- In case of Individual (having less than 60 years of age), HUF, AOP, BOI, Artificial Juridical Person (Resident as well as Non Resident):
| Total Income | Rate of Income Tax |
|---|---|
| Upto 2,50,000 | NIL |
| >2,50,000 upto 5,00,000 | 5% |
| >5,00,000 upto 10,00,000 | 20% |
| >10,00,000 | 30% |
- In case of a resident individual who is of the age of 60 years or more but less than 80 years at any time during the previous year:
| Total Income | Rate of Income Tax |
|---|---|
| Upto 3,00,000 | NIL |
| >3,00,000 upto 5,00,000 | 5% |
| >5,00,000 upto 10,00,000 | 20% |
| >10,00,000 | 30% |
- In case of a resident individual who is of the age of 80 years or more at any time during the previous year:
| Total Income | Rate of Income Tax |
|---|---|
| Upto 5,00,000 | NIL |
| >5,00,000 upto 10,00,000 | 20% |
| >10,00,000 | 30% |
- Surcharge on Income tax:
| Total Income | Rate of Surcharge |
|---|---|
| >Rs. 50 lakhs upto Rs. 1 crore | 10% of Income tax |
| >Rs. 1 crore upto Rs. 2 crore | 15% of Income tax |
| >Rs. 2 crore upto Rs. 5 crore | 25% of Income tax |
| >Rs. 5 crore | 37% of Income tax |
- In case of Firms (including LLPs) and Local Authority:
- Tax is payable at a flat rate of 30% of the total income without any slab.
- Surcharge is also applicable at the rate of 12% of Income Tax, where taxable income is more than Rs. 1 crore.
- In case of Co-operative Societies:
| Total Income | Rate of Income Tax |
|---|---|
| Upto Rs. 10,000 | 10% |
| >Rs. 10,000 upto Rs. 20,000 | 20% |
| >Rs. 20,000 | 30% |
- Surcharge: 12% of income tax, if taxable income is more than Rs. 1 crore.
- In case of Domestic Company:
- If the total turnover or gross receipts in PY 2020-21 does not exceed Rs. 400 crore : 25% of Total Income
- In other cases : 30% of Total Income
- Surcharge : 7% of Income Tax if total income exceeds Rs. 1 crore but does not exceed Rs. 10 crore. If total income exceeds Rs. 10 crore, surcharge applicable at the rate of 12% on income tax.
- In case of Foreign Company : 40% of Total Income
- Surcharge : 2% of income tax if total income exceed Rs. 1 crore but does not exceed Rs. 10 crores. If total income exceeds Rs. 10 crores, surcharge shall be levied at the rate of 5% of income tax.
- Health and Education Cess shall be levied in all the above cases @ 4% of the aggregate of income tax and surcharge.
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