Income Tax Slab Rates for 2021-22, Income Tax Rates FY 2020-2021. Check latest Income Tax Slab rates. Know Tax Slabs for ✓ Individuals ✓ HUF ✓ NRI ✓ Artificial Judicial Persons ✓ Domestic & Foreign Companies. Find out the latest Income Tax slab tax rates for FY 2020-2021 (AY 2021-2022). The Income-tax slab determines how much you will pay in taxes. Get income tax slab rates for FY 2020-2021 & AY 2021-2022 and income tax deductions in India for Financial Year 2020-2021 (The assessment Year 2021-2022) post Union Budget 2021.
Income Tax Slab Rates for Women’s, Income Tax Slab Rates for Men’s, Income Tax Slab Rates for Senior Citizens, Income Tax Slab Rates for Super Senior Citizens, etc.
Income Tax Slab Rates AY 2021-22
Income Tax Slab Rates for Individuals:
1.1 Individual (resident or non‐resident), who is of the age of less than 60 years on the last day of the relevant previous year:
For Individual (resident or non-resident) less than 60 years of age anytime during the previous year:
| Old Tax Regime | New Tax Regime u/s 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
| Up to ₹ 2,50,000 | Nil | Up to ₹ 2,50,000 | Nil |
| ₹ 2,50,001 – ₹ 5,00,000 | 5% above ₹ 2,50,000 | ₹ 2,50,001 – ₹ 5,00,000 | 5% above ₹ 2,50,000 |
| ₹ 5,00,001 – ₹ 10,00,000 | ₹ 12,500 + 20% above ₹ 5,00,000 | ₹ 5,00,001 – ₹ 7,50,000 | ₹ 12,500 + 10% above ₹ 5,00,000 |
| Above ₹ 10,00,000 | ₹ 1,12,500 + 30% above ₹ 10,00,000 | ₹ 7,50,001 – ₹ 10,00,000 | ₹ 37,500 + 15% above ₹ 7,50,000 |
| ₹ 10,00,001 – ₹ 12,50,000 | ₹ 75,000 + 20% above ₹ 10,00,000 | ||
| ₹ 12,50,001 – ₹ 15,00,000 | ₹ 1,25,000 + 25% above ₹ 12,50,000 | ||
| Above ₹ 15,00,000 | ₹ 1,87,500 + 30% above ₹ 15,00,000 |
Resident senior citizen
Every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any me during the previous year:
For Individual (resident or non-resident), 60 years or more but less than 80 years of age anytime during the previous year:
| Old Tax Regime | New Tax Regime u/s 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
| Up to ₹ 3,00,000 | Nil | Up to ₹ 2,50,000 | Nil |
| ₹ 3,00,001 – ₹ 5,00,000 | 5% above ₹ 3,00,000 | ₹ 2,50,001 – ₹ 5,00,000 | 5% above ₹ 2,50,000 |
| ₹ 5,00,001 – ₹ 10,00,000 | ₹ 10,000 + 20% above ₹ 5,00,000 | ₹ 5,00,001 – ₹ 7,50,000 | ₹ 12,500 + 10% above ₹ 5,00,000 |
| Above ₹ 10,00,000 | ₹ 1,10,000 + 30% above ₹ 10,00,000 | ₹ 7,50,001 – ₹ 10,00,000 | ₹ 37,500 + 15% above ₹ 7,50,000 |
| ₹ 10,00,001 – ₹ 12,50,000 | ₹ 75,000 + 20% above ₹ 10,00,000 | ||
| ₹ 12,50,001 – ₹ 15,00,000 | ₹ 1,25,000 + 25% above ₹ 12,50,000 | ||
| Above ₹ 15,00,000 | ₹ 1,87,500 + 30% above ₹ 15,00,000 |
Resident super senior citizen
Every individual, being a resident in India, who is of the age of 80 years or more at any me during the previous year:
For Individual (resident or non-resident) 80 years of age or more anytime during the previous year:
| Old Tax Regime | New Tax Regime u/s 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
| Up to ₹ 5,00,000 | Nil | Up to ₹ 2,50,000 | Nil |
| ₹ 5,00,001 – ₹ 10,00,000 | 20% above ₹ 5,00,000 | ₹ 2,50,001 – ₹ 5,00,000 | 5% above ₹ 2,50,000 |
| Above ₹ 10,00,000 | ₹ 1,00,000 + 30% above ₹ 10,00,000 | ₹ 5,00,001 – ₹ 7,50,000 | ₹ 12,500 + 10% above ₹ 5,00,000 |
| ₹ 7,50,001 – ₹ 10,00,000 | ₹ 37,500 + 15% above ₹ 7,50,000 | ||
| ₹ 10,00,001 – ₹ 12,50,000 | ₹ 75,000 + 20% above ₹ 10,00,000 | ||
| ₹ 12,50,001 – ₹ 15,00,000 | ₹ 1,25,000 + 25% above ₹ 12,50,000 | ||
| Above ₹ 15,00,000 | ₹ 1,87,500 + 30% above ₹ 15,00,000 |
Please Note –
- The rates of Surcharge and Health & Education cess are same under both the tax regimes
- Rebate u/s 87 -A Resident Individual whose Total Income is not more than ₹ 5,00,000 is also eligible for a Rebate of up to 100% of income tax or ₹ 12,500, whichever is less. This Rebate is available in both tax regimes
Surcharge:
- 10% – Taxable Income above ₹ 50 lakh – up to ₹ 1 crore
- 15% – Taxable Income above ₹ 1 crore – up to ₹ 2 crore
- 25% – Taxable Income above ₹ 2 crore – up to ₹ 5 crore
- 37% – Taxable Income above ₹ 5 crore
- Maximum rate of Surcharge on Income by way of Dividend or Income under the provisions of Sections 111A, 112A and 115AD is 15%
*Health and Education cess :
Health & Education cess @ 4% shall also be paid on the amount of income tax plus Surcharge (if any)
What is Marginal Relief?
Marginal relief is a Relief from Surcharge, provided in cases where the Surcharge payable exceeds the additional income that makes the person liable for Surcharge. The amount payable as Surcharge shall not exceed the amount of income earned exceeding ₹ 50 lakh, ₹ 1 crore, ₹ 2 crore or ₹ 5 crore respectively
2. Co-operative Society:
| Where the taxable income does not exceed Rs 10,000 | 10% |
| Where the taxable income exceeds Rs 10,000 but does not exceed Rs 20,000. | Rs.1,000 + 20% of income in excess of Rs. 10,000. |
| Where the taxable income exceeds Rs. 20,000 | Rs 3,000 + 30% of the amount by which the taxable income exceeds Rs.20,000 |
Plus:-
- Surcharge: 12% of the Income Tax if taxable income exceeds Rs 1 crore.
- Education Cess: 4% of the total of Income Tax and Surcharge.
Firm /Local Authority
- Income Tax: 30% of taxable income
Plus :-
- Surcharge: 12% of the Income Tax if taxable income exceeds Rs 1 crore.
- Education Cess: 4% of the total of Income Tax and Surcharge.
Domestic Company:
- Income Tax: 30% – Other domestic companies
- Income Tax: 25% – Total turnover or gross receipts during the previous year 2017-18 doesn’t exceed Rs. 250 Crore
Plus :-
- Surcharge 7% of the Income-tax if taxable income exceeds Rs 1 crore.
- Surcharge 12% of the Income-tax if taxable income exceeds Rs 10 crore.
- Education Cess: 4% of the total of Income Tax and Surcharge.
Foreign Company:
- Income Tax: 40% of taxable income
Plus:-
- Surcharge 2% of the Income-tax if taxable income exceeds Rs 1 crore.
- Surcharge 5% of the Income-tax if taxable income exceeds Rs 10 crore.
- Education Cess: 3% of the total of Income Tax and Surcharge.
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