This reference guide provides a detailed overview of income tax rates applicable to individuals, Hindu Undivided Families (HUFs), firms (including LLPs), and entities like AOP/BOI/AJP over the past ten assessment years. It includes comprehensive tables and charts outlining tax rates for various income brackets, differentiating between resident senior citizens, super senior citizens, and other categories. The document covers both old and new tax regimes under section 115BAC, outlining the applicable surcharge, education cess, and health and education cess for different income levels. Additionally, it provides insights into tax rates for firms, LLPs, and other entities, showing how these rates have evolved over time, including the impact of surcharges and cesses. The guide serves as a valuable tool for understanding historical tax policies, aiding in the analysis of past tax laws and regulations.
This document contains is a reference guide providing a comprehensive list of tax rates applicable for the last 10 years. It contains tables or charts providing information on tax rates for different income levels. The primary purpose of this document is to help users understand and analyze past tax laws, regulations, and policies.
Tax rates for last 10 years
Page Contents
➢ Income-tax Rates for Individuals and HUFs
Tax rates for the last ten assessment years
INCOME-TAX RATES FOR INDIVIDUALS AND HUFs
| Assessment year 2014-15 | |||
| Resident senior citizen** | Resident super senior citizen*** | Any other | |
| First Rs. 2,00,000 | Nil | Nil | Nil |
| Next Rs. 50,000 | Nil | Nil | 10% |
| Next Rs. 2,50,000 | 10% | Nil | 10% |
| Next Rs. 5,00,000 | 20% | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% | 30% |
Surcharge on income-tax: 10 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is a resident or non-resident).
Education cess: 2% of income-tax and surcharge.
Secondary and higher education cess: 1% of income-tax and surcharge.
**60 years or more at any time during the previous year but less than 80 years on the last day of the previous year.
***80 years or more at any time during the previous year.
| Assessment years 2015-16 to 2017-18 | |||
| Resident senior citizen | Resident super senior citizen | Any other | |
| First Rs. 2,50,000 | Nil | Nil | Nil |
| Next Rs. 50,000 | Nil | Nil | 10% |
| Next Rs. 2,00,000 | 10% | Nil | 10% |
| Next Rs. 5,00,000 | 20% | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% | 30% |
Surcharge on income-tax: For assessment year 2015-16, 10 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is resident or non-resident).
For assessment year 2016-17, 12 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is resident or non-resident).
For the assessment year 2017-18, 15 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is resident or non-resident).
Education cess: 2% of income-tax and surcharge.
Secondary and higher education cess: 1% of income-tax and surcharge.
| Assessment year 2018-19 to 2020-21 | |||
| Resident senior citizen | Resident super senior citizen | Any other | |
| First Rs. 2,50,000 | Nil | Nil | Nil |
| Next Rs. 50,000 | Nil | Nil | 5% |
| Next Rs. 2,00,000 | 5% | Nil | 5% |
| Next Rs. 5,00,000 | 20% | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% | 30% |
Surcharge on Income tax: For the assessment years 2018-19 and 2019-20, 10 per cent of income-tax if taxable income exceeds Rs. 50 lakh or 15 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is resident or non-resident).
For the assessment year 2020-21,
10 per cent of income-tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 per cent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 per cent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 per cent of income-tax if taxable income exceeds Rs. 5 crore (surcharge is payable whether taxpayer is resident or non-resident).
However, the maximum rate of surcharge on tax payable on capital gain as referred to in section 111A, and section 112A shall be 15%.
Education cess: 2% of income-tax and surcharge for the assessment year 2018-19.
Secondary and higher education cess: 1% of income-tax and surcharge for the assessment year 2018-19.
Health and education cess: 4% of income-tax and surcharge for the assessment year 2019-20 and 2020-21.
Assessment year 2021-22 (for Old tax regime)
| Resident Super Senior Citizen | Resident Senior Citizen | Any other Individual | |
| Up to Rs. 2,50,000 | Nil | Nil | Nil |
| Rs. 2,50,001- Rs. 3,00,000 | Nil | Nil | 5% |
| Rs. 3,00,001- Rs. 5,00,000 | Nil | 5% | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% | 30% |
Alternative Tax Regime under section 115BAC (New tax regime)
| Total Income (Rs) | Rate |
| Upto 2,50,000 | Nil |
| From 2,50,001 to 5,00,000 | 5% |
| From 5,00,001 to 7,50,000 | 10% |
| From 7,50,001 to 10,00,000 | 15% |
| From 10,00,001 to 12,50,000 | 20% |
| From 12,50,001 to 15,00,000 | 25% |
| Above 15,00,000 | 30% |
Surcharge on income-tax:
10 per cent of income-tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 per cent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 per cent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 per cent of income-tax if taxable income exceeds Rs. 5 crore (surcharge is payable whether taxpayer is resident or non-resident).
However, the maximum rate of surcharge on tax payable on capital gain as referred to in section 111A, and section 112A shall be 15%.
Health and education cess: 4% of income-tax and surcharge.
Assessment year 2022-23 (for Old tax regime)
| Net income range | Resident Super Senior Citizen | Resident Senior Citizen | Any other Individual |
| Up to Rs. 2,50,000 | Nil | Nil | Nil |
| Rs. 2,50,001- Rs. 3,00,000 | Nil | Nil | 5% |
| Rs. 3,00,001- Rs. 5,00,000 | Nil | 5% | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% | 30% |
Alternative Tax Regime under section 115BAC (New tax regime)
| Total Income (Rs) | Rate |
| Upto 2,50,000 | Nil |
| From 2,50,001 to 5,00,000 | 5% |
| From 5,00,001 to 7,50,000 | 10% |
| From 7,50,001 to 10,00,000 | 15% |
| From 10,00,001 to 12,50,000 | 20% |
| From 12,50,001 to 15,00,000 | 25% |
| Above 15,00,000 | 30% |
Surcharge on income-tax:
10 per cent of income-tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 per cent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 per cent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 per cent of income-tax if taxable income exceeds Rs. 5 crore (surcharge is payable whether taxpayer is resident or non-resident).
However, the maximum rate of surcharge on tax payable on dividend income or capital gains referred to in Section 111A, and Section 112A shall be 15%.
Health and education cess : 4% of income-tax and surcharge.
Assessment year 2023-24 (for Old tax regime)
| Net income range | Resident Super Senior Citizen | Resident Senior Citizen | Any other Individual |
| Up to Rs. 2,50,000 | Nil | Nil | Nil |
| Rs. 2,50,001- Rs. 3,00,000 | Nil | Nil | 5% |
| Rs. 3,00,001- Rs. 5,00,000 | Nil | 5% | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% | 30% |
Alternative Tax Regime under section 115BAC (New tax regime)
| Total Income (Rs) | Rate |
| Upto 2,50,000 | Nil |
| From 2,50,001 to 5,00,000 | 5% |
| From 5,00,001 to 7,50,000 | 10% |
| From 7,50,001 to 10,00,000 | 15% |
| From 10,00,001 to 12,50,000 | 20% |
| From 12,50,001 to 15,00,000 | 25% |
| Above 15,00,000 | 30% |
Surcharge on income-tax:
10 per cent of income-tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 per cent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 per cent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 per cent of income-tax if taxable income exceeds Rs. 5 crore (surcharge is payable whether taxpayer is resident or non-resident).
However, The maximum rate of surcharge on tax payable on dividend income or capital gain referred to in Section 111A, Section 112, or Section 112A shall be 15%.
Health and education cess : 4% of income-tax and surcharge from the assessment year 2023-24.
➢ Income-tax Rates for Firms (Including LLPS)
Tax rates for the last ten assessment years
INCOME-TAX RATES FOR FIRMS (including LLPs)
| Assessment Years | |||
| 2014-15 and 2015-16 | 2016-17 to 2018-19 | 2019-20 to 2023-24 | |
| Income Tax | 30% | 30% | 30% |
| Surcharge* | 10% | 12% | 12% |
| Tax rate including surcharge | 33% | 33.6% | 33.6% |
| Education cess | 3% | 3% | – |
| Health & Education Cess | – | – | 4% |
| Tax rate including surcharge and cess | 33.99% | 34.608% | 34.944% |
*The amount of income-tax shall be increased by a surcharge where total income exceeds one crore rupees.
➢ Income-tax Rates for AOP/BOI/AJP
Tax rates for the last ten assessment years
INCOME-TAX RATES FOR AOP/BOI/AJP
Assessment year 2014-15
| Total Income | Tax Rates |
| First Rs. 2,00,000 | Nil |
| Next Rs. 50,000 | 10% |
| Next Rs. 2,50,000 | 10% |
| Next Rs. 5,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge on income-tax: 10 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is resident or non-resident).
Education cess: 2% of income-tax and surcharge.
Secondary and higher education cess: 1% of income-tax and surcharge.
Assessment years 2015-16 to 2017-18
| Total Income | Tax Rates |
| First Rs. 2,50,000 | Nil |
| Next Rs. 50,000 | 10% |
| Next Rs. 2,00,000 | 10% |
| Next Rs. 5,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge on income-tax: For assessment year 2015-16, 10 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is resident or non-resident).
For assessment year 2016-17, 12 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is resident or non-resident).
For the assessment year 2017-18, 15 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is resident or non-resident).
Education cess: 2% of income-tax and surcharge.
Secondary and higher education cess: 1% of income-tax and surcharge.
Assessment year 2018-19 to 2020-21
| Total Income | Tax Rates |
| First Rs. 2,50,000 | Nil |
| Next Rs. 50,000 | 5% |
| Next Rs. 2,00,000 | 5% |
| Next Rs. 5,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge on Income tax: For the assessment years 2018-19 and 2019-20, 10 per cent of income-tax if taxable income exceeds Rs. 50 lakh or 15 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is resident or non-resident).
For the assessment year 2020-21,
10 per cent of income-tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 per cent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 per cent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 per cent of income-tax if taxable income exceeds Rs. 5 crore (surcharge is payable whether taxpayer is resident or non-resident).
However, the maximum rate of surcharge on tax payable on capital gain as referred to in section 111A, and section 112A shall be 15%.
Education cess: 2% of income-tax and surcharge for the assessment year 2018-19.
Secondary and higher education cess: 1% of income-tax and surcharge for the assessment year 2018-19.
Health and education cess: 4% of income-tax and surcharge for the assessment year 2019-20 and 2020-21.
Assessment year 2021-22
| Net income range | Tax Rates |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001- Rs. ,00,000 | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge on income-tax:
10 per cent of income-tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 per cent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 per cent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 per cent of income-tax if taxable income exceeds Rs. 5 crore (surcharge is payable whether taxpayer is resident or non-resident).
However, the maximum rate of surcharge on tax payable on capital gain as referred to in section 111A, and section 112A shall be 15%.
Health and education cess: 4% of income-tax and surcharge.
Assessment year 2022-23
| Net income range | Tax Rates |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001- Rs. 5,00,000 | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge on income-tax:
10 per cent of income-tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 per cent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 per cent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 per cent of income-tax if taxable income exceeds Rs. 5 crore (surcharge is payable whether taxpayer is resident or non-resident).
However, the maximum rate of surcharge on tax payable on dividend income or capital gains referred to in Section 111A, and Section 112A shall be 15%.
Health and education cess : 4% of income-tax and surcharge.
Assessment year 2023-24
| Net income range | Tax Rates |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001- Rs. 5,00,000 | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge on income-tax:
10 per cent of income-tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 per cent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 per cent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 per cent of income-tax if taxable income exceeds Rs. 5 crore (surcharge is payable whether taxpayer is resident or non-resident).
However, the maximum rate of surcharge on tax payable on dividend income or capital gain referred to in Section 111A, Section 112, or Section 112A shall be 15%.
Health and education cess : 4% of income-tax and surcharge.
➢ Income-tax Rates for Companies
Tax rates for the last ten assessment years
INCOME-TAX RATES FOR COMPANIES
Assessment years 2014-15 to 2019-20
| Particulars | Tax Rates |
| In the case of a domestic company | 30% |
| In the case of a foreign company :
i. royalties received from an Indian concern in pursuance of an agreement made by it with the Indian concern after March 31, 1961; or fees for rendering technical services received from an Indian concern in pursuance of an agreement made by it with the Indian concern after February 29, 1964, but before April 1, 1976 and where such agreement has, in either case been approved by the Central Government. ii. Other income |
50% 40% |
Surcharge on Income Tax:
For the assessment years 2014-15 and 2015-16
- If net income exceeds Rs. 1 crore but does not exceed Rs. 10 crore: 5 per cent in the case of a domestic company and 2 per cent in the case of a foreign company
- If net income exceeds Rs. 10 crore : 10 per cent in the case of a domestic company and 5 per cent in the case of a foreign company,
For the assessment years 2016-17 to 2019-20
- If net income exceeds Rs. 1 crore but does not exceed Rs. 10 crore: 7 per cent in the case of a domestic company and 2 per cent in the case of a foreign company
- If net income exceeds Rs. 10 crore: 12 per cent in the case of a domestic company and 5 per cent in the case of a foreign company.
Education cess: 2% of income-tax and surcharge for the assessment years 2014-15 to 2018-19.
Secondary and higher education cess: 1% of income-tax and surcharge for the assessment years 2014-15 to 2018-19.
Health & Education Cess: 4% of income-tax and surcharge for the assessment year 2019-20.
Assessment Year 2020-21
| Particulars | Tax Rates |
| In the case of a domestic company | |
| • If total turnover or gross receipts during the financial year 2017-18 does not exceed Rs. 400 crores | 25% |
| • Opting for Section 115BA | 25% |
| • Opting for Section 115BAA | 22% |
| • Opting for Section 115BAB | 15% |
| • Any other domestic company | 30% |
| In the case of a foreign company | 40% |
Surcharge on Income Tax:
| Company | Range of Total Income | ||
| Rs. 1 crore or less | Above Rs. 1 crore but up to Rs. 10 crores | Above Rs. 10 crores | |
| Domestic Company opting for Section 115BA | Nil | 7% | 12% |
| Domestic Company opting for Section 115BAA | 10% | 10% | 10% |
| Domestic Company opting for Section 115BAB | 10% | 10% | 10% |
| Any other domestic company | Nil | 7% | 12% |
| Foreign company | Nil | 2% | 5% |
Health & Education Cess: 4% of income-tax and surcharge.
Assessment Year 2021-22
| Particulars | Tax Rates |
| In the case of a domestic company | |
| • If total turnover or gross receipts during the financial year 2018-19 does not exceed Rs. 400 crores | 25% |
| • Opting for Section 115BA | 25% |
| • Opting for Section 115BAA | 22% |
| • Opting for Section 115BAB | 15% |
| • Any other domestic company | 30% |
| In the case of a foreign company | 40% |
Surcharge on Income Tax:
| Company | Range of Total Income | ||
| Rs. 1 crore or less | Above Rs. 1 crore but up to Rs. 10 crores | Above Rs. 10 crores | |
| Domestic Company opting for Section 115BA | Nil | 7% | 12% |
| Domestic Company opting for Section 115BAA | 10% | 10% | 10% |
| Domestic Company opting for Section 115BAB | 10% | 10% | 10% |
| Any other domestic company | Nil | 7% | 12% |
| Foreign company | Nil | 2% | 5% |
Health & Education Cess: 4% of income-tax and surcharge.
Assessment Year 2022-23
| Particulars | Tax Rates |
| In the case of a domestic company | |
| • If total turnover or gross receipts during the financial year 2019-20 does not exceed Rs. 400 crores | 25% |
| • Opting for Section 115BA | 25% |
| • Opting for Section 115BAA | 22% |
| • Opting for Section 115BAB | 15% |
| • Any other domestic company | 30% |
| In the case of a foreign company | 40% |
Surcharge on Income Tax:
| Company | Range of Total Income | ||
| Rs. 1 crore or less | Above Rs. 1 crore but up to Rs. 10 crores | Above Rs. 10 crores | |
| Domestic Company opting for Section 115BA | Nil | 7% | 12% |
| Domestic Company opting for Section 115BAA | 10% | 10% | 10% |
| Domestic Company opting for Section 115BAB | 10% | 10% | 10% |
| Any other domestic company | Nil | 7% | 12% |
| Foreign company | Nil | 2% | 5% |
Health & Education Cess: 4% of income-tax and surcharge.
For Assessment Year 2023-24
| Particulars | Tax Rates |
| In the case of a domestic company | |
| • If total turnover or gross receipts during the financial year 2020-21 does not exceed Rs. 400 crores | 25% |
| • Opting for Section 115BA | 25% |
| • Opting for Section 115BAA | 22% |
| • Opting for Section 115BAB | 15% |
| • Any other domestic company | 30% |
| In the case of a foreign company | 40% |
Surcharge on Income Tax:
| Company | Range of Total Income | ||
| Rs. 1 crore or less | Above Rs. 1 crore but up to Rs. 10 crores | Above Rs. 10 crores | |
| Domestic Company opting for Section 115BA | Nil | 7% | 12% |
| Domestic Company opting for Section 115BAA | 10% | 10% | 10% |
| Domestic Company opting for Section 115BAB | 10% | 10% | 10% |
| Any other domestic company | Nil | 7% | 12% |
| Foreign company | Nil | 2% | 5% |
Health & Education Cess: 4% of income-tax and surcharge.
➢ Income-tax Rates for Co-Operative Societies
Tax rates for the last ten assessment years
INCOME-TAX RATES FOR CO-OPERATIVE SOCIETIES
Assessment year 2014-15 to 2020-21
| Total Income | Tax Rates |
| For first Rs. 10,000 | 10% |
| For next Rs. 10,000 | 20% |
| On balance | 30% |
Surcharge on income-tax—
| Assessment year | Surcharge (as % of income-tax) |
| 2014-15 and 2015-16 | 10% (if income exceeds Rs. 1 crore) |
| 2016-17 to 2020-21 | 12% (if income exceeds Rs. 1 crore) |
Education cess: 2% of income-tax and surcharge for the assessment years 2014-15 to 2018-19.
Secondary and higher education cess: 1% of income-tax for the assessment years 2014-15 to 2018-19.
Health and education cess: 4% of income-tax for the assessment Years 2019-20 and 2020-21
Assessment Year 2021-22 and 2022-23 (for Old tax regime)
| Total Income | Tax Rates |
| For first Rs. 10,000 | 10% |
| For next Rs. 10,000 | 20% |
| On balance | 30% |
Surcharge on Income Tax: 12% of income tax, if the income exceeds Rs. 1 crore
Alternative Tax Regime under section 115BAD – The income shall be taxable at a flat rate of 22%. Further, surcharge shall be levied at a flat rate of 10% of the income tax, irrespective of the income of such society.
Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of 4% of such income-tax and surcharge.
Assessment Year 2023-24 (for Old tax regime)
| Total Income | Tax Rates |
| For first Rs. 10,000 | 10% |
| For next Rs. 10,000 | 20% |
| On balance | 30% |
Surcharge on Income Tax:
- 7% of income tax, if the income exceeds Rs. 1 crore upto Rs. 10 crores
- 12% of income tax, if the income exceeds Rs. 10 crores.
Alternative Tax Regime under section 115BAD – The income shall be taxable at a flat rate of 22%. Further, surcharge shall be levied at a flat rate of 10% of the income tax, irrespective of the income of such society.
Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at
[As amended by Finance Act, 2024]
