Tax rates for Assessment Year 2021-22
- Press Release|
- 3 Min Read
- By Taxmann
- |
- Last Updated on 28 October, 2020
Latest from Taxmann
Tax rates for Assessment Year 2021-22
The Finance Minister, Smt. Nirmala Sitharaman, has presented the Union Budget 2020-21 in the parliament on February 1, 2020. The whole Country was waiting for this budget with bated breath as it was expected that the Finance Minister would announce some tax cuts on personal taxation front considering the recent cuts in the corporate tax rates.
Overpassing everyone’s expectations, a new tax regime has been proposed for Individual, HUF and co-operative societies. Now they would have the option to either opt for the existing tax regime or claim all the deductions and exemptions under the Income Tax Act or else opt for the new scheme foregoing specified exemptions and deductions. The changes in tax rates are enumerated in below tables:-
Use Taxmann’s latest Calculator Updated as per Finance Bill, 2019
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TAX RATE |
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Individual (Others) and HUF [OLD REGIME] |
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Net Income Range |
Rate of Income-tax |
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Assessment Year 2021-22 |
Assessment Year 2020-21 |
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Upto Rs. 2,50,000 |
– |
– |
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Rs. 2,50,000 to Rs. 5,00,000 |
5% |
5% |
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Rs. 5,00,000 to Rs. 10,00,000 |
20% |
20% |
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Above Rs. 10,00,000 |
30% |
30% |
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Senior Citizen |
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(who is 60 years or more at any time during the previous year) |
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Net Income Range |
Rate of Income-tax |
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Assessment Year 2021-22 |
Assessment Year 2020-21 |
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Upto Rs. 3,00,000 |
– |
– |
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Rs. 3,00,000 to Rs. 5,00,000 |
5% |
5% |
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Rs. 5,00,000 to Rs. 10,00,000 |
20% |
20% |
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Above Rs. 10,00,000 |
30% |
30% |
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Super Senior Citizen |
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(who is 80 years or more at any time during the previous year) |
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Net Income Range |
Rate of Income-tax |
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Assessment Year 2021-22 |
Assessment Year 2020-21 |
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Upto Rs. 5,00,000 |
– |
– |
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Rs. 5,00,000 to Rs. 10,00,000 |
20% |
20% |
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Above Rs. 10,00,000 |
30% |
30% |
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Individual and HUF [NEW REGIME]
Company |
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Particulars |
Rate of Income-tax |
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Assessment Year 2021-22 |
Assessment Year 2020-21 |
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Domestic Company |
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Total turnover or gross receipt during the previous year 2017-18 does not exceed Rs. 400 crore |
25% |
25% |
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Co. opted for Section 115BA |
25% |
25% |
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Co. opted for Section 115BAA |
22% |
22% |
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Co. opted for Section 115BAB |
15% |
15% |
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Any other domestic company |
30% |
30% |
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Foreign Company |
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In General |
40% |
40% |
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Co-operative Society [OLD REGIME] |
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Net Income Range |
Rate of Income-tax |
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Assessment Year 2021-22 |
Assessment Year 2020-21 |
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Upto Rs. 10,000 |
10% |
10% |
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Rs. 10,000 to Rs. 20,000 |
20% |
20% |
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Above Rs. 20,000 |
30% |
30% |
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Co-operative Society [NEW REGIME]
Other Entity |
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Net Income Range |
Rate of Income-tax |
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Assessment Year 2021-22 |
Assessment Year 2020-21 |
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Firms |
30% |
30% |
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Local Authority |
30% |
30% |
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Rates of surcharge
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Taxpayer |
Rate of Surcharge |
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Assessment Year 2021-22 |
Assessment Year 2020-21 |
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Range of Income |
Range of Income |
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Rs. 50 Lakhs to Rs. 1 Crore |
Rs. 1 Crore to Rs. 2 Crores |
Rs. 2 Crores to Rs. 5 Crores |
Rs. 5 crores to Rs. 10 Crores |
Exceeding Rs. 10 Crores |
Rs. 50 Lakhs to Rs. 1 Crore |
Rs. 1 Crore to Rs. 2 Crores |
Rs. 2 Crores to Rs. 5 Crores |
Rs. 5 crores to Rs. 10 Crores |
Exceeding Rs. 10 Crores |
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Individuals/HUF |
10% |
15% |
25% |
37% |
37% |
10% |
15% |
25% |
37% |
37% |
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Firm/ Local Authority |
– |
12% |
12% |
12% |
12% |
– |
12% |
12% |
12% |
12% |
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Domestic Company Opting for Section 115BAA or 115BAB |
10% |
10% |
10% |
10% |
10% |
10% |
10% |
10% |
10% |
10% |
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Other Domestic Company |
– |
7% |
7% |
7% |
12% |
– |
7% |
7% |
7% |
12% |
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Foreign Company |
– |
2% |
2% |
2% |
5% |
– |
2% |
2% |
2% |
5% |
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Co-operative Societies opting for section 115BAD |
10% |
10% |
10% |
10% |
10% |
10% |
10% |
10% |
10% |
10% |
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Other co-operative societies |
– |
12% |
12% |
12% |
12% |
– |
12% |
12% |
12% |
12% |
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* Education Cess at the rate of 4% shall be charged on the aggregate of income-tax and surcharge |
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