Taxontips
No Result
View All Result
Saturday, January 28, 2023
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Talk to an Expert
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
No Result
View All Result
Taxontips
No Result
View All Result

Income tax slab rates in India for FY 2020-21 i.e. AY 2021-22 for financial year ending 31.03.2021 | File income tax return online with experts

Income tax Expert by Income tax Expert
June 27, 2021
in Income Tax News
1
Calculation sheet for comparison of tax payable under new and old tax regime for individual and HUF – 115BAC
113
SHARES
1.4k
VIEWS
image_pdfPDFimage_printPrint

Income tax slab rates are the rates defined under Income tax act and are mentioned in the Finance Act every year and based on which tax is paid by all the assessee’s every year.

The Income tax slab rates for different types of Assessee’s for FY 2020-21 i.e. year ending 31.03.2021 is as under:

Income Tax Slab Rate for resident Individual (i.e. men/women) below 60 Years of Age:

Income Tax Slab Income Tax Slab Rate
Income upto ₹ 2,50,000 Nil
Income between ₹ 2,50,001 – ₹ 500,000 5% of Income exceeding ₹ 2,50,000
Income between ₹ 500,001 – ₹ 10,00,000 20% of Income exceeding ₹ 5,00,000
Income above ₹ 10,00,000 30% of Income exceeding ₹ 10,00,000

Plus:

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh.

                    15% of tax where total income exceeds Rs. 1 crore but does not exceed 2 crore.

                    25% of tax where total income exceeds Rs. 2 crore but does not exceed 5 crore.

                    37% of tax where total income exceeds Rs. 5 crore.

Health & Education cess: 4% of tax plus surcharge

Rebate u/s 87A is available for Rs. 12,500 if total income below Rs. 5,00,000/-.

This slab rate doesn’t applies to capital gain income or winning from lottery/ horse racing/ game etc except short term capital gain other than those covered under 111A.

From the above mentioned financial year new optional slab rates have been announced by Income tax department under section 115BAC of the Income tax act wherein the individual will have to let go various exemptions and benefits. To read more about section 115BAC CLICK ME.

Income tax slab Income tax slab rate
Upto 2.5 lakh Nil
From 2,50,001 to 5,00,000 5% of Income exceeding ₹ 2,50,000
From Rs 5,00,001 to Rs 7,50,000 10% of Income exceeding ₹ 5,00,000
From Rs 7,50,001 to Rs 10,00,000 15% of Income exceeding ₹ 7,50,000
From Rs 10,00,001 to Rs 12,50,000 20% of Income exceeding ₹ 10,00,000
From Rs 12,50,001 to Rs 15,00,000 25% of Income exceeding ₹ 12,50,000
Above Rs 15,00,000 30% of Income exceeding ₹ 15,00,000

All the other conditions of surcharge and special tax rates remains the same.

 

Income Tax Slab Rate for Resident Senior Citizens (Age 60 years or more but less than 80 years)

Income Tax Slab Income Tax Slab Rate
Income upto ₹ 3,00,000 Nil
Income between ₹ 3,00,001 – ₹ 500,000 5% of Income exceeding ₹ 3,00,000
Income between ₹ 500,001 – ₹ 10,00,000 20% of Income exceeding ₹ 5,00,000
Income above ₹ 10,00,000 30% of Income exceeding ₹ 10,00,000

Plus:

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh.

                    15% of tax where total income exceeds Rs. 1 crore but does not exceed 2 crore.

                    25% of tax where total income exceeds Rs. 2 crore but does not exceed 5 crore.

                    37% of tax where total income exceeds Rs. 5 crore.

Health & Education cess: 4% of tax plus surcharge

Rebate u/s 87A is available for Rs. 12,500 if total income below Rs. 5,00,000/-.

This slab rate doesn’t applies to capital gain income or winning from lottery/ horse racing/ game etc except short term capital gain other than those covered under 111A

 

Income Tax Slab Rate for Resident Super Senior Citizens (Age 80 years or more)

Income Tax Slab Income Tax Slab Rate
Income upto ₹ 5,00,000 Nil
Income between ₹ 500,001 – ₹ 10,00,000 20% of Income exceeding ₹ 5,00,000
Income above ₹ 10,00,000 30% of Income exceeding ₹ 10,00,000

Plus:

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh.

15% of tax where total income exceeds Rs. 1 crore but does not exceed 2 crore.

25% of tax where total income exceeds Rs. 2 crore but does not exceed 5 crore.

37% of tax where total income exceeds Rs. 5 crore.

Health & Education cess: 4% of tax plus surcharge

This slab rate doesn’t applies to capital gain income or winning from lottery/ horse racing/ game etc except short term capital gain other than those covered under 111A 

 

Income Tax Slab Rate Hindu Undivided Families (HUF), Association of person, Body of individuals, Artificial Judicial Person, Non Resident Individual of any age:

 

Income Tax Slab Income Tax Slab Rate
Income upto ₹ 2,50,000 Nil
Income between ₹ 2,50,001 – ₹ 500,000 5% of Income exceeding ₹ 2,50,000
Income between ₹ 500,001 – ₹ 10,00,000 20% of Income exceeding ₹ 5,00,000
Income above ₹ 10,00,000 30% of Income exceeding ₹ 10,00,000

Plus:

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh.

15% of tax where total income exceeds Rs. 1 crore but does not exceed 2 crore.

25% of tax where total income exceeds Rs. 2 crore but does not exceed 5 crore.

37% of tax where total income exceeds Rs. 5 crore.

Health & Education cess: 4% of tax plus surcharge

All these persons are not eligible for Rebate u/s 87A as it’s available to only resident individuals.

This slab rate doesn’t applies to capital gain income or winning from lottery/ horse racing/ game etc except short term capital gain other than those covered under 111A

 

Income tax rate for Partnership Firms/ LLP:

Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%.

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 Crore

Health & Education cess: 4% of tax plus surcharge

 

Income tax rate for Local Authorities:

Local Authorities are to be taxed at the rate of 30%.

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 Crore

Health & Education cess: 4% of tax plus surcharge.

 

Income tax rate for Domestic Companies:

Domestic Companies are to be taxed at the rate of 30%. However, tax rate will be 25% if turnover or gross receipt of the company For F.Y. 2017-18 does not exceed Rs. 400 crores.

Plus:

Surcharge: 7% of tax where total income exceeds Rs. 1 Crore

12% of tax where total income exceeds Rs. 10 Crore

Health & Education cess: 4% of tax plus surcharge

Further for domestic companies there is one more option to opt for 22% tax rate under Section 115BAA wherein they need to let go various benefits and pay a compulsory surcharge of 10% and 4% cess which brings their effective tax rate to 25.168%.

There is one more tax rate for newly formed companies engaged in manufacturing under section 115BAB.

 

Income Tax Slab Rate of Co-operative Societies

Income Tax Slab Income Tax Slab Rate
Up to Rs.10,000 10% of Income
Rs.10,000 to Rs 20,000 20% of Income exceeding Rs. 10,000
Over Rs. 20,000 30% of Income exceeding Rs. 20,000

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 Crore

Health & Education cess: 4% of tax plus surcharge

However, from this financial year co-operative societies will have an option to pay flat tax rate of 22% under section 115BAD which could be a great relief from their current highest tax rate of 30%.

 

Income tax slab rates for Companies other than Domestic Companies i.e. Foreign companies:

Foreign Companies are to be taxed at the rate of 40%.

Plus:

Surcharge: 2% of tax where total income exceeds Rs. 1 Crore

5% of tax where total income exceeds Rs. 10 Crore

Health & Education cess: 4% of tax plus surcharge.

 

The above mentioned income tax rates will be used when you file your income tax return for AY 2021-22 or FY 2020-21.

 

You can book phone consultation/ assistance online with expert as mentioned below:

To book ITR filing with experts CLICK ME.

To book phone consultation with experts for Income tax CLICK ME.

To book consultation for Faceless Assessment with experts CLICK ME.

To book phone consultation with experts for GST CLICK ME.

image_pdfPDFimage_printPrint
Tags: income tax rates
Previous Post

TDS u/s 194Q needs to be deducted on purchase value of goods including or excluding GST i.e. TDS on taxable value or invoice value?

Next Post

Now file income tax appeal online before ITAT, but is it truly online? | All you need to know

Related Posts

Penalty for Non filing or Late filing of Tax audit report – Section 271B and condonation in filing Tax Audit report
Income Tax News

Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty

January 26, 2023
GST registration
GST news

Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022

January 19, 2023
No TDS on interest income upto Rs. 40,000 from bank – Section 194A Limit revised
Income Tax News

E-mail from TRACES to deductors explaining the e-verification scheme. What to do?

January 18, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Limit of SFT reporting in case of interest removed by Income Tax Department

January 13, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Provisions related to Set off of losses under various heads of Income during the year in Income Tax Act

January 10, 2023 - Updated on January 11, 2023
Tatva Chintan Pharma Chem Limited IPO details and capital gain tax on selling IPO allotment | Capital gain on IPO
Income Tax News

Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the I.T. Act till 31.03.2023

January 9, 2023
Next Post
Income tax Appellate Tribunal (ITAT) to not function from 17.03.2020 to 27.03.2020

Now file income tax appeal online before ITAT, but is it truly online? | All you need to know

Comments 1

  1. Pingback: Neeraj Chopra wins First Gold for India in Athletics in Tokyo Olympics 2020 | Let's see the taxability of various prices/ rewards received by him - Taxontips

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Google Custom search

Recent Posts

  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony
  • Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act
  • Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty
  • How many articles can a Chartered Accountant register for articleship?
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns – Update

Recent Comments

  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony - Taxontips on What is ‘Halwa ceremony’, performed before the budget at Ministry of Finance? What does it signify? | Pre budget facts
  • Leonard Linton on Clarification for the purposes of Section 269ST of the I.T. Act in respect of dealership/distributorship contract in case of Co-operative Societies
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns - Update - Taxontips on Advisory on “Initiating Drop Proceeding” by taxpayers for non-filing of GST returns
  • Clarifications regarding applicability of GST on certain services based on 48th GST council meeting - Taxontips on Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022
  • Module wise new functionalities deployed on the GST Portal for taxpayers – December 2022 - Taxontips on Advisory on “Initiating Drop Proceeding” by taxpayers for non-filing of GST returns

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Browse Topics by Date

January 2023
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Dec    
  • GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning 79.3k views
  • How to pay Membership and COP fees of ICAI for 2020-21 | 77.8k views
  • Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods 68k views

Recent Notification

Final stage of Union Budget 2023-24 commences with Halwa Ceremony

Final stage of Union Budget 2023-24 commences with Halwa Ceremony

January 28, 2023
Further clarification by CBIC for claiming 20% ITC on invoices not available in GSTR – 2A. Circular 123/42/2019 – GST

Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act

January 27, 2023

RSS Taxontips

  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony
  • Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act
  • Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty
  • How many articles can a Chartered Accountant register for articleship?
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns – Update
  • ICAI has launched free task management or practice management software for members in Practice
  • Clarification regarding the treatment of statutory dues under GST law [Read circular]
  • Clarifications regarding applicability of GST on certain services based on 48th GST council meeting
  • Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022
  • E-mail from TRACES to deductors explaining the e-verification scheme. What to do?

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Site menu

  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Taxontips

TaxOnTips provides you all tax related solutions in easy way and update you with its regular updates & notifications Visit us for details.
We are based in Jaipur, India

© 2019-2021 Taxontips.com - Tax assistance at your Fingertips

No Result
View All Result
  • Login/Signup
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
  • Ask an expert/ Talk to an expert
  • Privacy Policy
  • Terms of use

© 2019-2021 Taxontips.com - Tax assistance at your Fingertips

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Book Phone consultation with expert

Sitting home or at your office and don't have time to visit CA's office or don't know where to consult CA. Book your consultation with an expert practicing Chartered Accountant and get your query solved.

Book a phone consultation for 30 minutes with our expert at a very basic cost.

Book consultation

No thanks, I'm not interested!

ITR 1 to 7 now available for FY 2021-22!!File your ITR with an experienced Chartered Accountant

Now File your Income Tax return for F.Y. 2021-22 with an Experienced Practicing Chartered Accountant and not just with any person like other websites offer. Return filing starts at Rs. 500/-

Book ITR filing with Expert

Never see this message again.

Subscribe for Latest Tax Updates
You name
Yourname@email.com

Never see this message again.