Rates of Income tax
Assessment year : 2022 -23 Previous year : 2021 – 22 |
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1. For resident Senior Citizens. (Age above 60 Years) | ||||||||||||||||||||||||||||||||
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2. For resident Super Senior Citizens. (Age above 80 Years) | ||||||||||||||||||||||||||||||||
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3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies). | ||||||||||||||||||||||||||||||||
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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 (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 |
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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. |
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Companies | ||||||||||||||||||||||||||||||||
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Cooperative Socities (Under Old Regime) | ||||||||||||||||||||||||||||||||
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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 |
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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 |
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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 |
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1. For resident Senior Citizens. (Age above 60 Years) | ||||||||||||||||||||||||||||||||
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2. For resident Super Senior Citizens. (Age above 80 Years) | ||||||||||||||||||||||||||||||||
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3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies). | ||||||||||||||||||||||||||||||||
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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 |
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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. |
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Companies | ||||||||||||||||||||||||||||||||
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Cooperative Socities (Under Old Regime) | ||||||||||||||||||||||||||||||||
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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 |
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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 |
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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 |
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1. For resident Senior Citizens. (Age above 60 Years) | |||||||||
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2. For resident Super Senior Citizens. (Age above 80 Years) | |||||||||
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3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies). | |||||||||
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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) |
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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. |
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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. |
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Companies | |||||||||
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Cooperative Societies | |||||||||
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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 |
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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 |
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1. For resident Senior Citizens. (Age above 60 Years) | ||||||||||||
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2. For resident Super Senior Citizens. (Age above 80 Years) | ||||||||||||
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3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies). | ||||||||||||
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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. |
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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 |
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Companies | ||||||||||||
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Cooperative Societies | ||||||||||||
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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 |
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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 |
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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) |