Rates of Income Tax

Assessment year : 2022 -23
Previous year : 2021 – 22

1. For resident Senior Citizens. (Age above 60 Years)

Old Tax Slab	Rate	Tax Slab as per (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	Tax Slab as per ( 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	Tax Slab as per ( 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)

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 : 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 :
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 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)

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)

Rates of Income tax

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