Income Tax Rates for Some Specific Cases - Income Tax - Ready Reckoner - Income Tax

Income Tax Rates for Some Specific Cases For the Assessment Year 2021-22 to 2023-24 Sr.No. Section Income Rate of Income Tax 1 111A Short Term Capital Gain from an asset being an equity share in a company or a unit of an equity oriented fund or a unit of business trust subject to STT or undertaken in foreign currency on a recognised stock exchange located in an IFSC. 15% 2 112 Long Term Capital Gain [In case of LTCG to a non resident from transfer of unlisted securities or shares of company in which public are not substantially interested without giving effect to the benefit of indexation @10%] 20% 112A Long Term Term Capital Gain from an asset being an equity share in a company or a unit of an equity oriented fund or a unit of business trust subject to STT or undertaken in foreign currency on a recognised stock exchange located in an IFSC, Without giving effect of Indexation. 10% 3 115B Profits and Gains of Life Insurance Business 12.5% 4 115BB Winning from lotteries, crossword puzzles, or race including horse race (not being income from activity of owning and maintaining race hose) or card game and other game of any sort or from gambling or betting of any form or nature 30% 5 115BBC Anonymous Donation received in excess of the higher of the following, namely:- - (A) five per cent of the total donations received by the assessee, or - (B) one lakh rupees; 30% 6 115BBE Income from unexplained sources u/s 68, 69, 69A, 69B, 69C and 69D (Surcharge @25% and HEC @4% are be leviable on deemed income u/s 68 to 69D, therefore effective rate of tax will be 78%) 60% 7 115BBF Royalty income from Patent developed registered in India. [Note :- 1. Eligible Assessee : A person resident in India who is first inventor has his name registered as patentee under patent Act, 1970. 2. Patent developed means 75% of expenditure should be incurred in India. 3. No deduction for any expenditure/ allowance in respect of royalty income shall be allowed under Act.] 10% 8 115BBG Income from Transfer of Carbon Credit 10% Note 1: - Add Surcharge - For rate of surcharge see rates below the tax slabs according to the status of the assessee in earlier chapters. Note 2: - Add Health and Education Cess - 4% of Income Tax ============================ For the Assessment Year 2019-2020 2020-2021 Sr.No. Section Income Rate of Income Tax 1 111A Short Term Capital Gain from an asset being an equity share in a company or a unit of an equity oriented fund subject to STT 15% 2 112 Long Term Capital Gain [In some cases tax rates are 10%] 20% 3 115B Profits and Gains of Life Insurance Business 12.5% 4 115BB Winning from lotteries, crossword puzzles, or race including horse race (not being income from activity of owning and maintaining race hose) or card game and other game of any sort or from gambling or betting of any form or nature 30% 5 115BBC Anonymous Donation received in excess of the higher of the following, namely:- - (A) five per cent of the total donations received by the assessee, or - (B) one lakh rupees; 30% Note 1: - Add Surcharge - For rate of surcharge see rates below the tax slabs according to the status of the assessee in earlier chapters. Note 2: - Add Health and Education Cess - 4% of Income Tax ============================ For the Assessment Year 2017-18 2018-19 Sr.No. Section Income Rate of Income Tax 1 111A Short Term Capital Gain from an asset being an equity share in a company or a unit of an equity oriented fund subject to STT 15% 2 112 Long Term Capital Gain [Other than an asset being an equity share in a company or a unit of an equity oriented fund subject to STT - Sec. 10(38) ] 20% 3 115B Profits and Gains of Life Insurance Business 12.5% 4 115BB Winning from lotteries, crossword puzzles, or race including horse race (not being income from activity of owning and maintaining race hose) or card game and other game of any sort or from gambling or betting of any form or nature 30% 5 115BBC Anonymous Donation received in excess of the higher of the following, namely:- - (A) five per cent of the total donations received by the assessee, or - (B) one lakh rupees; 30% Note 1: - Add Surcharge - For rate of surcharge see rates below the tax slabs according to the status of the assessee in earlier chapters. Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (rebate u/s 88E is not deductible) plus surcharge Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (rebate u/s 88E is not deductible) plus surcharge ============================ Income Tax Rates for Some Specific Cases For the Assessment Year 2012-2013, 2013-2014 , 2014-2015, 2015-16 and 2016-17 Sr.No. Section Income Rate of Income Tax 1 111A Short Term Capital Gain from an asset being an equity share in a company or a unit of an equity oriented fund subject to STT 15% 2 112 Long Term Capital Gain [Other than an asset being an equity share in a company or a unit of an equity oriented fund subject to STT - Sec. 10(38) ] 20% 3 115B Profits and Gains of Life Insurance Business 12.5% 4 115BB Winning from lotteries, crossword puzzles, or race including horse race (not being income from activity of owning and maintaining race hose) or card game and other game of any sort or from gambling or betting of any form or nature 30% 5 115BBC Anonymous Donation received in excess of the higher of the following, namely:- - (A) five per cent of the total donations received by the assessee, or - (B) one lakh rupees; 30% Note 1: - Add Surcharge - Rate of Surcharge is Nil in the following cases: a. If the taxpayer is an Individual / HUF/ BOI/ AOP b. If the taxpayer is firm c. If the taxpayer is company (domestic or non-domestic company) and net income does not exceed ₹ 1 crore. d. If the taxpayer is a co-operative or local authority. Rate of Surcharge will be 5% in the following cases: a. If the taxpayer is a domestic company and net income exceeds ₹ 1crore. b. In case of section 115JB - MAT - if book profit exceeds ₹ 1crore. c. In the cases attracting sections 161(1A) , 164 , 164A and 167B - surcharge is applicable irrespective of income. Rate of Surcharge will be 2% in the following cases: a. If the taxpayer is non-domestic company and net income exceeds ₹ 1crore. Surcharge is subject to marginal Relief. Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (rebate u/s 88E is not deductible) plus surcharge Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (rebate u/s 88E is not deductible) plus surcharge Note 4: - For the Assessment year 2014-15, 2015-16 - In case of Individuals, HUF, Firms , AOP, BOI - Surcharge @ 10% if income exceeds ₹ 1 crore and In the case of Domestic company , Surcharge @ 5% if income exceeds ₹ 1 crore but upto ₹ 10 crore @ 10% if income exceeds ₹ 10 crore. In case of foreign company , Surcharge @ 2% if income exceeds ₹ 1 crore but upto ₹ 10 crore @ 5% if income exceeds ₹ 10 crore. For the Assessment year 2016-17 - In case of Individuals, HUF, Firms , AOP, BOI - Surcharge @ 12% if income exceeds ₹ 1 crore and In the case of Domestic company , Surcharge @ 7% if income exceeds ₹ 1 crore but upto ₹ 10 crore @ 12% if income exceeds ₹ 10 crore. In case of foreign company , Surcharge @ 2% if income exceeds ₹ 1 crore but upto ₹ 10 crore @ 5% if income exceeds ₹ 10 crore. ============================ Income Tax Rates for Some Specific Cases For the Assessment Year 2011-2012 Sr.No. Section Income Rate of Income Tax 1 111A Short Term Capital Gain from an asset being an equity share in a company or a unit of an equity oriented fund subject to STT 10% 2 112 Long Term Capital Gain [Other than an asset being an equity share in a company or a unit of an equity oriented fund subject to STT - Sec. 10(38) ] 20% 3 115B Profits and Gains of Life Insurance Business 12.5% 4 115BB Winning from lotteries, crossword puzzles, or race including horse race (not being income from activity of owning and maintaining race hose) or card game and other game of any sort or from gambling or betting of any form or nature 30% 5 115BBC Anonymous Donation received in excess of the higher of the following, namely:- - (A) five per cent of the total donations received by the assessee, or - (B) one lakh rupees; 30% Note 1: - Add Surcharge - Rate of Surcharge is Nil in the following cases: a. If the taxpayer is an Individual / HUF/ BOI/ AOP b. If the taxpayer is firm c. If the taxpayer is company (domestic or non-domestic company) and net income does not exceed ₹ 1 crore. d. If the taxpayer is a co-operative or local authority. Rate of Surcharge will be 7.5% in the following cases: a. If the taxpayer is a domestic company and net income exceeds ₹ 1crore. b. In case of section 115JB - MAT - if book profit exceeds ₹ 1crore. c. In the cases attracting sections 161(1A) , 164 , 164A and 167B - surcharge is applicable irrespective of income. Rate of Surcharge will be 2.5% in the following cases: a. If the taxpayer is non-domestic company and net income exceeds ₹ 1crore. Surcharge is subject to marginal Relief. Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (rebate u/s 88E is not deductible) plus surcharge Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (rebate u/s 88E is not deductible) plus surcharge ============================ For the Assessment Year 2010-2011 Sr.No. Section Income Rate of Income Tax 1 111A Short Term Capital Gain from an asset being an equity share in a company or a unit of an equity oriented fund subject to STT 10% 2 112 Long Term Capital Gain [Other than an asset being an equity share in a company or a unit of an equity oriented fund subject to STT - Sec. 10(38) ] 20% 3 115B Profits and Gains of Life Insurance Business 12.5% 4 115BB Winning from lotteries, crossword puzzles, or race including horse race (not being income from activity of owning and maintaining race hose) or card game and other game of any sort or from gambling or betting of any form or nature 30% 5 115BBC Anonymous Donation received in excess of the higher of the following, namely:- - (A) five per cent of the total donations received by the assessee, or - (B) one lakh rupees; 30% Note 1: - Add Surcharge - Rate of Surcharge is Nil in the following cases: a. If the taxpayer is an Individual / HUF/ BOI/ AOP b. If the taxpayer is firm c. If the taxpayer is company (domestic or non-domestic company) and net income does not exceed ₹ 1 crore. d. If the taxpayer is a co-operative or local authority. Rate of Surcharge will be 10% in the following cases: a. If the taxpayer is a domestic company and net income exceeds ₹ 1 crore. b. In case of section 115JB - MAT - if book profit exceeds ₹ 1 crore. c. In the cases attracting sections 161(1A) , 164 , 164A and 167B - surcharge is applicable irrespective of income. Rate of Surcharge will be 2.5% in the following cases: a. If the taxpayer is non-domestic company and net income exceeds ₹ 1 crore. Surcharge is subject to marginal Relief. Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (rebate u/s 88E is not deductible) plus surcharge Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (rebate u/s 88E is not deductible) plus surcharge ============================ For the Assessment Year 2009-2010 Sr. No. Section Income Rate of Income Tax 1 111A Short Term Capital Gain from an asset being an equity share in a company or a unit of an equity oriented fund subject to STT 10% 2 112 Long Term Capital Gain [Other than an asset being an equity share in a company or a unit of an equity oriented fund subject to STT - Sec. 10(38) ] 20% 3 115B Profits and Gains of Life Insurance Business 12.5% 4 115BB Winning from lotteries, crossword puzzles, or race including horse race (not being income from activity of owning and maintaining race hose) or card game and other game of any sort or from gambling or betting of any form or nature 30% 5 115BBC Anonymous Donation 30% Note 1: - Add Surcharge - Rate of Surcharge is Nil in the following cases: a. If the taxpayer is an Individual / HUF/ BOI/ AOP and income does not exceed ₹ 10,00,000 b. If the taxpayer is firm or domestic company and net income does not exceed ₹ 1 crore. c. If the taxpayer is non-domestic company and net income does not exceed ₹ 1 crore. d. If the taxpayer is a co-operative or local authority. Rate of Surcharge will be 10% in the following cases: a. If the taxpayer is an Individual / HUF/ BOI/ AOP and income exceeds ₹ 10,00,000 b. If the taxpayer is firm or domestic company and net income exceeds ₹ 1 crore. c. In case of section 115JB - MAT - if book profit exceeds ₹ 1 crore. d. If the taxpayer is an artificial juridical person. e. In the cases attracting sections 161(1A) , 164 , 164A and 167B - surcharge is applicable irrespective of income. Rate of Surcharge will be 2.5% in the following cases: a. If the taxpayer is non-domestic company and net income exceeds ₹ 1 crore. Surcharge is subject to marginal Relief. Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (rebate u/s 88E is not deductible) plus surcharge Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (rebate u/s 88E is not deductible) plus surcharge