Income Tax Rates for AY 2022-23
- 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:
- 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.
- 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:
- 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.
- 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:
- 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.
- Income Tax Rate for Partnership Firm:
A partnership firm (including LLP) is taxable at 30%.
Plus:
- Surcharge:- 12% of tax where total income exceeds Rs. 1 crore.
- Health and Education cess: 4% of income tax plus surcharge.
- 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:
- 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% - 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
- Surcharge:
- 2% if the income exceeds Rs. 1 crore but does not exceed Rs. 10 crore
- 5% on income exceeding Rs. 10 crore
- 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 Tax rates Up to Rs. 10,000 10% Rs. 10,001 – Rs. 20,000 20% Above Rs. 20,000 30% Plus:
- 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’.
Plus:
- 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%.
Plus
- 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.
- Income Tax Slab Rate for Local Authority:
A local authority is taxable at 30%.
Plus:
- Surcharge: – 12% of tax where total income exceeds Rs. 1 crore.
b. Health and Education cess: – 4% of income tax plus surcharge.
further any, reach us:-
Team IN Filings, No188/1, 1 Flr, Sahakarnagar, Bangalore-560 092
About Us
Team IN Filings is a Tax & Law house in Bengaluru specializing in company matters, income Tax Gst, Trademarks Startup India, etc.
Our expert company secretary, tax consultant, CA, and Trademark agent provide Taxation, Registration for Companies Accounts Audit, Legal compliance, etc.
