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TMI BlogIncome Tax Rates for Individuals, HUF & Artificial Juridical Person - A.Y. 2007-08 to A.Y. 2025-26X X X X Extracts X X X X X X X X Extracts X X X X ..... 5,00,000 --do-- Above ₹ 10,00,000 30% ₹ 1,10,000 + 30% of total income minus ₹ 10,00,000 --do-- Special Rates for Resident Super Senior Citizen (who is 80 years or more at any time during the previous year) Net Income Range Income Tax Rates Tax Upto ₹ 5,00,000 Nil Nil See Notes ₹ 5,00,000 - ₹ 10,00,000 20 20% of total income minus ₹ 5,00,000 --do-- Above ₹ 10,00,000 30% ₹ 1,00,000 + 30% of total income minus ₹ 10,00,000 --do-- Notes: for the Assessment Year 2024-2025 1: - Add Surcharge - 10% if income exceeds ₹ 50 Lakhs but does not exceed 1 Crores - with marginal relief. Add Surcharge - 15% if income exceeds ₹ 1 Crores but does not exceed 2 Crores - with marginal relief. Add Surcharge - 25% if income exceeds ₹ 2 Crores but does not exceed 5 Crores - with marginal relief. Add Surcharge - 37% if income exceeds ₹ 5 Crores - with marginal relief. 2 :- Surcharge on short term capital gain u/s 111A Long term capital gain u/s 112A and u/s 112 for above ₹ 50 Lakhs but does not exceed 1 Crores - 10% of such STCG/LTCG. Surcharge on short term capital gain u/s 111A Long term capital gain u/s 112A and u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es - with marginal relief. 2 :- Surcharge on short term capital gain u/s 111A Long term capital gain u/s 112A and u/s 112 for above ₹ 50 Lakhs but does not exceed 1 Crores - 10% of such STCG/LTCG. Surcharge on short term capital gain u/s 111A Long term capital gain u/s 112A and u/s 112 for above ₹ 1 Crores - 15% of such STCG/LTCG. 3: - In case of an AOP consisting of only companies as its members, the rate of surcharge on the amount of income-tax shall not exceed 15%. [Amended by FA, 2023] 4: - Add Health and Education Cess - H E. Cess is 4% of Income Tax Surcharge 5:- Rebate to Resident Individual U/s 87A if Total Income 5,00,000 lower of 12,500 or Actual Tax is allowed. 6 :- No Rebate available on LTCG, Such LTCG is taxable under section 112A @ 10%. 7 :- The enhanced surcharge of 25% 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A, 112A 115AD . and dividend income. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%. ================================ Rates For the Assessment Year 2023-24 Tax Rates under normal provision of Income Tax Act, 1961 Net Income Range Income Tax Rates Tax Upto ₹ 2,50, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... =================== Rates For the Assessment Year 2022-2023 Tax Rates under normal provision of Income Tax Act, 1961 Net Income Range Income Tax Rates Tax Upto ₹ 2,50,000 Nil Nil ₹ 2,50,000 - ₹ 5,00,000 5% 5% of total income minus ₹ 2,50,000 See Notes ₹ 5,00,000 - ₹ 10,00,000 20% ₹ 12,500 + 20% of total income minus ₹ 5,00,000 --do-- Above ₹ 10,00,000 30% ₹ 1,12,500 + 30% of total income minus ₹ 10,00,000 --do-- Special Rates for Resident Senior Citizen (who is 60 years or more at any time during the previous year) Net Income Range Income Tax Rates Tax Upto ₹ 3,00,000 Nil Nil ₹ 3,00,000 - ₹ 5,00,000 5% 5% of total income minus ₹ 3,00,000 See Notes ₹ 5,00,000 - ₹ 10,00,000 20% ₹ 10,000 + 20% of total income minus ₹ 5,00,000 --do-- Above ₹ 10,00,000 30% ₹ 1,10,000 + 30% of total income minus ₹ 10,00,000 --do-- Special Rates for Resident Super Senior Citizen (who is 80 years or more at any time during the previous year) Net Income Range Income Tax Rates Tax Upto ₹ 5,00,000 Nil Nil See Notes ₹ 5,00,000 - ₹ 10,00,000 20 20% of total income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 5,00,000 Nil Nil See Notes ₹ 5,00,000 - ₹ 10,00,000 20 20% of total income minus ₹ 5,00,000 --do-- Above ₹ 10,00,000 30% ₹ 1,00,000 + 30% of total income minus ₹ 10,00,000 --do-- Notes: for the Assessment Year 2021-2022 Note 1: - Add Surcharge - 10% if income exceeds ₹ 50 Lakhs but does not exceed 1 Crores - with marginal relief. Add Surcharge - 15% if income exceeds ₹ 1 Crores - with marginal relief. Add Surcharge - 25% if income exceeds ₹ 2 Crores - with marginal relief. Add Surcharge - 37% if income exceeds ₹ 5 Crores - with marginal relief. Note 2 :- Surcharge on short term capital gain u/s 111A Long term capital gain u/s 112A for above ₹ 50 Lakhs but does not exceed 1 Crores - 10% of such STCG/LTCG. Surcharge on short term capital gain u/s 111A Long term capital gain u/s 112A for above ₹ 1 Crores - 15% of such STCG/LTCG. Note 3: - Add Health and Education Cess - H E. Cess is 4% of Income Tax Surcharge Note 4:- Rebate to Resident Individual U/s 87A if Total Income 5,00,000 lower of 12,500 or Actual Tax is allowed. Note 5 :- No Rebate available on LTCG, Such LTCG is taxable under section 112A @ 10%. Not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Upto ₹ 2,50,000 Nil Nil ₹ 2,50,000 - ₹ 5,00,000 5% 5% of total income minus ₹ 2,50,000 See Notes ₹ 5,00,000 - ₹ 10,00,000 20% ₹ 12,500 + 20% of total income minus ₹ 5,00,000 --do-- Above ₹ 10,00,000 30% ₹ 1,12,500 + 30% of total income minus ₹ 10,00,000 --do-- Special Rates for Resident Senior Citizen (who is 60 years or more at any time during the previous year) Net Income Range Income Tax Rates Tax Upto ₹ 3,00,000 Nil Nil ₹ 3,00,000 - ₹ 5,00,000 5% 5% of total income minus ₹ 3,00,000 See Notes ₹ 5,00,000 - ₹ 10,00,000 20% ₹ 10,000 + 20% of total income minus ₹ 5,00,000 --do-- Above ₹ 10,00,000 30% ₹ 1,10,000 + 30% of total income minus ₹ 10,00,000 --do-- Special Rates for Resident Super Senior Citizen (who is 80 years or more at any time during the previous year) Net Income Range Income Tax Rates Tax Upto ₹ 5,00,000 Nil Nil See Notes ₹ 5,00,000 - ₹ 10,00,000 20 20% of total income minus ₹ 5,00,000 --do-- Above ₹ 10,00,000 30% ₹ 1,00,000 + 30% of total income minus ₹ 10,00,000 --do-- Notes: for the Assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng ₹ 3,50,000 This rebate is not allowed to HUF, AOP or BOI. ================================ Rates For the Assessment Year 2017-2018 Click here for Alternate Minimum Tax (AMT) Net Income Range Income Tax Rates Tax Upto ₹ 2,50,000 Nil Nil ₹ 2,50,000 - ₹ 5,00,000 10% 10% of total income minus ₹ 2,50,000 See Notes ₹ 5,00,000 - ₹ 10,00,000 20% ₹ 25,000 + 20% of total income minus ₹ 5,00,000 --do-- Above ₹ 10,00,000 30% ₹ 1,25,000 + 30% of total income minus ₹ 10,00,000 --do-- Special Rates for Resident Senior Citizen (who is 60 years or more at any time during the previous year) Net Income Range Income Tax Rates Tax Upto ₹ 3,00,000 Nil Nil ₹ 3,00,000 - ₹ 5,00,000 10% 10% of total income minus ₹ 3,00,000 See Notes ₹ 5,00,000 - ₹ 10,00,000 20% ₹ 20,000 + 20% of total income minus ₹ 5,00,000 --do-- Above ₹ 10,00,000 30% ₹ 1,20,000 + 30% of total income minus ₹ 10,00,000 --do-- Special Rates for Resident Super Senior Citizen (who is 80 years or more at any time during the previous year) Net Income Range Income Tax Rates Tax Upto ₹ 5,00,000 Nil Nil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relief. Note 2: - Add Education Cess - E. Cess is 2% of Income Tax Surcharge Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax Surcharge Note 4:- Rebate - Upto ₹ 2,000 U/s 87A - Any individual who is resident in India is eligible for this rebate, if total income is not exceeding ₹ 500,000 This rebate is not allowed to HUF, AOP or BOI. ================================ Income Tax Rates for Individuals, HUF Artificial Juridical Person Rates of Income Tax as applicable to Individuals, Hindu Undivided Families (HUF) and Artificial Juridical Person: Rates For the Assessment Year 2015-2016 Click here for Alternate Minimum Tax (AMT) Net Income Range Income Tax Rates Tax Upto ₹ 2,50,000 Nil Nil ₹ 2,50,000 - ₹ 5,00,000 10% 10% of total income minus ₹ 2,50,000 See Notes ₹ 5,00,000 - ₹ 10,00,000 20% ₹ 25,000 + 20% of total income minus ₹ 5,00,000 --do-- Above ₹ 10,00,000 30% ₹ 1,25,000 + 30% of total income minus ₹ 10,00,000 --do-- Special Rates for Resident Women (who is below 60 years at any time during the previous year): - Not applicable w.e.f A.Y 2014-15 Special Rates for Resident ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of total income minus ₹ 5,00,000 --do-- Above 10,00,000 30% ₹ 1,25,000 + 30% of total income minus ₹ 10,00,000 --do-- Special Rates for Resident Super Senior Citizen (who is 80 years or more at any time during the previous year) Net Income Range Income Tax Rates Tax Upto ₹ 5,00,000 Nil Nil See Notes ₹ 5,00,000 - ₹ 10,00,000 20 20% of total income minus ₹ 5,00,000 --do-- Above 10,00,000 30% ₹ 1,00,000 + 30% of total income minus ₹ 10,00,000 --do-- Notes: for the Assessment Year 2014-2015 Note 1: - Add Surcharge - 10% if income exceeds ₹ 1 Crores - with marginal relief. Note 2: - Add Education Cess - E. Cess is 2% of Income Tax Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax Note 4:- Rebate - Upto ₹ 2,000 U/s 87A - Any individual who is resident in India is eligible for this rebate, if total income is not exceeding ₹ 500,000 This rebate is not allowed to HUF, AOP or BOI. ================================ Income Tax Rates for Individuals, HUF Rates of Income Tax as applicable to Individuals, Hindu Undivided Families (HUF) and Artificial Jurisdictional Person: Click here for Alterna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... minus ₹ 1,90,000 See Notes ₹ 5,00,000 - ₹ 8,00,000 20% ₹ 31,000 + 20% of total income minus ₹ 5,00,000 --do-- Above 8,00,000 30% ₹ 91,000 + 30% of total income minus ₹ 8,00,000 --do-- Special Rates for Resident Senior Citizen (who is 60 years or more at any time during the previous year) Net Income Range Income Tax Rates Tax Upto ₹ 2,50,000 Nil Nil ₹ 2,50,000 - ₹ 5,00,000 10% 10% of total income minus ₹ 2,50,000 See Notes ₹ 5,00,000 - ₹ 8,00,000 20% ₹ 25,000 + 20% of total income minus ₹ 5,00,000 --do-- Above 8,00,000 30% ₹ 85,000 + 30% of total income minus ₹ 8,00,000 --do-- Special Rates for Resident Super Senior Citizen (who is 80 years or more at any time during the previous year) Net Income Range Income Tax Rates Tax Upto ₹ 5,00,000 Nil Nil See Notes ₹ 5,00,000 - ₹ 8,00,000 20 20% of total income minus ₹ 5,00,000 --do-- Above 8,00,000 30% ₹ 60,000 + 30% of total income minus ₹ 8,00,000 --do-- Notes for the Assessment Year 2012-2013 Note 1: - Add Surcharge - Nil Note 2: - Add Education Cess - E. Cess is 2% of Income Tax Note 3: - Add Seconda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r) Net Income Range Income Tax Rates Tax Upto ₹ 1,90,000 Nil Nil ₹ 1,90,000 - ₹ 3,00,000 10% 10% of total income minus ₹ 1,90,000 See Notes ₹ 3,00,000 - ₹ 5,00,000 20% ₹ 11,000 + 20% of total income minus ₹ 3,00,000 --do-- Above 5,00,000 30% ₹ 51,000 + 30% of total income minus ₹ 5,00,000 --do-- Special Rates for Resident Senior Citizen (who is 65 years or more at any time during the previous year) Net Income Range Income Tax Rates Tax Upto ₹ 2,40,000 Nil Nil ₹ 2,40,000 - ₹ 3,00,000 10% 10% of total income minus ₹ 2,40,000 See Notes ₹ 3,00,000 - ₹ 5,00,000 20% ₹ 6,000 + 20% of total income minus ₹ 3,00,000 --do-- Above 5,00,000 30% ₹ 46,000 + 30% of total income minus ₹ 5,00,000 --do-- Notes for the Assessment Year 2010-2011 Note 1: - Add Surcharge - Nil Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (rebate u/s 88E is not deductible) Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (rebate u/s 88E is not deductible) ================================ Rates For the Assessment Year 2009-2010 Net Income Range Income Tax Rat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Upto ₹ 1,45,000 Nil Nil ₹ 1,45,000 - ₹ 1,50,000 10% 10% of total income minus ₹ 1,45,000 See Notes ₹ 1,50,000 - ₹ 2,50,000 20% ₹ 500 + 20% of total income minus ₹ 1,50,000 --do-- Above 2,50,000 30% ₹ 20,500 + 30% of total income minus ₹ 2,50,000 --do-- Special Rates for Resident Senior Citizen (who is 65 years or more at any time during the previous year) Net Income Range Income Tax Rates Tax Upto ₹ 1,95,000 Nil Nil ₹ 1,95,000 - ₹ 2,50,000 20% 20% of total income minus ₹ 1,95,000 See Notes Above 2,50,000 30% ₹ 11,000 + 30% of total income minus ₹ 2,50,000 --do-- Notes for the Assessment Year 2008-2009 Note 1: - Add Surcharge - Surcharge is 10% of income-tax (After deducting Rebate u/s 88E if any) if net income of an Individual, HUF exceeds ₹ 10,00,000. However, in the case of Artificial Jurisdictional Person surcharge is applicable even if net income does not exceed ₹ 10,00,000. Surcharge is subject to marginal Relief. Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (minus rebate u/s 88E ) plus surcharge Note 3: - Add Secondary and Higher Education Cess - SHE. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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