1. Income Tax Slab Rate for Individual (resident or non-resident) HUF or AOP or BOI or any other artificial juridical person :
Individual (resident or non-resident), (Other than senior and super senior citizen) (HUF or AOP or BOI whether incorporated or not or every Artificial Juridical Person) (AJP)::
| Net income range | Income-Tax rate | |
| AY 2021-22 | AY 2022-23 | |
| Upto Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,000 – Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 – Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
Resident senior citizen, i.e., 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:
| Net income range | Income-Tax rate | |
| AY 2021-22 | AY 2022-23 | |
| Upto Rs. 3,00,000 | Nil | Nil |
| Rs. 3,00,000 – Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 – Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:
| Net income range | Income-Tax rate | |
| AY 2021-22 | AY 2022-23 | |
| Upto Rs. 5,00,000 | Nil | Nil |
| Rs. 5,00,000- Rs.10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
Hindu Undivided Family (including AOP, BOI and Artificial Juridical Person)
| Net income range | Income-Tax rate | |
| AY 2021-22 | AY 2022-23 | |
| Upto Rs. 2,50,000 | Nil | Nil |
| Rs.2,50,000 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 – Rs.10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
ADD:
In addition to the Income Tax amount calculated, based on the above- mentioned tax slabs, these assessees are required to pay Surcharge and Cess as under-
- Surcharge @ 10% of income tax is applicable where the total income exceeds Rs. 50 lakh and upto Rs.1 Crore.
- Surcharge @ 15% of income tax is applicable where the total income exceeds Rs.1 Crores and upto Rs.2 Crores.
- Surcharge @ 25% of income tax is applicable where the total income exceeds Rs.2 Crores and upto Rs.5 Crores.
- Surcharge @ 37% of income tax is applicable where the total income exceeds Rs. 5 Crores and onwards.
- Health & Education Cess levied at the rate of 4% on the amount of Income-tax plus surcharge.
NOTE:
- For salaried persons (including pensioners) standard deduction of Rs.50,000/- or the amount of salary, whichever is less is allowed. [Sec 16 (ia)]
- For persons receiving family pension deduction of thirty three and one- third percent of such pension or Rs.15,000, whichever is less, is allowed. [Sec 57 (iia)]
- Rebate u/s 87A Rs.12,500 or 100% of income tax, whichever is less, if total income does not exceed Rs.5,00,000(applicable for resident individual) [Sec 87A]
- The enhanced surcharge of 25% and 37% as the case may be is not levied, from income chargeable to tax u/s 111A, 112A and 115AD
2. Special tax Rate for Individual and HUFs (New Personal Income-tax regime) (115BAC)
The Finance Act, 2020, has provided an option to Individuals and HUF for payment of taxes at the following reduced rates from assessment Year 2021-22 and onwards:
| Net income range | Income-Tax rate |
| Upto Rs. 2,50,000 | Nil |
| Rs. 2,50,001 – Rs. 5,00,000 | 5% |
| Rs. 5,00,001- Rs.7,50,000 | 10% |
| Rs.7,50,001- Rs.10,00,000 | 15% |
| Rs.10,00,001- Rs.12,50,000 | 20% |
| Rs.12,50,001- Rs.15,00,000 | 25% |
| Above Rs.15,00,000 | 30% |
ADD:
In addition to the Income Tax amount calculated, based on the above- mentioned tax slabs, these assessees are required to pay Surcharge and Cess as given in para 1.5 above.
NOTE:
The option to pay tax at lower rates shall be available only if the total income of assessee is computed without claiming specified exemptions or deductions.
3. Partnership Firm/ LLP
A firm (including LLP) is taxable @ 30 %* for AY 2021-22 and AY 2022-23
* Surcharge @12% of such tax, where the total income exceeds Rs.1 crore.
NOTE:
Subject to marginal relief*.
Health & Education Cess at rate of 4% on amount of Income-tax plus surcharge
* Marginal Relief –
Marginal relief will be provided to certain taxpayers upto the amounts of difference between the excess tax payable (including-surcharge) on the income above Rs. 50 lakhs**/Rs.100 lakhs and the amount of income that exceeds Rs. 50 lakhs**/Rs. 100 lakhs respectively.
**Only for individual having income between Rs. 50 lakhs and below
Rs. 100 lakhs
Prominent deductions under Chapter VI-A for Non-Business Taxpayers:
(Subject to certain conditions as laid down in the Act/ Rule.)
Special Tax Rates under Chapter XII
Special Tax Rates Under Chapter XII (Applicable to non-resident)
FILING of IT Return at
- Determine the types of IT Return required for you
- Registration on e-filing portal
- Aadhar linking with PAN
- Obtain Form 16/16A from Tax Deductor
- Check 26 AS for tax credit
- IFSC & Account no. of all bank accounts
- Registered e-mail id & mobile
- Generate e-verification code to avoid sending ITR-V, with the help of:
- Aadhar
- Registered Bank Account / ATM
- Net Banking
- Demat Account
- ATM/Debit Card or send ITR-V by post to CPC, Bengaluru
DIRECTORATE OF INCOME-TAX
(Public Relations, Publications & Publicity)
6th Floor, Mayur Bhawan, New Delhi