Taxontips
No Result
View All Result
Tuesday, June 6, 2023
Login/ Register
  • 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
118
SHARES
1.5k
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

Income Tax Return
Income Tax News

ITR 2 is now available on e-filing website for FY 2022-23 i.e. AY 2023-24 | File ITR with experts on Taxontips

June 6, 2023
Last opportunity to file Income tax return for F.Y. 2018-19 | Belated return u/s 139(4) of the Income tax Act
Income Tax News

Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the I.T. Act

June 5, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Due date for filing SFT extended from 31.05.2023 for FY 2022-23?

June 1, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

E-appeal scheme, 2023 announced by CBDT, JCIT(A) will now hear appeal [Read notification]

May 31, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Limit of exempt income for leave encashment for non-govt employees increased to Rs. 25 lakh [Read notification]

May 30, 2023
ICAI has announced a new MBA programme for Diploma in Management and Business Finance
Income Tax News

ANNUAL FEE CIRCULAR 2023-24 by ICAI for it’s members

May 29, 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

  • ITR 2 is now available on e-filing website for FY 2022-23 i.e. AY 2023-24 | File ITR with experts on Taxontips
  • Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the I.T. Act
  • ₹1,57,090 crore gross GST revenue collected for May 2023; clocks 12% Year-on-Year growth
  • Due date for filing SFT extended from 31.05.2023 for FY 2022-23?
  • E-appeal scheme, 2023 announced by CBDT, JCIT(A) will now hear appeal [Read notification]

Recent Comments

  • Notification under PMLA by Ministry of Finance which could affect CA, CS and CMA - Taxontips on CA, CS and CMA now under PMLA. KYC of clients required
  • ITR 4 is now available on e-filing website for FY 2022-23 i.e. AY 2023-24 | File ITR with experts on Taxontips – Taxontips on Businessman with turnover below 1 crore and having profit below 8% need to compulsorily get books of accounts audited: Let’s find out
  • Can a person earning income from speculative business transaction file return u/s 44AD of Income tax act - Taxontips on How to calculate turnover in case of intra day and future and option trading for Income Tax purpose?
  • Extension of last date for updation of Member’s Profile with GSTIN at Self Service Portal – Till 23rd April, 2023 - Taxontips on Updation of Member’s Profile at Self Service Portal with GSTIN to get GST credit till 15.04.2023
  • Akshay Kadam on New error faced in the new Income tax e-filing portal related to log-in of an assessee | E-filing 2.0

Categories

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

Browse Topics by Date

June 2023
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930  
« May    
  • GSTR 9/ 9C extended : AGAIN

    GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning

    6456 shares
    Share 2582 Tweet 1614
  • How to pay Membership and COP fees of ICAI for 2020-21 |

    6344 shares
    Share 2538 Tweet 1586
  • Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods

    5680 shares
    Share 2272 Tweet 1420
  • Are all the due dates of tax audit and Income tax return for FY 2019-20 extended to 31.03.2021 by the bill presented in Lok sabha Dt. 18.09.2020

    4771 shares
    Share 1908 Tweet 1193
  • SFT transaction mentioned in Form 26AS | What does it mean? | Who reports it? | SFT codes transaction type

    3991 shares
    Share 1596 Tweet 998

Recent Notification

Income Tax Return

ITR 2 is now available on e-filing website for FY 2022-23 i.e. AY 2023-24 | File ITR with experts on Taxontips

June 6, 2023
Last opportunity to file Income tax return for F.Y. 2018-19 | Belated return u/s 139(4) of the Income tax Act

Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the I.T. Act

June 5, 2023

RSS Taxontips

  • Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the I.T. Act
  • ₹1,57,090 crore gross GST revenue collected for May 2023; clocks 12% Year-on-Year growth
  • Due date for filing SFT extended from 31.05.2023 for FY 2022-23?
  • E-appeal scheme, 2023 announced by CBDT, JCIT(A) will now hear appeal [Read notification]
  • Limit of exempt income for leave encashment for non-govt employees increased to Rs. 25 lakh [Read notification]
  • ANNUAL FEE CIRCULAR 2023-24 by ICAI for it’s members
  • Instructions for conducting scrutiny of returns for FY 2019-20 onwards under GST [Read instructions]
  • Extension in time limit for filing Form 10A, 10AB, 10BD, 10 etc. in relation to trust under Income tax act
  • GUIDELINES FOR SPECIAL ALL-INDIA DRIVE UNDER GST
  • Government issues guidelines to calculate net winning for section 194BA of the Act [Read circular]

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

© 2019-2023 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
  • About us
  • Contact us
  • Ask an expert/ Talk to an expert
  • Q & A
  • Privacy Policy
  • Terms of use

© 2019-2023 Taxontips.com - Tax assistance at your Fingertips

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!