Assessment year : 2022 - 23
Previous year : 2021 - 22
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:
| Up to 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% |
1.2. 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% |
1.3. 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% |
| 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. |
|
| Health and Education cess: - 4% of income tax and surcharge. | |
| Note: - A resident individual is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less. | |
2. Income Tax Rates For HUF/AOP/BOI/Any other Artificial Juridical Person under the old tax regime:
| Up to 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% |
| 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. |
|
| Health and Education cess: - 4% of income tax and surcharge. | |
3. Income tax applicable to Individual and HUF under new optional tax regime (Section 115BAC).
A new tax regime for Individual and HUF has been proposed by the Finance Bill, 2020 to tax the income of such assessees at lower tax rates if they agree to forego prescribed deductions and exemptions under the Income Tax Act. Special provision for calculating income of assessees opting for this section is prescribed under the said section.
| Up to Rs 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 15% |
| Rs. 10,00,001 to Rs. 12,50,000 | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 25% |
| Above Rs. 15,00,000 | 30% |
| 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. |
|
| Health and Education cess: - 4% of income tax and surcharge. | |
4. Income Tax Rate for Partnership Firm:
| A partnership firm (including LLP) is taxable at 30%. Surcharge : 12% of tax where total income exceeds Rs. 1 crore. |
| Health and Education cess: - 4% of income tax plus surcharge. |
5. Tax Rate for Companies:
| 5.1. Tax rates for domestic companies: | |
| Company opting for section 115BA | 25% |
| Company having turnover or gross receipt of up to Rs. 400 crore in the previous year 2019-20 | 25% |
| Company opting for section 115BAA | 22% |
| Company opting for section 115BAB | 15% |
| Any other company | 30% |
| MAT | 15% |
| a. Surcharge: – | |
| Company | Rs. 1 crore or less | Above Rs. 1 crore but up to Rs. 10 crore | Above Rs. 10 crore |
|---|---|---|---|
| Domestic Company opting for section 115BA | Nil | 7% | 12% |
| Domestic Company opting for section 115BAA | 10% | 10% | 10% |
| Domestic Company opting for section 115BAB | 10% | 10% | 10% |
| Any other domestic company | Nil | 7% | 12% |
| Health and Education cess: 4% of income tax plus surcharge. | |||
| 5.2. Tax rates for foreign companies: A foreign company is liable to pay tax at the flat rate of 40% of normal taxable income.. |
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| Surcharge: | |||
| Health and Education cess: 4% of income tax plus surcharge. | |||
