INCOME TAX RATES
INDIVIDUALS
Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year.
Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year.
Surcharge:
The rate of surcharge as a percentage of income-tax where total income exceeds certain limits.
Note: The higher rates of 25% and 37% are not applicable for income chargeable to tax at special rates as per section 111A, section 112 and dividend income.
Health and Education Cess:
4% of income-tax and surcharge.
Partnership Firm:
A partnership firm (including LLP) is taxable at 30%
Surcharge:
12% of tax where total income exceeds Rs 1 crore
Health and Education cess:
4% of income-tax and surcharge
COMPANIES
Domestic Companies:
Foreign Companies:
The tax rate for foreign companies is 40%
Surcharge:
Surcharge @ 10% for domestic companies opting for section 115BAA/115BAB irrespective of income level.
Health and Education cess:
4% of income-tax and surcharge
HUF/ AOP/ BOI/ ANY OTHER ARTIFICIAL JUDICIARY PERSON
Surcharge:
Health and Education cess:
4% of income-tax and surcharge
CO-OPERATIVE SOCIETY
Surcharge:
12% of tax where total income exceeds 1 crore
Health and Education cess:
4% of income-tax and surcharge
LOCAL AUTHORITY
A local authority is taxable at 30%
Surcharge:
12% of tax where total income exceeds 1 crore
Health and Education cess:
4% of income-tax and surcharge
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