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Income Tax Slab for AY 2021-22

Income Tax Slabs / Rates india are different for different categories and status of tax payers. The Income Tax Slabs / Rates for Individuals, Senior Citizen, Very Senior Citizens, HUFs, AOP, BOI and Co-operatives are progressive in nature, where a lower tax rate is imposed on low-income earners compared to those with higher income, making it based on the taxpayer's ability to pay. That means it takes a larger percentage from high-income earners than it does from low-income earners. Individuals, HUFs, AOP, BOI and Co-operatives are taxed as per different slab rates ( varies from Nil to 30% ). However, Firms and Companies are taxed on fixed rate basis, except for certain specified incomes.

When income increases a specified limit(s), Surcharge on Income Tax is charged at specified Surcharge rate on Income Tax. The specified limit(s) for charging Surcharge and Surcharge rates are different for different categories of tax payers.

Cess (Health and Education / Education) is charged at specified rate on (Income Tax + Surcharge).

From Assessment Year 2021-22, Individuals and HUFs (including Resident Individual below 60 years of age, Senior Citizen, Very Senior Citizen, Non-resident Individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI) and Artificial Judicial Person (AJP) ) will have option for computation of income and income tax liability as per provisions of Section 115BAC. If they opt for Section 115BAC, New Tax Rates (New Regime rates) will be applicable and if they do not opt for Section 115BAC, Existing Tax Rates (Existing Regime) will be applicable.

If an Individual / HUF opts for Section 115BAC, no exemption or deduction under the provisions of clause (5) or clause (13A) or prescribed under clause (14) (other than those as may be prescribed for this purpose) or clause (17) or clause (32), of section 10 or section 10AA or section 16 or clause (b) of section 24 (in respect of the property referred to in sub-section (2) of section 23) or clause (iia) of sub-section (1) of section 32 or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii), of sub-section (1) or sub-section (2AA), of section 35 or section 35AD or section 35CCC or clause (iia) of section 57 or under any of the provisions of Chapter VI-A other than the provisions of sub-section (2) of section 80CCD or section 80JJAA from income will be available and his / her income tax liability for AY 2021-22 will be calculated accordingly. For more details on Section 115BAC, please refer to the Finance Act No. 12 of 2020

New Slabs and Rates for Individuals

Income SlabIncome Tax
Upto ₹ 2,50,000/-NIL
Above ₹ 2,50,000/- to ₹ 5,00,000/-5% of (taxable income - 2,50,000). If taxable income is upto Rs. 5 lacs, the tax liability is NIL on account of Tax Relief u/s 87A.
Above ₹ 5,00,000/- to ₹ 7,50,000/-₹ 12,500/- + 10% of (total income - 5,00,000)
Above ₹ 7,50,000/- to ₹ 10,00,000/-₹ 37,500/- + 15% of (total income - 7,50,000).
Above ₹ 10,00,000/- to ₹ 12,50,000/-₹ 75,000/- + 20% of (total income - 10,00,000).
Above ₹ 12,50,000/- to ₹ 15,00,000/-₹ 125,000/- + 25% of (total income - 12,50,000).
Above ₹ 15,00,000/-₹ 187,500/- + 30% of (total income - 15,00,000).
Surcharge ( subject to Marginal Relief ) 10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
25% of Income Tax, in case taxable income is above ₹ 2 crore.
37% of Income Tax, in case taxable income is above ₹ 5 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

Existing Slabs and Rates for Individuals

Income SlabIncome Tax
Upto ₹ 2,50,000/-NIL
Above ₹ 2,50,000/- to ₹ 5,00,000/-5% of (taxable income - 2,50,000). If taxable income is upto Rs. 5 lacs, the tax liability is NIL on account of Tax Relief u/s 87A.
Above ₹ 10,00,000/-₹ 112,500/- + 30% of (taxable income - 10,00,000).
Surcharge ( subject to Marginal Relief ) 10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
25% of Income Tax, in case taxable income is above ₹ 2 crore.
37% of Income Tax, in case taxable income is above ₹ 5 crore.
Health & Education Cess4% of (Income Tax + Surcharge).
Income SlabIncome Tax
Upto ₹ 3,00,000/-NIL
Above ₹ 3,00,000/- to ₹ 5,00,000/-5% of (taxable income - 3,00,000). If taxable income is upto Rs. 5 lacs, the tax liability is NIL on account of Tax Relief u/s 87A.
Above ₹ 5,00,000/- to ₹ 10,00,000/-₹ 10,000/- + 20% of (taxable income - 5,00,000).
Above ₹ 10,00,000/-₹ 110,000/- + 30% of (taxable income - 10,00,000)
Surcharge ( subject to Marginal Relief ) 10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
25% of Income Tax, in case taxable income is above ₹ 2 crore.
37% of Income Tax, in case taxable income is above ₹ 5 crore.
Health & Education Cess4% of (Income Tax + Surcharge).
Income SlabIncome Tax
Upto ₹ 5,00,000/-NIL
Above ₹ 5,00,000/- to ₹ 10,00,000/-20% of (taxable income - 5,00,000).
Above ₹ 10,00,000/-₹ 100,000/- + 30% of (taxable income - 10,00,000)
Surcharge ( subject to Marginal Relief ) 10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
25% of Income Tax, in case taxable income is above ₹ 2 crore.
37% of Income Tax, in case taxable income is above ₹ 5 crore.
Health & Education Cess4% of (Income Tax + Surcharge).
Income SlabIncome Tax
Upto ₹ 2,50,000/-NIL
Above ₹ 2,50,000/- to ₹ 5,00,000/-5% of (taxable income - 2,50,000).
Above ₹ 5,00,000/- to ₹ 10,00,000/-₹ 12,500/- + 20% of (taxable income - 5,00,000).
Above ₹ 10,00,000/-₹ 112,500/- + 30% (taxable income - 10,00,000)
Surcharge ( subject to Marginal Relief ) 10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
25% of Income Tax, in case taxable income is above ₹ 2 crore.
37% of Income Tax, in case taxable income is above ₹ 5 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

New and Existing Slabs and Rates for Non-individuals

Income SlabIncome Tax
Upto ₹ 10,000/-10% of the income.
Above ₹ 10,000/- to ₹ 20,000/-₹ 1,000/- + 20% of (taxable income - 10,000)
Above ₹ 20,000/-₹ 3,000/- + 30% of (taxable income - 20,000)
Surcharge ( subject to Marginal Relief )12% of Income Tax, in case taxable income is above ₹ 1 crore.
Health & Education Cess4% of (Income Tax + Surcharge).
Income Tax22% of total income.
Surcharge10% of Income Tax
Health & Education Cess4% of (Income Tax + Surcharge).
Income Tax30% of taxable income.
Surcharge ( subject to Marginal Relief )12% of Income Tax, in case taxable income is above ₹ 1 crore
Health & Education Cess4% of (Income Tax + Surcharge).
Income Tax30% of taxable income.
Surcharge ( subject to Marginal Relief )12% of Income Tax, in case taxable income is above ₹ 1 crore.
Health & Education Cess4% of (Income Tax + Surcharge).
Income Tax25% of taxable income.
Surcharge ( subject to Marginal Relief )7% of income tax, in case taxable income is above ₹ 1 crore
12% of income tax, in case taxable income is above ₹ 10 crores.
Health & Education Cess4% of (Income Tax + Surcharge).
Income Tax30% of taxable income.
Surcharge ( subject to Marginal Relief )7% of income tax, in case taxable income is above ₹ 1 crore.
12% of income tax, in case taxable income is above ₹ 10 crores.
Health & Education Cess4% of (Income Tax + Surcharge).
Income Tax22% of taxable income.
Surcharge 10% of income tax
Health & Education Cess4% of (Income Tax + Surcharge).
Income Tax15% of taxable income.
Surcharge 10% of income tax
Health & Education Cess4% of (Income Tax + Surcharge).
IncomeIncome Tax Rate
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 Government50%
Any other income40%
Surcharge ( subject to Marginal Relief )2% of income tax, in case taxable income is above ₹ 1 crore.
5% of income tax, in case taxable income is above ₹ 10 crores
Health & Education Cess4% of (Income Tax + Surcharge).
In case taxable income exceeds ₹ 50 lacs / ₹ 1 crore Surcharge is payable on income tax at applicable rates. If increase in 'Income Tax + Surcharge' is more than the increase income over ₹ 50 lacs / ₹ 1 crore / 2 crore / 5 crore / 10 crore, the 'Surcharge' is reduced by such amount so that the 'Income Tax + Surcharge' become equal to increase in 'Total Taxable Income' over Rs. 50 lacs / ₹ 1 crore / 2 crore / 5 crore / 10 crore respectively. The amount so reduced from 'Surchage' is 'Marginal Relief on Surcharge'.

 Example 1

 In case of an individual resident (< 60 years) / HUF / NRI (Not opting Section 115BAC) having taxable income of ₹ 50,01,000/-

1Income Tax on income of ₹ 50,01,000/-13,12,800
2Surcharge on income of ₹ 50,01,000/-1,31,280
3Income Tax + Surcharge on income of ₹ 50,01,000/- (1 + 2)14,44,080
4Income Tax on income of ₹ 50 lacs13,12,500
5Surcharge on income of ₹ 50 lacs0
6Income Tax + Surcharge on income of ₹ 50 lacs (4 + 5)13,12,500
7Increase income over ₹ 50 lacs1000
8Income Tax + Surcharge on income of ₹ 50 lacs + Increase income over ₹ 50 lacs13,13,500
9Income Tax and Surcharge payable on income of ₹ 50,01,000/- (Lower of 3 and 8 )13,13,500
10Marginal Relief on Surcharge [If (3 - 8) is more than '0' (3 - 8), else '0' ]1,30,580

 Example 2

 In case of an individual resident (< 60 years) / HUF / NRI (Not opting Section 115BAC) having taxable income of ₹ 60 lacs

1Income Tax on income of of ₹ 60 lacs16,12,500
2Surcharge on income of of ₹ 60 lacs1,61,250
3Income Tax + Surcharge on income of of ₹ 60 lacs (1 + 1)17,73,750
4Income Tax on income of ₹ 50 lacs13,12,500
5Surcharge on income of ₹ 50 lacs0
6Income Tax + Surcharge on income of ₹ 50 lacs (4 + 5)13,12,500
7Increase income over ₹ 50 lacs10,00,000
8Income Tax + Surcharge on income of ₹ 50 lacs + Increase income over ₹ 50 lacs23,13,500
9Income Tax and Surcharge payable on income of of ₹ 60 lacs ( Lower of 3 and 8 )17,73,750
10Marginal Relief on Surcharge [If (3 - 8) is more than '0' (3 - 8), else '0' ]0

 Example 3

 In case of an individual resident (< 60 years) / HUF / NRI (Not opting Section 115BAC) having taxable income of ₹ 1,00,01,000/-

1Income Tax on income of ₹ 1,00,01,000/-28,12,800
2Surcharge on income of ₹ 1,00,01,000/-4,21,920
3Income Tax + Surcharge on income of ₹ 1,00,01,000/- (1 + 2)32,34,720
4Income Tax on income of ₹ 1 crore28,12,500
5Surcharge on income of ₹ 1 crore2,81,500
6Income Tax + Surcharge on income of ₹ 1 crore (4 + 5)30,93,750
7Increase income over ₹ 1 crore1000
8Income Tax + Surcharge on income of ₹ 1 crore + Increase income over ₹ 1 crore30,94,750
9Income Tax and Surcharge payable on income of ₹ 1,00,01,000/- (Lower of 3 and 8 )30,94,750
10Marginal Relief on Surcharge [If (3 - 8) is more than '0' (3 - 8), else '0' ]1,39,970
Updated : Sept 24, 2020
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