For Individuals and Hindu Undivided family
The code proposes to exempt the general tax payer from paying income tax if his income is Rs 1,60,000 in a year.
He would pay just zero tax till an income of Rs 1,60,000 per year. From income above Rs 1,60,000 till Rs 10 lakh (Rs 1 million), he will pay a tax of 10 per cent.
For income above Rs 10,00,000, but less than Rs 25,00,000 (Rs 2.5 million), he will pay tax of Rs 84,000 plus 20 per cent of the amount over Rs 10,00,000.
For income above Rs 25,00,000, he will pay Rs 3,84,000 plus 30 per cent of the amount by which the total income exceeds Rs 25,00,000.
Currently, the general income tax payer does not pay tax till Rs 1,60,000 of income in a year. However, he pays 10 per cent tax on income between Rs 1,60,000 and Rs 3 lakh, 20 per cent between Rs 3 lakh and Rs 5 lakh (Rs 500,000) and 30 per cent beyond Rs 5 lakh.
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Rates of income-tax |
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| I) In the case of every individual , ,other than women and senior citizens: | ||
| (1) Where the total income does not exceed Rs 1,60,000 | Nil | |
| (2) Where the total income exceeds Rs 1,60,000, but does not exceed Rs 10,00,000 | 10 per cent of the amount by which the total income exceeds Rs 1,60,000 | |
| (3) Where the total income exceeds Rs 10,00,000 but does not exceed Rs 25,00,000 | Rs 84,000 plus 20 per cent of the amount by which the total income exceeds Rs 10,00,000 | |
| (4) Where the total income exceeds Rs 25,00,000 | Rs 3,84,000 plus 30 per cent of the amount by which the total income exceeds Rs 25,00,000 | |
| II) In the case of women below the age of 65 years at any time during the financial year: | ||
| (1) Where the total income does not exceed Rs 1,90,000 | Nil | |
| (2) Where the total income exceeds Rs 1,90,000 but does not exceed Rs 10,00,000 | 10 per cent of the amount by which the total income exceeds Rs 1,90,000 | |
| (3) Where the total income exceeds Rs 10,00,000, but does not exceed Rs 25,00,000 | Rs 81,000 plus 20 per cent of the amount by which the total income exceeds Rs 10,00,000 | |
| (4) Where the total income exceeds Rs 25,00,000 | Rs 3,81,000 plus 30 per cent of the amount by which the total income exceeds Rs 25,00,000 | |
| III) In the case of senior citizens: | ||
| (1) Where the total income does not exceed Rs 2,40,000 | Nil | |
| (2) Where the total income exceeds Rs 2,40,000 but does not exceed Rs 10,00,000 | 10 per cent of the amount by which the total income exceeds Rs 2,40,000 | |
| (3) Where the total income exceeds Rs 10,00,000 but does not exceed Rs 25,00,000 | Rs.76,000 plus 20 per cent of the amount by which the total income exceeds Rs 10,00,000 | |
| (4) Where the total income exceeds Rs 25,00,000 | Rs 3,76,000 plus 30 per cent of the amount by which the total income exceeds Rs 25,00,000 | |
| IV) In the case of Hindu Undivided family (HUF): | ||
| (1) Where the total income does not exceed Rs 1,60,000 | Nil | |
| (2) Where the total income exceeds Rs 1,60,000, but does not exceed Rs 10,00,000 | 10 per cent of the amount by which the total income exceeds Rs 1,60,000 | |
| (3) Where the total income exceeds Rs 10,00,000 but does not exceed Rs 25,00,000 | Rs 84,000 plus 20 per cent of the amount by which the total income exceeds Rs 10,00,000 | |
- Education cess of 3% is leviable on the amount of income-tax.
- The basic exemption limit will be Rs 1,90,000 in case of resident women below the age of 65 years and Rs 2,40,000 in case of resident individuals of the age of 65 years or more.
Income Tax Rate for Domestic Companies, Foreign Companies, Partnership Firm and Limited Liability Firs (LLP)
| Description | ||
| A) Domestic company | ||
| Regular Tax (Income Tax) | 30.90% where total income is equal to or less than Rs.1 crore else 33.99% | 25 |
| Minimum Alternate Tax (MAT) | 16.995% (of book profits) | 2 %(of gross assets) and 0.25 % of gross assets in case of banking company |
| Dividend Distribution Tax (DDT) | 16.995% | 15 |
| B) Foreign company | ||
| Regular Tax (Income Tax) | 41.20% where the total income is equal to or less than Rs. 1 crore else 42.23% | 25% and Branch of foreign company shall be additionally liable to branch profits tax @ 15% |
| C) Firm and LLP | ||
| Regular Tax (Income Tax) | 30.9 | 30 |
Note: Above rates are Inclusive of applicable surcharge and education cess of 3 %.
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