Rates of Income Tax


Rates of Income Tax

Created On: | 93 Views

Income Tax
some points are available of Rates of Income Tax

Rates of Income Tax

 

(A) I. In the case of every Individual (other than those covered in part (II) or (III) below) or Hindu undivided family or AOP/BOI (other than a co-operative society) whether incorporated or not, or every artificial judicial person

Upto `2,50,000 Nil
`2,50,001 to `5,00,000  10%
 `5,00,001 to `10,00,000  20%
  Above `10,00,000 30% 

 

  II. In the case of every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year.

Upto `3,00,000  Nil
 `3,00,001 to `5,00,000 10%
`5,00,001 to `10,00,000    20% 
Above `10,00,000  30%

 

 III. In the case of every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year.

Upto `5,00,000  Nil
 `5,00,001 to `10,00,000
 20% 
Above `10,00,000  30% 

 

Surcharge: The amount of income-tax computed in accordance with the above rates and rates specified in section 111A (relating to short term capital gain on shares sold through recognised stock exchange) and section 112 (relating to long-term capital gain) shall, in the case of every individual or HUF or AOP or BOI, whether incorporated or not, or every artificial juridical person referred to in subclause (vii) of clause (31) of section 2 of the Income tax Act, having a total income exceeding 1 crore rupees, be increased by a surcharge at the rate of 10% of such income-tax.

 

Marginal relief: Total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of `1 crore by more than the amount of income that exceeds 1 crore rupees.

 

Cess: „Education Cess‟ @2%, and „Secondary and Higher Education Cess (SHEC)‟ @1% on income tax (inclusive of surcharge, if applicable) shall be chargeable

 

 (B) In the case of every co-operative society

(1) where the total income does not exceed `10,000  10% of the total income
 (2) where the total income exceeds `10,000 but does not exceed `20,000  `1,000 plus 20% of the amount by which the total income exceeds `10,000;
(3) where the total income exceeds `20,000  `3,000 plus 30% of the amount by which the total income exceeds `20,000.

 

Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 10% of such income-tax in case of a co-operative society having a total income exceeding `1 crore.

 

Marginal relief: Total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of `1 crore by more than the amount of income that exceeds `1 crore.

 

Cess: „Education Cess‟ @ 2% and SHEC @ 1% on income tax (inclusive of surcharge, if applicable) shall be chargeable.

 

(C) In case of every firm (including limited liability partnership)/ every Local Authority — 30%.

 

Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 10% of such income-tax in case of a firm having a total income exceeding `1 crore.

 

Marginal relief: Total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of `1 crore by more than the amount of income that exceeds `1 crore.

 

Cess: „Education Cess‟ @ 2% and SHEC @ 1% on income tax (inclusive of surcharge, if applicable) shall be chargeable.

 

(D) In the case of a company


(i) For domestic companies: 30%,

 

Surcharge: Where the total income of a domestic company exceeds `1 crore but not exceeding `10 crore a surcharge @ 5% of tax shall be levied. Where the total income of the domestic company exceeds `10 crore a surcharge @10% of tax shall be levied.

 

Marginal relief: In the case of every company having a total income exceeding `1 crore but not exceeding `10 crore, total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income tax on a total income of ` 1 crore by more than the amount of income that exceeds `1 crore. In the case of every company having a total income exceeding `10 crore, total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income tax and surcharge on a total income of ` 10 crore by more than the amount of income that exceeds ` 10 crore.


Cess: „Education Cess‟ @ 2%, and „Secondary and Higher Education Cess‟ @1% on income tax (inclusive of surcharge if applicable) shall be chargeable. (ii) For foreign company: 40%. Surcharge: Where the total income of a company other than a domestic company exceeds `1 crore but does not `10 crore a surcharge of 2% of tax shall be levied. Where the total income of such company exceeds `10 crore a surcharge at the rate of 5% of tax shall be levied. Marginal relief: In the case of every company having a total income exceeding `1 crore but not exceeding `10 crore, total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income tax on a total income of ` 1 crore by more than the amount of income that exceeds `1 crore. In the case of every company having a total income exceeding `10 crore, total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income tax and surcharge on a total income of ` 10 crore by more than the amount of income that exceeds ` 10 crore. Cess: „Education Cess‟ @ 2%, and „Secondary and Higher Education Cess‟ @1% on income tax (inclusive of surcharge if applicable) shall be chargeableback

take a break

Subscribe to our Newsletter for Latest News & Updates.