CA Mayur J Sondagar | Jul 4, 2021 |
INCOME TAX RATES FY 2020-21 (AY 2021-22)
Individual & HUF
Existing Tax Regime
| Individual Age Below 60 Years & HUF (If Age 60+ 2,50,000 replace with 3,00,000)(If Age 80+ 2,50,000 replace with 5,00,000) | Income (Rs.) | Tax Rate % |
| Upto 2,50,000 | NIL | |
| From 2,50,001 to 5,00,000 | 5 % | |
| From 5,00,001 to 10,00,000 | 20 % | |
| Above 10,00,000 | 30 % | |
| Surcharge % if Taxable Income > | 10 % if Above 50 Lakh to 1Cr | |
| 15 % if Above 1 Cr to 2 Cr | ||
| 25 % if Above 2 Cr to 5 Cr | ||
| 37 % if Above 5 Cr | ||
| Health & Education Cess | 4 % | |
| For Resident Individual | 87A Rebate Amount if Total Income < | 12,500 if < 5 Lakh |
| Deduction Limit | 80C+80CCC+80CD(1) | 1,50,000.00 |
| 80CCD(1B) | 50,000.00 | |
| 80D (Below 60) | 25,000.00 | |
| 80D (60+) | 50,000.00 | |
| 80TTA (Below 60) | 10,000.00 | |
| 80TTB (60+) | 50,000.00 | |
| For Salary Income | Standard Deduction | 50,000.00 |
New Tax Regime
| New Tax Regime u/s 115BAC | ||
| Individual and HUF (Applicable if Conditions contained in sub-section (2) are satisfied) | Income (Rs.) | Tax Rate % |
| Upto 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 % | |
| Surcharge % if Taxable Income > | 10 % if Above 50 Lakh to 1Cr | |
| 15 % if Above 1 Cr to 2 Cr | ||
| 25 % if Above 2 Cr to 5 Cr | ||
| 37 % if Above 5 Cr | ||
| Health & Education Cess | 4 % | |
| 87A Rebate if Income < | 12,500 if < 5 Lakh | |
Other than Individual
| Firm/LLP/Local Authority | Tax Rate % | 30 % |
| Surcharge % if Taxable Income > | 12 % if Above 1 Cr | |
| Health & Education Cess | 4 % | |
| Domestic Company | Tax Rate % | 25 % if Turnover upto 400 Cr |
| 25 % if opted 115BA | ||
| 22 % if opted 115BAA | ||
| 15 % if opted 115BAB | ||
| 30 % for not covered Above | ||
| Surcharge % if Taxable Income > | 7 % if Above 1 to 10 Cr | |
| 12 % if Above 10 Cr | ||
| 10 % if opted 115BAA/115BAB | ||
| Health & Education Cess | 4 % |
OTHER
| AOP/BOI/AJP & Trust (Trust which are not exempt from Taxation are assessed as AOP) | Income (Rs.) | Tax Rate % |
| Upto 2,50,000 | NIL | |
| From 2,50,001 to 5,00,000 | 5 % | |
| From 5,00,001 to 10,00,000 | 20 % | |
| Above 10,00,000 | 30 % | |
| Surcharge % if Taxable Income > | 10 % if Above 50 Lakh to 1Cr | |
| 15 % if Above 1 Cr to 2 Cr | ||
| 25 % if Above 2 Cr to 5 Cr | ||
| 37 % if Above 5 Cr | ||
| 15 % if Income u/s 111A,112A & 115AD | ||
| Health & Education Cess | 4 % |
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