New Tax Slab 2021 22
| Individuals (Other than a senior and super senior citizen |
| NET INCOME |
RATE OF INCOME TAX |
| Up to Rs. 2,50,000 |
– |
| Rs. 2,50,000 to Rs. 5,00,000 |
5% |
| Rs. 5,00,000 to Rs. 10,00,000 |
20% |
| Above Rs. 10,00,000 |
30% |
| Individuals (Senior Citizen) |
| NET INCOME |
RATE OF INCOME TAX |
| Up to Rs. 3,00,000 |
– |
| Rs. 3,00,000 to Rs. 5,00,000 |
5% |
| Rs. 5,00,000 to Rs. 10,00,000 |
20% |
| Above Rs. 10,00,000 |
30% |
| Individuals (Super Senior Citizen) |
| NET INCOME |
RATE OF INCOME TAX |
| Up to Rs. 5,00,000 |
– |
| Rs. 5,00,000 to Rs. 10,00,000 |
20% |
| Above Rs. 10,00,000 |
30% |
| |
|
Surcharge: Surcharge is levied on the amount of income tax at the following rates if the total income of an assessee exceeds specified limits:
| RANGE OF INCOME |
SURCHARGE RATE |
|
| Rs. 50 Lakhs to Rs. 1 Crore |
10% |
|
| Rs. 1 Crore to Rs. 2 Crores |
15% |
|
| Rs. 2 Crores to Rs. 5 Crores |
25% |
|
| Rs. 5 crores to Rs. 10 Crores |
37% |
|
| Exceeding Rs. 10 Crores |
37% |
|
Health and Education Cess: Health and Education Cess is levied at the rate of 4% on the amount of income tax plus surcharge.
Rebate u/s.87A
- A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A.
- It is deductible from income tax before calculating education cess.
- The amount of rebate is 100 percent of income tax or Rs. 12,500, whichever is less.
SPECIAL TAX RATES AS PER NEW TAX REGIME FOR INDIVIDUAL F.Y. 2021-22.
DOWNLOAD OLD OR NEW TAX REGIME UNDERTAKING BY EMPLOYEE
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