RATES OF TAXES
- FOR INDIVIDUALS/ HINDU UNDIVIDED FAMILY/ ASSOCIATION OF PERSONS/ BODY
OF INDIVIDUALS:
(In this case, individual means who is Resident in India and
below the age of 60 years at any time during the financial year and all
non-resident individuals regardless of age limit, also all resident as well as
non-resident HUF, AOP, BOI.)
|
INCOME SLABS (Rs.) |
TAX RARES |
SURCHRGE |
|
0- 2,50,000 |
Nil (basic exemption limit) |
NA |
|
2,50,000-5,00,000 |
10% of income exceeding Rs. 2,50,000. |
NA |
|
5,00,001-10,00,000 |
Rs. 25,000 plus 20% of income exceeding Rs. 5,00,000. |
NA |
|
10,00,001- 1,00,00,000 |
Rs. 1,25,000 plus 30% of income exceeding Rs. 10,00,000. |
NA |
|
1,00,00,001 and above |
Rs. 28,25,000 plus 30% of income exceeding Rs. 1,00,00,000. |
12% |
The Education Cess @ 2% and Secondary and Higher Secondary
Education Cess @ 1% are also levied on the aggregate value of income tax.
- FOR RESIDENT INDIVIDUAL OF THE AGE 60 YEARS OR MORE BUT LESS THAN 80
YEARS AT ANY TIME DURING THE FINANCIAL YEAR.
|
INCOME SLABS (Rs.) |
TAX RATES |
SURCHARGE |
|
0-3,00,000 |
Nil (basic exemption limit) |
NA |
|
3,00,001-5,00,000 |
10% of income exceeding Rs. 3,00,000. |
NA |
|
5,00,001-10,00,000 |
Rs. 20,000 plus 20% of income exceeding Rs. 5,00,000 |
NA |
|
10,00,001-1,00,00,000 |
Rs. 1,20,000 plus 30% of income exceeding Rs. 10,00,000. |
NA |
|
1,00,00,001 and above |
Rs. 28,20,000 plus 30% of income exceeding Rs. 1,00,00,000. |
12% |
The Education Cess @ 2% and Secondary and Higher Secondary
Education Cess @ 1% are also levied on the aggregate value of income tax.
- FOR RESIDENT INDIVIDUAL OF THE AGE OF 80 YEARS OR MORE AT ANY TIME
DURING THE FINANCIAL YEAR:
|
INCOME SLABS (Rs.) |
TAX RATES |
SURCHRGE |
|
0-5,00,000 |
Nil (basic exemption limit) |
NA |
|
5,00,001-10,00,000 |
20% of income exceeding Rs. 5,00,000 |
NA |
|
10,00,001-1,00,00,000 |
Rs. 1,00,000 plus 30% of income exceeding Rs. 10,00,000 |
NA |
|
1,00,00,001 and above |
Rs. 28, 00,000 plus 30% of income exceeding Rs. 1, 00,00,000. |
12% |
The Education Cess @ 2% and Secondary and Higher Secondary
Education Cess @ 1% are also levied on the aggregate value of income tax.
- FOR CO-OPERATIVE SOCIETIES:
|
INCOME SLABS |
TAX RATES |
SURCHARGE |
|
0-10,000 |
10% |
NA |
|
10,001-20,000 |
Rs. 1,000 plus 20% of income above Rs. 10,000 |
NA |
|
20,001-1,00,00,000 |
Rs. 3,000 plus 30% of income above Rs. 20,000. |
NA |
|
1,00,00,001 and above |
Rs. 29,97,000 plus 30% of income above Rs. 1,00,00,000. |
12% |
The Education Cess @ 2% and Secondary and Higher Secondary
Education Cess @ 1% are also levied on the aggregate value of income tax.
- FOR LOCAL AUTHORITIES:
Local Authorities are taxable at the flat rate of 30%.
Surcharge has been increased from 10% to 12% where the total income exceeds Rs.
1,00,00,000. Education Cess is applicable at the rate of 2% and Secondary and
Higher Education Cess is applicable at 1% on income tax.
- FOR PARTNERSHIP FIRMS:
Partnership firms are taxable at the rate 30%. Surcharge has
been increased from 10% to 12% where the total income exceeds Rs. 1,00,00,000.
Education Cess is applicable at the rate of 2% and Secondary and Higher
Education Cess is applicable at 1% on income tax.
- FOR CORPORATES:
|
Sr. No. |
Particulars |
Tax Rates |
Surchrge |
|
1. |
Domestic companies having total income less than Rs. 1 crore |
30% |
NA |
|
2. |
Domestic companies having total income more than 1 crore but less |
30% |
7% |
|
3. |
Other domestic companies (having total income more than 10 crores) |
30% |
12% |
|
4. |
Foreign companies having total income less than 1 crore |
40% |
NA |
|
5. |
Foreign companies having total income more than Rs. 1 crore but less |
40% |
2% |
|
6. |
Other foreign companies (Having total income more than 10 Crores.) |
40% |
5% |
The Education Cess @ 2% and Secondary and Higher Secondary
Education Cess @ 1% are also levied on the aggregate value of income tax.
