A. For resident individual (male or female) who is not senior citizen and HUF, AOP, BOI and AJP:
| Net Income | Income Tax Rate |
Surcharge
|
| Up To Rs. 2 Lacks | NIL | NIL |
| Rs.2 Lacks to Rs.5 Lacks | 10% of (total income – Rs. 2 Lacks) | NIL |
| Rs.5 Lacks to Rs.10 Lacks | Rs.30,000 + 20% of (total income – Rs.5 Lacks) | NIL |
| Rs. 10 Lacks to 1 Crore | Rs. 1,30,000 + 30% of (total income – Rs.10 Lacks) |
NIL |
| Above 1 Crore | Rs. 28,30,000 + 30% of (total income – Rs.1 Crore) |
10% of Income Tax |
In addition to income tax and surcharge, the education cess of 2% and secondary and higher education cess of 1% of income tax and surcharge is also applicable.
B. For resident senior citizen who is 60 years or more but less than 80 years during the financial year:
| Net Income | Income Tax Rate | Surcharge |
| Up To Rs. 2.50 Lacks | NIL | NIL |
| Rs.2.50 Lacks to Rs.5 Lacks | 10% of (total income – Rs. 2.50 Lacks) | NIL |
| Rs.5 Lacks to Rs.10 Lacks | Rs. 25,000 + 20% of (total income – Rs.5 Lacks) | NIL |
| Rs. 10 Lacks to 1 Crore | Rs. 1,25,000 + 30% of (total income – Rs.10 Lacks) |
NIL |
| Above 1 Crore | Rs. 28,25,000 + 30% of (total income – Rs.1 Crore) | 10% of Income Tax |
In addition to income tax and surcharge, the education cess of 2% and secondary and higher education cess of 1% of income tax and surcharge is also applicable.
C. For resident senior citizen who is 80 years or more during the financial year:
| Net Income | Income Tax Rate |
Surcharge |
| Up To Rs. 5 Lacks | NIL | NIL |
| Rs.5 Lacks to Rs.10 Lacks | 20% of (total income – Rs.5 Lacks) | NIL |
| Rs. 10 Lacks to 1 Crore | Rs. 1,00,000 + 30% of (total income – Rs.10 Lacks) |
NIL |
| Above 1 Crore | Rs. 28,00,000 + 30% of (total income – Rs.1 Crore) | 10% of Income Tax |
In addition to income tax and surcharge, the education cess of 2% and secondary and higher education cess of
1% of income tax and surcharge is also applicable.
D. Firms
Income tax is 30% of total income. Surcharge is 10% of total Income tax if income is above 1 Crore. Education cess is 2% and Higher Secondary education cess is 1% of income tax and surcharge is also applicable.
E. Companies
Income Tax Rates are for domestic company is 30%. Surcharge is 5% of total Income tax if income is above 1 Crore but below 10 Crore and 10% if income is above 10 Crore. Education cess is 2% and Higher Secondary education cess is 1% of income tax and surcharge is also applicable.
F. Co-Operative Societies
| Net Income | Income Tax Rate |
| Up To Rs. 10,000 | 10% |
| Rs.10,000 to Rs. 20,000 | 20% |
| Above Rs.10,000 | 30% |
Surcharge 10% is applicable if net income is more than Rs.1 Crore. In addition to income tax and surcharge, the education cess of 2% and secondary and higher education cess of 1% of income tax and surcharge is also applicable.
