Income Tax Rates For Assessment Year (AY) 2021-22/Financial Year (FY)  2020-21 as applicable to Individual (Below 60 Years of Age) or Hindu Undivided Family (HUF), For Individual (Age 60 years or more but less than 80 Years, For Individual (Age 80 years or above at any time during the previous year), For AOP/BOI (other than a co-operative society) whether incorporated or not or every artificial judicial person, For every CO-OPERATIVE society and For every Firm including Limited Liability Partnership (LLP).

(i) Income Tax Rates For Individual (Below 60 Years of Age) or Hindu Undivided Family (HUF) For Assessment Year 2021-22:-

Hindu Undivided FamilyNote:-Person opting to be taxed under new tax regime u/s 115BAC needs to satisfy the following conditions, only then he/she is allowed to opt for new tax regime. These conditions are:-

(i) The Total Income of an individual or huf shall be computed without claiming the following deductions and exemptions:
    • The standard Deduction of INR 50,000 on salary income.
    • Professional Tax & Entertainment allowances on salaries.
    • Leave Travel Allowance & House Rent Allowance.
    • Minor child Income Allowance & Helper Allowance.
    • Children Education Allowance & Other Special Allowance.
    • Interest on Housing Loan on self-occupied or vacant property.
    • Any deduction under Chapter VI-A (Except 80JJAA & 80 CCD(2).
    • Deduction from Family Pension Income.

(ii) For Individual (Age 60 years or more but less than 80 Years at any time during the previous year)

Age 60 years or more

(iii) For Individual (Age 80 years or above at any time during the previous year).

Age 80 years or above

(iv) For AOP/BOI (other than a co-operative society) whether incorporated or not or every artificial judicial person

artificial judicial person
  • SURCHARGE:-

Surcharge would also be applicable and added to the tax amount calculated above wherever applicable.

  • MARGINAL RELIEF:-

Marginal relief has also been provided in all cases where a surcharge is to be levied.

  • CESS:-

Health & Education cess @ 4% on income tax (including surcharge wherever applicable) would be added in income tax calculated above.

(v) For every CO-OPERATIVE society

CO-OPERATIVE society

Note:-CO-OPERATIVE SOCIETIES opting to be taxed under the new tax regime u/s 115BAD needs to satisfy the following conditions, only then it is allowed to opt for a new tax regime. These conditions are:-

(i) The Total Income of co-operative society shall be computed without claiming the following deductions and exemptions:-
    • Exemptions for newly established units in special economic zones (Section 10AA).
    • Additional Depreciation (Section 32(1)(ii).
    • Deduction for Investment in new plant & machinery in Notified Backward Areas in certain states (section 32AD).
    • Deduction for deposit into Tea development account, Coffee development account, and Rubber development account (section 33AB).
    • Deduction for deposit into site restoration fund (Section 33ABA).
    • Deduction for expenditure on scientific research (Section 35).
    • Deduction in respect of expenditure on specified business (Section 35AD)
    • Deduction in respect of expenditure on agricultural extension project (Section 35CCC).
    •  All deductions under Chapter VI-A (Except deduction Under Section 80JJA).
  • SURCHARGE:-

Surcharge would also be applicable and added to the tax amount calculated above wherever applicable.

  • MARGINAL RELIEF:-

Marginal relief has also been provided in all cases where a surcharge is to be levied.

  • CESS:-
Health & Education cess @ 4% on income tax (including surcharge wherever applicable) would be added in income tax calculated above.

(vi) For every Firm including Limited Liability Partnership (LLP)

A flat 30% rate of tax would be applicable on Total income followed by Surcharge (wherever applicable) & Health and education of 4%. For any query, feel free to contact undersigned

CA Rahul Upadhyay | Mail- [email protected]

Author Bio

Qualification: CA in Practice
Company: Rahul Upadhyay & Associates
Location: New Delhi, Delhi, India
Member Since: 07 Apr 2021 | Total Posts: 2

My Published Posts

More Under Income Tax

8 Comments

  1. VIDYASHREE SC says:

    SIR CAN YOU PLS SHARE ME THE INFORMATION REGARDING SURCHARGE FOR INDIVIDUAL & FIRM IF HAVING TAXABLE INCOME OR TAX ABOVE OR BLLOW 1 CRORE

    1. CA RAHUL UPADHYAY says:

      Surcharge would be applicable in the case of individuals in the following manner:-
      (i). The total income of the individual exceeds INR 50,00,000 but does not exceed INR 1 crore. The rate of Surcharge would be 10% of income tax.
      (ii). The total income of an individual exceeds INR 1 crore but does not exceed INR 2 crore. The rate of surcharge would be 15% of income tax.
      (iii). The total income of an individual exceeds INR 2 crore but does not exceed INR 5 crore. The rate of surcharge would be 25% of income tax.
      (iv). The total income of an individual exceeds INR 5 crore. The rate of surcharge would be 37% of income tax.
      Surcharge would be applicable in the case of Firms in the following manner:-
      (i). Where the total income of the firm (including LLP) exceeds INR 1 crore. The rate of surcharge would be 12% of income tax.
      (However marginal relief would be available in all the above cases)

Cancel reply

Leave a Comment to CA RAHUL UPADHYAY

Your email address will not be published. Required fields are marked *

Search Posts by Date

June 2021
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930