Mehta Anil B. & Associates

Chartered Accountants

Anil Mehta B.Com, FCA
50, 1st Flr, South Patel Nagar Mkt,
Near Patel Nagar Metro Station,
Opp. Metro Pillar No. 190, New Delhi-8
Cell : 98111-32901
Telefax: 4987-8684


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Rates Of Income Tax

ASSESSMENT YEAR : 2023 -24

PREVIOUS YEAR : 2022 - 23

1. For resident Senior Citizens. (Age above 60 Years)
Old Tax Slab	Rate	New Tax Slab ( Sec 115BAC)	Rate
Upto Rs 3,00,000	NIL	Upto Rs 2,50,000	NIL
Rs 3,00,001 - Rs 5,00,000	5%	Rs 2,50,001 - Rs 5,00,000	5%
Rs 5,00,001 - Rs 10,00,000	20%	Rs 5,00,001 - Rs 7,50,000	10%
		Rs 7,50,001 - Rs 10,00,000	15%
Above Rs 10,00,000	30%	Rs 10,00,001 - Rs 12,50,000	20%
		Rs 12,50,001 - Rs 15,00,000	25%
		Above Rs 15,00,000	30%

2. For resident Super Senior Citizens. (Age above 80 Years)
Old Tax Slab	Rate	New Tax Slab ( Sec 115BAC)	Rate
Upto Rs 5,00,000	NIL	Upto Rs 2,50,000	NIL
		Rs 2,50,001 - Rs 5,00,000	5%
Rs 5,00,001 - Rs 10,00,000	20%	Rs 5,00,001 - Rs 7,50,000	10%
		Rs 7,50,001 - Rs 10,00,000	15%
Above Rs 10,00,000	30%	Rs 10,00,001 - Rs 12,50,000	20%
		Rs 12,50,001 - Rs 15,00,000	25%
		Above Rs 15,00,000	30%

3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Old Tax Slab	Rate	New Tax Slab ( Sec 115BAC)	Rate
Upto Rs 2,50,000	NIL	Upto Rs 2,50,000	NIL
Rs 2,50,001 - Rs 5,00,000	5%	Rs 2,50,001 - Rs 5,00,000	5%
Rs 5,00,001 - Rs 10,00,000	20%	Rs 5,00,001 - Rs 7,50,000	10%
		Rs 7,50,001 - Rs 10,00,000	15%
Above Rs 10,00,000	30%	Rs 10,00,001 - Rs 12,50,000	20%
		Rs 12,50,001 - Rs 15,00,000	25%
		Above Rs 15,00,000	30%

Note: Rebate u/s 87A, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 12,500 whichever less.

Surcharge :
10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore but doesn’t exceed two crore rupees
25% for Individual having taxable Income exceeding 2 Crore but doesn’t exceed five crore rupees
37% for Individual having taxable Income exceeding 5 Crore
Health and Education Cess: 4% on the amount of Tax plus surcharge

Firms
Income tax : 30%. Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Health and Education Cess: 4% on the amount of Tax plus surcharge.

Companies
(A) Domestic Companies Income tax : If opted for Section 115BA (in case turnover or gross receipt does not exceed Rs 400 crore in the FY 2018-19) - 25% If opted for Section 115BAA (in case assessee is not claming Profit linked deductions, unabsorbed depreciation & Losses) - 22% If opted for Section 115BAB (for new manufacturing companies) -15% Any other domestic company -30% MAT- 15% Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income. Health and Education Cess: 4% on the amount of Tax plus surcharge
(B) Foreign Companies
Income tax :	40% (in general ) 50% (Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government)
Surcharge :	2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Health and Education Cess:	4% on the amount of Tax plus surcharge

Cooperative Socities (Under Old Regime)

Upto Rs. 10,000	10%
Rs. 10,001 to Rs. 20,000	20%
Rs. 20,001 to Above	30%

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge

Cooperative Socities (Under New Regime) -Section 115BAC
Income tax : Flat rate of 22% Surcharge : 10% of the Income Tax Health and Education Cess: 4% on the amount of Tax plus surcharge
Local Authorities
Income tax : 30%. Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore Health and Education Cess: 4% on the amount of Tax plus surcharge

ASSESSMENT YEAR : 2022-23

Previous year : 2021-22

1. For resident Senior Citizens. (Age above 60 Years)
Old Tax Slab	Rate	New Tax Slab ( Sec 115BAC)	Rate
Upto Rs 3,00,000	NIL	Upto Rs 2,50,000	NIL
Rs 3,00,001 - Rs 5,00,000	5%	Rs 2,50,001 - Rs 5,00,000	5%
Rs 5,00,001 - Rs 10,00,000	20%	Rs 5,00,001 - Rs 7,50,000	10%
		Rs 7,50,001 - Rs 10,00,000	15%
Above Rs 10,00,000	30%	Rs 10,00,001 - Rs 12,50,000	20%
		Rs 12,50,001 - Rs 15,00,000	25%
		Above Rs 15,00,000	30%

2. For resident Super Senior Citizens. (Age above 80 Years)
Old Tax Slab	Rate	New Tax Slab ( Sec 115BAC)	Rate
Upto Rs 5,00,000	NIL	Upto Rs 2,50,000	NIL
		Rs 2,50,001 - Rs 5,00,000	5%
Rs 5,00,001 - Rs 10,00,000	20%	Rs 5,00,001 - Rs 7,50,000	10%
		Rs 7,50,001 - Rs 10,00,000	15%
Above Rs 10,00,000	30%	Rs 10,00,001 - Rs 12,50,000	20%
		Rs 12,50,001 - Rs 15,00,000	25%
		Above Rs 15,00,000	30%

3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Old Tax Slab	Rate	New Tax Slab ( Sec 115BAC)	Rate
Upto Rs 2,50,000	NIL	Upto Rs 2,50,000	NIL
Rs 2,50,001 - Rs 5,00,000	5%	Rs 2,50,001 - Rs 5,00,000	5%
Rs 5,00,001 - Rs 10,00,000	20%	Rs 5,00,001 - Rs 7,50,000	10%
		Rs 7,50,001 - Rs 10,00,000	15%
Above Rs 10,00,000	30%	Rs 10,00,001 - Rs 12,50,000	20%
		Rs 12,50,001 - Rs 15,00,000	25%
		Above Rs 15,00,000	30%

Note: Rebate u/s 87A, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 12,500 whichever less.

Surcharge :
10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore but doesn’t exceed two crore rupees
25% for Individual having taxable Income exceeding 2 Crore but doesn’t exceed five crore rupees
37% for Individual having taxable Income exceeding 5 Crore
Health and Education Cess: 4% on the amount of Tax plus surcharge

Firms
Income tax : 30%. Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Health and Education Cess: 4% on the amount of Tax plus surcharge.

Companies
(A) Domestic Companies Income tax : If opted for Section 115BA (in case turnover or gross receipt does not exceed Rs 400 crore in the FY 2018-19) - 25% If opted for Section 115BAA (in case assessee is not claming Profit linked deductions, unabsorbed depreciation & Losses) - 22% If opted for Section 115BAB (for new manufacturing companies) -15% Any other domestic company -30% MAT- 15% Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income. Health and Education Cess: 4% on the amount of Tax plus surcharge
(B) Foreign Companies
Income tax :	40% (in general ) 50% (Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government)
Surcharge :	2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Health and Education Cess:	4% on the amount of Tax plus surcharge

Cooperative Socities (Under Old Regime)

Upto Rs. 10,000	10%
Rs. 10,001 to Rs. 20,000	20%
Rs. 20,001 to Above	30%

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge

Cooperative Socities (Under New Regime) -Section 115BAC
Income tax : Flat rate of 22% Surcharge : 10% of the Income Tax Health and Education Cess: 4% on the amount of Tax plus surcharge
Local Authorities
Income tax : 30%. Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore Health and Education Cess: 4% on the amount of Tax plus surcharge

Assessment year : 2021 -22

Previous year : 2020 - 21

1. For resident Senior Citizens. (Age above 60 Years)
Old Tax Slab	Rate	New Tax Slab ( Sec 115BAC)	Rate
Upto Rs 3,00,000	NIL	Upto Rs 2,50,000	NIL
Rs 3,00,001 - Rs 5,00,000	5%	Rs 2,50,001 - Rs 5,00,000	5%
Rs 5,00,001 - Rs 10,00,000	20%	Rs 5,00,001 - Rs 7,50,000	10%
		Rs 7,50,001 - Rs 10,00,000	15%
Above Rs 10,00,000	30%	Rs 10,00,001 - Rs 12,50,000	20%
		Rs 12,50,001 - Rs 15,00,000	25%
		Above Rs 15,00,000	30%

2. For resident Super Senior Citizens. (Age above 80 Years)
Old Tax Slab	Rate	New Tax Slab ( Sec 115BAC)	Rate
Upto Rs 5,00,000	NIL	Upto Rs 2,50,000	NIL
		Rs 2,50,001 - Rs 5,00,000	5%
Rs 5,00,001 - Rs 10,00,000	20%	Rs 5,00,001 - Rs 7,50,000	10%
		Rs 7,50,001 - Rs 10,00,000	15%
Above Rs 10,00,000	30%	Rs 10,00,001 - Rs 12,50,000	20%
		Rs 12,50,001 - Rs 15,00,000	25%
		Above Rs 15,00,000	30%

3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Old Tax Slab	Rate	New Tax Slab ( Sec 115BAC)	Rate
Upto Rs 2,50,000	NIL	Upto Rs 2,50,000	NIL
Rs 2,50,001 - Rs 5,00,000	5%	Rs 2,50,001 - Rs 5,00,000	5%
Rs 5,00,001 - Rs 10,00,000	20%	Rs 5,00,001 - Rs 7,50,000	10%
		Rs 7,50,001 - Rs 10,00,000	15%
Above Rs 10,00,000	30%	Rs 10,00,001 - Rs 12,50,000	20%
		Rs 12,50,001 - Rs 15,00,000	25%
		Above Rs 15,00,000	30%

Note: Rebate u/s 87A, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 12,500 whichever less.

Surcharge on Income Tax computed on Other Incomes :
10% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 1 Crore but upto two 2 Crore
25% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 2 Crore but upto 5 Crore
37% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 5 Crore
Surcharge on Income Tax computed on Dividend Income & Income taxable u/s 111A & 112A :
10% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 1 Crore but upto two 2 Crore
15% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 2 Crore but upto 5 Crore
15% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 5 Crore
Health and Education Cess: 4% on the amount of Tax plus surcharge

Firms
Income tax :	30%.
Surcharge :	12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess:	4% on the amount of Tax plus surcharge.

Companies
(A) Domestic Companies Income tax : If opted for Section 115BA (in case turnover or gross receipt does not exceed Rs 400 crore in the FY 2019-20) - 25% If opted for Section 115BAA (in case assessee is not claming Profit linked deductions, unabsorbed depreciation & Losses) - 22% If opted for Section 115BAB (for new manufacturing companies) -15% Any other domestic company -30% MAT- 15% Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income. Health and Education Cess: 4% on the amount of Tax plus surcharge
(B) Foreign Companies
Income tax :	40% (in general ) 50% (Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government)
Surcharge :	2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Health and Education Cess:	4% on the amount of Tax plus surcharge

Cooperative Socities (Under Old Regime)

Upto Rs. 10,000	10%
Rs. 10,001 to Rs. 20,000	20%
Rs. 20,001 to Above	30%

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge

Cooperative Socities (Under New Regime) -Section 115BAC
Income tax :	Flat rate of 22%
Surcharge :	10% of the Income Tax
Health and Education Cess:	4% on the amount of Tax plus surcharge
Local Authorities
Income tax :	30%.
Surcharge :	12% of the Income Tax, where total taxable income is more than Rs. 1 crore
Health and Education Cess:	4% on the amount of Tax plus surcharge

Assessment year : 2020 -21

Previous year : 2019 - 20

1. For resident Senior Citizens. (Age above 60 Years)
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%

2. For resident Super Senior Citizens. (Age above 80 Years)
Upto Rs 5,00,000	NIL
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Upto Rs. 2,50,000	NIL
Rs. 2,50,001 to Rs. 5,00,000	5%
Rs. 5,00,001 to Rs 10,00,000	20%
Above Rs. 10,00,000	30%

Note: Rebate u/s 87A, in which resident individuals are allowed rebate *(if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 12,500 whichever less.
*( by Finance Act 2019)

Surcharge :
10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore but doesn’t exceed two crore rupees
25% for Individual having taxable Income exceeding 2 Crore but doesn’t exceed five crore rupees
37% for Individual having taxable Income exceeding 5 Crore
Health and Education Cess: 4% on the amount of Tax plus surcharge
Short-Term Capital Gains u/s 111A: 10% (on income more than 50Lakh but upto 1 crore) &15% (on income above 1 Crore) plus surcharge.

Firms
Income tax :	30%.
Surcharge :	12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess:	4% on the amount of Tax plus surcharge.

Companies
(A) Domestic Companies Income tax : If opted for Section 115BA (in case turnover or gross receipt does not exceed Rs 400 crore in the FY 2017-18) - 25%: If opted for Section 115BAA (in case assessee is not claming Profit linked deductions, unabsorbed depreciation & Losses) - 22%: If opted for Section 115BAB (for new manufacturing companies) -15%: Any other domestic company -30% : Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores: However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income.: Health and Education Cess: 4% on the amount of Tax plus surcharge
(B) Foreign Companies
Income tax :	40% (in general ) 50% (Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government)
Surcharge :	2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Health and Education Cess:	4% on the amount of Tax plus surcharge

Cooperative Societies

Upto Rs. 10,000	10%
Rs. 10,001 to Rs. 20,000	20%
Rs. 20,001 to Above	30%

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge

Local Authorities
Income tax :	30%.
Surcharge :	12% of the Income Tax, where total taxable income is more than Rs. 1 crore
Health and Education Cess:	4% on the amount of Tax plus surcharge

Assessment year : 2017 - 18

Previous year : 2016 - 17

1. For resident Senior Citizens. (Age above 60 Years)
Up to Rs 3,00,000	NIL
Rs 3,00,001 - Rs 5,00,000	10%
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

2. For resident Super Senior Citizens. (Age above 80 Years)
Upto Rs 5,00,000	NIL
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Upto Rs. 2,50,000	NIL
Rs. 2,50,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs 10,00,000	20%
Above Rs. 10,00,000	30%

Note: Rebate u/s 87A is added from Finance Act 2013, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 5000 whichever less.

Surcharge :
15% for Individual having taxable Income exceeding 1 Crore
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1% on income-tax plus surcharge
Long-Term Capital Gains: 20% on income-tax plus surcharge.
Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.

Firms
Income tax :	30%.
Surcharge :	12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess :	2% on income-tax plus surcharge
Secondary and Higher Education cess :	1% on income-tax plus surcharge

Companies
(A) Domestic Companies Income tax : 30% (29% if turnover or gross receipt does not exceed Rs.5 Crore) Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores Education Cess: 2% on income-tax plus surcharge. Secondary and Higher Education cess : 1% on income-tax plus surcharge
(B) Foreign Companies
Income tax :	40% (in general )
Surcharge :	2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Education Cess :	2% on income-tax plus surcharge
Secondary and Higher Education cess	1% on income-tax plus surcharge

Cooperative Societies

Upto Rs. 10,000	10%
Rs. 10,001 to Rs. 20,000	20%
Rs. 20,001 to Above	30%

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess : 2% on income-tax.
Secondary And Higher EducationCess : 1% on income tax plus surcharge

Local Authorities
Income tax :	30%.
Surcharge :	12% of the Income Tax, where total taxable income is more than Rs. 1 crore
Education Cess :	2% on income-tax plus surcharge.
Secondary and Higher Education cess:	1% on income-tax plus surcharge

Note: Last updated on 26.04.2022