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Tax Rates in India
Income tax rates in India:
Note : Explanation for the terms used in this page.
Surcharge : Surcharge is an additional levy on income-tax made by the Central Government of India. Income tax collected from the public is distributed to the State Governments. But the amount collected as 'Surcharge' is wholly held by the Central Government.
Education Cess : Education Cess is an additional levy on income-tax and surcharge made by the Central Government of India. This amount is exclusively held by the Central Government for the purpose of providing education upto higher secondary level in India. Tax Rates in India for Individuals
Individuals are divided into 3 categories as given below.
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Resident Individual - Senior Citizens
|
| When total Income (Chargeable at normal rate) | Income Tax in Rs. | Surcharge | Educational Cess ( On Income tax + Surcharge) |
|---|---|---|---|
| Does not exceed Rs. 1,95,000 | Nil | Nil | Nil |
| Is greater than Rs. 1,95,000 & less than Rs. 2,50,000 | (TI - Rs. 1,95,000) x 20%; | Nil | 3% |
| Is greater than Rs. 2,50,000 | [(TI - Rs. 2,50,000) x 30%] + 11,000 | If TI is more than Rs. 10,00,000 then 10% of Income tax shall be paid as Surcharge. | 3% |
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Tax rates for Resident Individual - Women
( Women aged 65 years or less )
| When total Income (Chargeable at normal rate) | Income Tax in Rs. | Surcharge | Educational Cess ( On Income tax + Surcharge) |
|---|---|---|---|
| Does not exceed Rs. 1,45,000 | Nil | Nil | Nil |
| Is greater than Rs. 1,45,000 & less than Rs. 1,50,000 | (TI - Rs. 1,45,000) x 10%; | Nil | 3% |
| Is greater than Rs. 1,50,000 & less than Rs. 2,50,000 | [(TI - Rs. 1,50,000) x 20%] + 500 | Nil | 3% |
| Is greater than Rs. 2,50,000 | [(TI - Rs. 2,50,000) x 30%] + 20,500 | If TI is more than Rs. 10,00,000 then 10% of Income tax shall be paid as Surcharge. | 3% |
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Tax rates in India for Other Individuals
( Excluding Senior citizen- aged above 65 or more & Women )
| When total Income (Chargeable at normal rate) | Income Tax in Rs. | Surcharge | Educational Cess ( On Income tax + Surcharge) |
|---|---|---|---|
| Does not exceed Rs. 1,10,000 | Nil | Nil | Nil |
| Is greater than Rs. 1,10,000 & less than Rs. 1,50,000 | (TI - Rs. 1,10,000) x 10% | Nil | 3% |
| Is greater than Rs. 1,50,000 & less than Rs. 2,50,000 | [(TI - Rs. 1,50,000) x 20%] + 4,000 | Nil | 3% |
| Is greater than Rs. 2,50,000 | [(TI - Rs. 2,50,000) x 30%] + 24,000 | If TI is more than Rs. 10,00,000 then 10% of Income tax shall be paid as Surcharge. | 3% |
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Tax Rates in India for Co-Operative Societies
| When total Income (Chargeable at normal rate) | Income Tax in Rs. | Educational Cess ( On Income tax + Surcharge) |
|---|---|---|
| Does not exceed Rs. 10,000 | TI x 10% | 3% |
| Is more than Rs. 10,000 & less than Rs. 20,000 | [(TI - Rs. 10,000) x 20%] + 1000; | 3% |
| Is greater than Rs. 20,000 | [(TI - Rs. 20,000) x 30%] + 3,000 | 3% |
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Tax rates in India for
Firms, Companies and Local Authorities
| Particulars | Firm | Domestic Companies | Foreign Companies* | Local Authorities |
|---|---|---|---|---|
| Tax Rate | 30% | 30% | 40% | 30% |
| Surcharge (Only if the total income exceeds Rs. 1 Crore) | 10% | 10% | 2.5% | Nil |
| Educational Cess | 3% | 3% | 3% | 3% |
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Tax Rates in India for HUFs, BOIs & AOPs
| When total Income (Chargeable at normal rate) | Income Tax in Rs. | Surcharge | Educational Cess ( On Income tax + Surcharge) |
|---|---|---|---|
| Does not exceed Rs. 1,10,000 | Nil | Nil | Nil |
| Is greater than Rs. 1,10,000 & less than Rs. 1,50,000 | (TI - Rs. 1,10,000) x 10% | Nil | 3% |
| Is greater than Rs. 1,50,000 & less than Rs. 2,50,000 | [(TI - Rs. 1,50,000) x 20%] + 4,000 | Nil | 3% |
| Is greater than Rs. 2,50,000 | [(TI - Rs. 2,50,000) x 30%] + 24,000 | If TI is more than Rs. 10,00,000 then 10% of Income tax shall be paid as Surcharge. | 3% |
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Tax Rates for Other Artificial Juridical Persons
| When total Income (Chargeable at normal rate) | Income Tax in Rs. | Surcharge on Income tax | Educational Cess ( On Income tax + Surcharge) |
|---|---|---|---|
| Does not exceed Rs. 1,10,000 | Nil | Nil | Nil |
| Is greater than Rs. 1,10,000 & less than Rs. 1,50,000 | (TI - Rs. 1,10,000) x 10% | 10% | 3% |
| Is greater than Rs. 1,50,000 & less than Rs. 2,50,000 | [(TI - Rs. 1,50,000) x 20%] + 4,000 | 10% | 3% |
| Is greater than Rs. 2,50,000 | [(TI - Rs. 2,50,000) x 30%] + 24,000 | 10% | 3% |
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