2020 to 2021 tax brackets9/9/2023 ![]() ![]() 5 crore rupees b) Health and Education Cess: 5Ĭrore rupees by more than the amount of income that exceeds Rs. Shall not exceed total amount payable as income-tax on total income of Rs. 5 crore rupees, the total amount payable as income-tax and surcharge More than the amount of income that exceeds Rs. Not exceed total amount payable as income-tax on total income of Rs. 2 crore, the total amount payable as income-tax and surcharge shall 1 crore, the total amount payable as income-tax and surcharge shall 50 lakhs, the total amount payable as income-tax and surcharge shall Surcharge shall be subject to marginal relief:Įxceeds Rs. Of tax payable on both normal income as well as income referred to in Other income, surcharge shall be levied at the rate of 15% on the amount 2 crores then irrespective of the amount of Including the incomes as referred to in section 111A, 112A and 115AD, Where other income of a person does not exceed Rs. Rate of surcharge on tax payable on such incomes shall be 15%. Short term or Long term capital gains on transfer of certain securitiesĬhargeable to tax under section 111A, 112A and 115AD. Tax payable on both normal income as well as income referred to in Income, surcharge shall be levied at the rate of 15% on the amount of 2 crores then irrespective of the amount of other Including the incomes as referred to in section 111A and 112A, the total Other income of a person does not exceed Rs. Of surcharge on tax payable on such incomes shall be 15%. 2) Act, 2019 has been amended to withdraw theĮnhanced surcharge, i.e., 25% or 37%, as the case may be, from incomeĬhargeable to tax under section 111A and 112A. ![]() Long-term capital gain covered under Section 112A Short-term capital gain covered under Section 111A Individual, HUF or Artificial Judicial Person In case of an Individual (resident or non-resident) less than 60 years of age anytime during the previous year: Individuals and HUFs can opt for the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act) The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain Exemptions and Deductions (like 80C, 80D, 80TTB, HRA) available in the Existing Tax Regime. Non-resident individual irrespective of the age. ![]()
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