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..
Surcharge:
Health and Education cess: 4% of income tax plus surcharge.
Income Tax Slab Rate for Co-operative Society:
6.1. A co-operative society is liable to pay tax as per the following rates:
Income range Income-Tax rate
Up to Rs. 10,000 10%
Rs. 10,000 to Rs. 20,000 20%
Above Rs. 20,000 30%
Surcharge : 12% of tax where total income exceeds Rs. 1 crore.

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

A co-op. society is liable to pay Alternative Minimum Tax, on total income computed as per normal provisions of the Act, is less than 18.5% of ‘adjusted total income’.

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

Health and Education cess: - 4% of income tax plus surcharge.
6.3 Income tax applicable to Co-operative Society under new optional tax regime (Section 115BAD)

If a co-operative society opts for this regime, the income shall be taxable at the rate of 22%.

Surcharge : Surcharge shall be levied at a flat rate of 10% of the income tax, irrespective of the income of such society.

Health and Education cess: - 4% of income tax plus surcharge.
7. Income Tax Slab Rate for Local Authority:
A local authority 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.
Assessment year : 2023 - 24
Previous year : 2022 - 23
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.
37% of income tax where total income exceeds Rs. 10,00,00,000.

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

Note: - A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 12,500, whichever is less.
2. Non-resident individual/HUF
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 Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)
Above Rs. 10,00,000 Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)
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.
W.e.f. Assessment Year 2023-24, the rate of AMT shall be 15% instead of existing rate of 18.5% in case of a co-operative society.
3. Special tax Rate for Individual and HUFs.

The Finance Act, 2020, has provided an option to Individuals and HUF for payment oftaxes at the following reduced rates from Assessment Year 2021-22 and onwards:

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 2020-21 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..
Surcharge:
Health and Education cess: 4% of income tax plus surcharge.
Income Tax Slab Rate for Co-operative Society:
6.1. A co-operative society is liable to pay tax as per the following rates:
Income range Income-Tax rate
Up to Rs. 10,000 10%
Rs. 10,000 to Rs. 20,000 20%
Above Rs. 20,000 30%
Surcharge : 12% of tax where total income exceeds Rs. 1 crore.

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

A co-op. society is liable to pay Alternative Minimum Tax, on total income computed as per normal provisions of the Act, is less than 18.5% of ‘adjusted total income’.

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

Health and Education cess: - 4% of income tax plus surcharge.
6.3 Income tax applicable to Co-operative Society under new optional tax regime (Section 115BAD)

If a co-operative society opts for this regime, the income shall be taxable at the rate of 22%.

Surcharge : Surcharge shall be levied at a flat rate of 10% of the income tax, irrespective of the income of such society.

Health and Education cess: - 4% of income tax plus surcharge.
7. Income Tax Slab Rate for Local Authority:
A local authority 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.