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Income Tax Rates for FY 2021-22

Income Tax Rates for AY 2022-23

Income tax slab ay 2022 23

  1. Income Tax Slab Rate for Individuals – old tax regime

1.1  Individuals

Net income range Income-tax Rates
   
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%

1.2 Resident senior citizen who is of the age of 60 years or more but less than 80 year:

Net income range Income-tax Rates
   
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, who is of the age of 80 years or more:

Net income range Income-tax Rates
   
Up to Rs. 5,00,000 Nil
Rs. 5,00,001- Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Plus:

  1. Surcharge: –
  1. 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.

 

 

  1. Income Tax Rates For HUF/AOP/BOI
Net income range Income-tax Rates
   
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%

Plus:

  1. Surcharge: –
  1. Health and Education cess:– 4% of income tax and surcharge.
  2. Income tax rates to Individuals under new optional tax regime (Section 115BAC)

A new tax regime for Individual and HUF under the Income Tax Act to tax the income of such assessees at lower tax rates if they agree to forego prescribed deductions and exemptions under the Act. Special provision for calculating income of assessees opting for this section is prescribed under the said section.

Total Income (Rs) Rate
Up to 2,50,000 Nil
From 2,50,001 to 5,00,000 5%
From 5,00,001 to 7,50,000 10%
From 7,50,001 to 10,00,000 15%
From 10,00,001 to 12,50,000 20%
From 12,50,001 to 15,00,000 25%
Above 15,00,000 30%

Plus:

  1. Surcharge: –
  1. Health and Education cess:– 4% of income tax and surcharge.
  2. Income Tax Rate for Partnership Firm:

A partnership firm (including LLP) is taxable at 30%.

Plus:

  1. Surcharge:- 12% of tax where total income exceeds Rs. 1 crore.
  2. Health and Education cess: 4% of income tax plus surcharge.

 

 

  1. Tax Rate for Companies

 

5.1 Tax rates for domestic companies

Particulars Tax rates
Company opting for section 115BA 25%
Company having turnover or gross receipt of up to Rs. 400 crore in the PY 2019-20 25%
Company opting for section 115BAA 22%
Company opting for section 115BAB 15%
Any other company 30%
MAT 15%

Plus:

  1. Surcharge: –
Company Range of Total Income
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%
  1. Health and Education cess:– 4% of income tax and 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.

Plus

  1. Surcharge:
  1. Health and Education Cess: – 4% of income tax plus surcharge.
  2. 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 Tax rates
   
Up to Rs. 10,000 10%
Rs. 10,001 – Rs. 20,000 20%
Above Rs. 20,000 30%

Plus:

  1. Surcharge:- 12% of tax where total income exceeds Rs. 1 crore.
  2. 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’.

Plus:

  1. Surcharge:- 12% of tax where total income exceeds Rs. 1 crore.
  2. 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%.

Plus

  1. Surcharge: – Surcharge shall be levied at a flat rate of 10% of the income tax, irrespective of the income of such society.
  2. Health and education cess: – 4% of income tax plus surcharge.
  3. Income Tax Slab Rate for Local Authority:

A local authority is taxable at 30%.

 

Plus:

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

b. Health and Education cess: – 4% of income tax plus surcharge.

 

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