2021 tax brackets plus#

Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:- Range of Income

(b) For Assessment Year 2024-25: Net Income RangeĪ. (a) For Assessment Year 2023-24: Net Income Range The tax rates under the new tax regime are as under: If one to opt-out from default new tax regime, he has to exercise the option under Section 115BAC(6). The benefit of new tax regime has also extended to Association of Persons (AOP)/Body of Individuals (BOI) and Artificial Juridical Person (AJP) w.e.f. However, for the Assessment Year 2024-25, the new tax regime is the default tax regime for the Individual or HUF. An individual or HUF has to exercise the option under Section 115BAC(5) to avail its benefit. New tax regime (also known as alternative tax regime) is optional for the Assessment Year 2023-24. However, AMT is levied at the rate of 9% (plus surcharge and cess as applicable) in case of an assessee other than a company, being a unit of an International Financial Services Centre and deriving its income solely in convertible foreign exchange.ġ.1. In such a case the 'adjusted total income' is taken as income of such individual and he shall be liable to pay tax at the rate of 18.5% of such 'adjusted total income'. 25,000 is allowed under section 87A.Such higher rebate is also subject to marginal relief (For Assessment Year 2024-25).Īn individual is liable to pay Alternate Minimum Tax where tax payable by him, on his total income computed as per normal provisions of the Act, is less than 18.5% of 'adjusted total income'. (3) If the total income of resident individual, who is opting for the new tax scheme under section 115BAC(1A), is up to Rs. The amount of rebate is 100 per cent of income-tax or Rs. It is deductible from income-tax before calculating education cess. 5,00,000) can avail rebate under section 87A. (2)Ě resident individual (whose net income does not exceed Rs. (1) The Health and Education Cess is nil if the total income of a 'specified fund' as referred to section 10(4D) includes any income in respect of securities as given under section 115AD(1)(a) (For Assessment Year 2024-25).

2021 tax brackets plus#

Health and Education Cess : Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge. 5 crores by more than the amount of income that exceeds Rs. 5 crores, marginal relief shall be available from surcharge in such a manner that the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 2 crores by more than the amount of income that exceeds Rs. 1 crore by more than the amount of income that exceeds Rs. 2 crore, marginal relief shall be available from surcharge in such a manner that the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of Rs 50 Lakh by more than the amount of income that exceeds Rs 50 Lakhs. Marginal relief is available from surcharge in following manner. Section 10(4D) includes any income in respect of securities as given under section 115AD(1)(a) (For Assessment Year 2024-25). (3) The surcharge rate is nil if the total income of a ‘specified fund’ as referred to (2) The surcharge rate for AOP with all members as a company, shall be capped at 15%.

Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%. (1) The enhanced surcharge of 25% & 37%, as the case may be, is not levied, on dividend income or income chargeable to tax under sections 111A, 112, 112A and 115AD(1)(b). Surcharge : Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:- Rate of Surcharge Hindu Undivided Family (Including AOP, BOI and Artificial Juridical Person)Ī. (who is 80 years or more at any time during the previous year) (who is 60 years or more but less than 80 years at any time during the previous year) (Other than resident senior and super senior citizen) In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Individuals