CA Mayur J Sondagar | Jul 4, 2021 | Views 1948110

INCOME TAX RATES FY 2020-21 (AY 2021-22)

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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2 responses to “INCOME TAX RATES FY 2020-21 (AY 2021-22)”

  1. chandravijayshah says:

    115BAC is available to all Individuals, including Senior Citizens, as also to HUFs.

  2. Mayur J Sondagar says:

    Yes 115BAC applicable to Individual and HUF only

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