It is deductible from income-tax before calculating education cess. 5,00,000) can avail rebate under section 87A.
#TAX BRACKETS FOR 2021 PLUS#
Health and Education Cess :Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge.Ī resident individual (whose net income does not exceed Rs. 5 crore by more than the amount of income that exceeds Rs. 2 croreĪmount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 2 crore by more than the amount of income that exceeds Rs. 1 croreĪmount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. Note 2: Marginal relief is available from surcharge in following manner- Net Income RangeĪmount 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 LakhsĪmount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%.
Note 1: The enhanced surcharge of 25% & 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A, 112A and 115AD. 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 Income Tax Rates applicable to Individuals (Resident / Non Resident for FY 2020-21 & 2021-22ġ.1 Individuals (Other than senior and super senior citizen)ī. Income Tax Rates for FY 2020-21 & FY 2021-22 for Co-operative Societyġ. Income Tax Rates for FY 2020-21 & FY 2021-22 for Local Authority Income Tax Rates for FY 2020-21 & FY 2021-22 for Partnership Firm & LLP Income Tax Rates applicable to Company for FY 2020-21 & FY 2021-22 Special Income Rates for Individual & HUF u/s. Income Tax Rates for FY 2020-21 & FY 2021-22 for HUF, AOP, BOI, Other Artificial Juridical Person Income Tax Rates applicable to Individuals (Resident / Non Resident for FY 2020-21 & 2021-22
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