The income tax structure for Individuals and Hindu Undivided Families (HUFs) over the past decade (Assessment Year (AY) 2016-17 to AY 2025-26) shows a movement toward simplified alternative regimes. The Old Tax Regime maintained a graduated slab structure with differential basic exemption limits based on age: ₹2,50,000 for general individuals, ₹3,00,000 for resident senior citizens, and ₹5,00,000 for resident super senior citizens, all consistently hitting the maximum marginal rate of 30% for income exceeding ₹10,00,000. A major legislative change began with the introduction of the Alternative Tax Regime under Section 115BAC from AY 2021-22. This regime provided lower, more numerous slab rates (e.g., 5% at ₹2,50,001, up to 30% at ₹15,00,001) in exchange for foregoing most deductions and exemptions. This alternative option was eventually designated as the default tax regime starting from AY 2024-25. Concurrently, the slabs within this default regime were further adjusted, raising the tax-exempt threshold to ₹3,00,000 by AY 2025-26, and expanding the 5% tax bracket, highlighting a structural shift toward a simpler, non-deduction-based system, while the Old Tax Regime remains selectable.
Taxation for entities like Firms and Companies also underwent notable shifts, although the statutory tax rate for Firms and LLPs remained constant at 30%. For domestic companies, the tax rates saw diversification based on turnover and voluntary options starting around AY 2020-21. While some large companies paid 30%, a reduced rate of 25% was made available to companies with turnover up to a defined threshold (initially ₹400 crores). Furthermore, highly concessional flat rates of 22% (Section 115BAA) and 15% (Section 115BAB for new manufacturers) were introduced for domestic companies that opted to surrender certain deductions, significantly lowering the effective corporate tax burden for eligible entities. The rate for foreign companies was generally 40%, with a reduction to 35% scheduled for AY 2025-26. Co-operative Societies maintained their tiered slab structure (10%, 20%, 30%) but were also provided flat-rate alternatives, including a 22% rate under Section 115BAD and a 15% rate for new manufacturing activities under Section 115BAE.
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Income Tax rates for the last ten assessment years
➢ INCOME-TAX RATES FOR INDIVIDUALS AND HUFs
| Assessment years 2016-17 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.
**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 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.
Assessment year 2024-25
Alternative Tax Regime under section 115BAC (Default tax regime for taxpayers)
| Total Income (Rs) | Rate |
| Upto 3,00,000 | Nil |
| From 3,00,000 to 6,00,000 | 5% |
| From 6,00,001 to 9,00,000 | 10% |
| From 9,00,001 to 12,00,000 | 15% |
| From 12,00,001 to 15,00,000 | 20% |
| Above 15,00,000 | 30% |
Old tax regime can be opted
| 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% |
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 of 37% is not applicable if the taxpayer opts to pay tax under section 115BAC. Further, 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.
Assessment year 2025-26
Alternative Tax Regime under section 115BAC (Default tax regime for taxpayers)
| Total Income (Rs) | Rate |
| Upto 3,00,000 | Nil |
| From 3,00,000 to 7,00,000 | 5% |
| From 7,00,001 to 10,00,000 | 10% |
| From 10,00,001 to 12,00,000 | 15% |
| From 12,00,001 to 15,00,000 | 20% |
| Above 15,00,000 | 30% |
Old tax regime can be opted
| 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% |
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 of 37% is not applicable if the taxpayer opts to pay tax under section 115BAC. Further, 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)
| Assessment Years | |||
| 2015-16 | 2016-17 to 2018-19 | 2019-20 to 2025-26 | |
| 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
Assessment years 2016-17 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. 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 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.
Assessment year 2024-25
Default Tax Regime under section 115BAC(1A)
| Net Income Range | Tax rate |
| Upto Rs. 3,00,000 | Nil |
| From Rs. 3,00,001 to Rs. 6,00,000 | 5% |
| From Rs. 6,00,001 to Rs.9,00,000 | 10% |
| From Rs. 9,00,001 to Rs. 12,00,000 | 15% |
| From Rs. 12,00,001 to Rs. 15,00,000 | 20% |
| Above Rs. 15,00,000 | 30% |
However, the taxpayer can opt out from the default tax regime and choose the normal tax regime:
| Net income range | Tax rate |
| 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 higher rate of surcharge of 37% is not applicable if the taxpayer chooses to pay tax under the default tax regime under section 115BAC.
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.
Assessment year 2025-26
Default Tax Regime under section 115BAC(1A)
| Net Income Range | Tax rate |
| Upto Rs. 3,00,000 | Nil |
| From Rs. 3,00,001 to Rs. 7,00,000 | 5% |
| From Rs. 7,00,001 to Rs.10,00,000 | 10% |
| From Rs. 10,00,001 to Rs. 12,00,000 | 15% |
| From Rs. 12,00,001 to Rs. 15,00,000 | 20% |
| Above Rs. 15,00,000 | 30% |
However, the taxpayer can opt out from the default tax regime and choose the normal tax regime:
| Net income range | Tax rate |
| 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 higher rate of surcharge of 37% is not applicable if the taxpayer chooses to pay tax under the default tax regime under section 115BAC.
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
Assessment years 2016-17 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. | 50% |
| ii. Other income | 40% |
Surcharge on Income Tax:
For the assessment years 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 2015-16 to 2018-19.
Secondary and higher education cess: 1% of income-tax and surcharge for the assessment years 2015-16 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.
For Assessment Year 2024-25
| Particulars | Tax Rates |
| In the case of a domestic company | |
| • If total turnover or gross receipts during the financial year 2021-22 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 2025-26
| Particulars | Tax Rates |
| In the case of a domestic company | |
| • If total turnover or gross receipts during the financial year 2022-23 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 | 35% |
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
Assessment year 2016-17 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) |
| 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 the rate of 4% of such income-tax and surcharge.
Assessment Year 2024-25 (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.
Alternative Tax Regime under section 115BAE – The income from manufacturing activities shall be taxable at a flat rate of 15% subject to the fulfilment of certain conditions. 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 2025-26 (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.
Alternative Tax Regime under section 115BAE – The income from manufacturing activities shall be taxable at a flat rate of 15% subject to the fulfilment of certain conditions. 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.
(Republished with amendments)
