to Rs. 1 Crore

Rs. 1 Crore to Rs. 2 Crores

Rs. 2 Crores to Rs. 5 Crores

Rs. 5 crores to Rs. 10 Crores

Exceeding Rs. 10 Crores

Rs. 50 Lakhs to Rs. 1 Crore

Rs. 1 Crore to Rs. 2 Crores

Rs. 2 Crores to Rs. 5 Crores

Rs. 5 crores to Rs. 10 Crores

Exceeding Rs. 10 Crores

Individuals/HUF

10%

15%

25%

37%

37%

10%

15%

25%

37%

37%

Firm/ Local Authority

12%

12%

12%

12%

12%

12%

12%

12%

Domestic Company

Opting for Section 115BAA or 115BAB

10%

10%

10%

10%

10%

10%

10%

10%

10%

10%

Other Domestic Company

7%

7%

7%

12%

7%

7%

7%

12%

Foreign Company

2%

2%

2%

5%

2%

2%

2%

5%

Co-operative Societies opting for section 115BAD

10%

10%

10%

10%

10%

10%

10%

10%

10%

10%

Other co-operative societies

12%

12%

12%

12%

12%

12%

12%

12%

* Education Cess at the rate of 4% shall be charged on the aggregate of income-tax and surcharge

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

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