Table of Contents
New Income Tax Slab rate for a.y. 2021-22
Income Tax Slab play a very important role in the context of income tax payment. Income tax is paid by the general public to the government which is use for the development or betterment of the society. Where the income is categorized into different types of groups on the basis of the amount of income earned. Income Tax is charged at different rates on the different range of income slab. And Each such group is known as an Income Tax Slab.
What is the income tax slab for AY 2020 21?
INCOME TAX CALCULATOR
1. For Individual
v 1.1. Individual (resident or non-resident), less than 60 years age
Net income Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,001- Rs. 5,00,000 5%
Rs. 5,00,001- Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
v 1.2. Resident senior citizen, i.e.age of 60 years or more but less than 80 years
Net income Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,001 – Rs. 5,00,000 5%
Rs. 5,00,001- Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
1.3. Resident super senior citizen, i.e., every individual age of 80 years or more
Net income Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,001- Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
- Tax rates if the assesses has opted for section 115BAC For all individuals
Net income Rate
Up to Rs. 2,50,000 Nil
From Rs. 2,50,001 to Rs. 5,00,000 5%
From Rs. 5,00,001 to Rs. 7,50,000 10%
From Rs. 7,50,001 to Rs. 10,00,000 15%
From Rs. 10,00,001 to Rs. 12,50,000 20%
From Rs. 12,50,001 to Rs. 15,00,000 25%
Above Rs. 15,00,000 30%
Plus: –
Surcharge: – 10% of income tax on income exceeds Rs. 50,00,000.
15% of income tax on income exceeds Rs. 1,00,00,000.
25% of income tax on income exceeds Rs. 2,00,00,000.
37% of income tax on income exceeds Rs. 5,00,00,000.
Note: surcharged levied at the rates of 25%/37% shall not be levied in case of income
accessable under sections 111A / 112A or 115AD. so the maximum rate of surcharge on this types of incomes shall be 15%.
Health and Education cess: – 4% of income tax and surcharge will applicable.
2. For Partnership Firm – Income Tax Slab
A partnership firm including LLP is also taxable at 30%.
Plus:
Surcharge:- 12% of tax on income exceeds Rs. 1 crore.
Health and Education cess:
3. For companies– Income Tax Slab
3.1. For domestic companies
Sections rate of income tax Surcharge
Section 115BA 25% 7%/12%*
Section 115BAA 22% 10%
Section 115BAB 15% 10%
2 schedule of Finance Act, 2020
[Where total turnover or gross receipts 25% 7%/12%*
in the previous year 2017-2018 does
not exceed Rs. 400 crores]
Any other case 30% 7%/12%*
Plus
* Surcharge
In case assessee has option for section 115BA/ 115BAA: 10% in any case
In any other case:
7% if income exceeds Rs. 1 crore but does not exceeds Rs. 10 crore
12% if income exceeds Rs. 10 crore.
Health and education cess:
3.2. For foreign companies – Income Tax Slab
Rate of tax in case of foreign companies is 40%.
Plus
Surcharge: 2% if income exceeds Rs. 1 crore but does not exceeds Rs. 10 crore.
5% if income exceeds Rs. 10 crore.
Health and education cess:
4. For HUF/AOP/BOI/Any other Artificial Juridical Person: – Income Tax Slab
4.1. Normal slab rates
Net income Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000- Rs. 5,00,000 5%
Rs. 5,00,000- Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Plus: –
Surcharge: – 10% of income tax on income exceeds Rs. 50,00,000.
15% of income tax on income exceeds Rs. 1,00,00,000.
25% of income tax on income exceeds Rs. 2,00,00,000.
37% of income tax on income exceeds Rs. 5,00,00,000.
Note: surcharged levied at the rates of 25%/37% shall not be levied in case of income
assessable under sections 111A/112A or 115AD. so the maximum rate of surcharge on this types of incomes shall be 15%.
Health and Education cess: –
4.2. In case of HUF opting for section 115BAC
Net income Rate
Up to Rs. 2,50,000 Nil
From Rs. 2,50,001 to Rs. 5,00,000 5%
From Rs. 5,00,001 to Rs. 7,50,000 10%
From Rs. 7,50,001 to Rs. 10,00,000 15%
From Rs. 10,00,001 to Rs. 12,50,000 20%
From Rs. 12,50,001 to Rs. 15,00,000 25%
Above Rs. 15,00,000 30%
Plus: –
Surcharge: – 10% of income tax on income exceeds Rs. 50,00,000.
15% of income tax on income exceeds Rs. 1,00,00,000.
25% of income tax on income exceeds Rs. 2,00,00,000.
37% of income tax on income exceeds Rs. 5,00,00,000.
Note: surcharged levied at the rates of 25%/37% shall not be levied in case of income assessable under sections 111A/112A or 115AD. so the maximum rate of surcharge on this types of incomes shall be 15%.
Health and Education cess: –
5. For co-operative society – Income Tax Slab
5.1. Normal income tax rates
Net income Rate
Up to Rs. 10,000 10%
Rs. 10,000 to Rs. 20,000 20%
Above Rs. 20,000 30%
Plus: –
Surcharge: – 12% of income tax on income exceeds Rs. 1,00,00,000.
Health and Education cess: –
5.2. Spceial tax regime under section 115BAD
Income of a co-operative society will be taxed at flat rate of 22% provided conditions mentioned under
section 115BAD are satisfied.
Plus: –
Surcharge: – 10% in any case
Health and Education cess: –
6. For local authority – Income Tax Slab
Income of a local authority is taxable at the rate of 30%.
Plus: –
Surcharge: – 12% of income tax on income exceeds Rs. 1,00,00,000.
Health and Education cess: –
- Every year the income tax has been charged on New Income Tax Slab for every persons.
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