1. Individual (Resident or Resident but not Ordinarily Resident or non-resident) other than Senior Citizen & for HUF:
| Taxable income | Tax Rate | Tax Rate |
| (Existing Scheme) | (New Scheme) | |
| Up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 20% | 15% |
| Rs. 10,00,001 to Rs. 12,50,000 | 30% | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 30% | 25% |
| Above Rs. 15,00,000 | 30% | 30% |
2. Individual (Resident or Resident but not Ordinarily Resident or non-resident), Senior Citizen (Age of 60 years or more but less than 80 Years)
| Taxable income | Tax Rate | Tax Rate |
| (Existing Scheme) | (New Scheme) | |
| Up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 3,00,000 | Nil | 5% |
| Rs. 3,00,001 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 20% | 15% |
| Rs. 10,00,001 to Rs. 12,50,000 | 30% | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 30% | 25% |
| Above Rs. 15,00,000 | 30% | 30% |
3. Individual (Resident or Resident but not Ordinarily Resident or non-resident), Very Senior Citizen (age of 80 years or more )
| Taxable income | Tax Rate | Tax Rate |
| (Existing Scheme) | (New Scheme) | |
| Up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | Nil | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 20% | 15% |
| Rs. 10,00,001 to Rs. 12,50,000 | 30% | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 30% | 25% |
| Above Rs. 15,00,000 | 30% | 30% |
Surcharge:
a) 10% of Income tax where total income exceeds Rs.50 lakh
b) 15% of Income tax where total income exceeds Rs.1 crore
c) 25% of Income tax where total income exceeds Rs.2 crore
d) 37% of Income tax where total income exceeds Rs.5 crore
Note: Enhanced Surcharge rate (25% or 37%) is not applicable in case of specified incomes I.e. short-term capital gain u/s 111A, long-term capital gain u/s 112A ,112 & short-term or long-term capital gain u/s 115AD(1)(b).
Education cess: 4% of income tax plus surcharge
Note:A resident or Resident but not Ordinarily Resident individual is entitled to rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less. rebate under section 87A is available in both scheme I.e. existing scheme as well as new scheme.
2.Income Tax Rates for AOP/BOI/Any other Artificial Juridical Person:
| Taxable income | Tax Rate |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge:
a) 10% of Income tax where total income exceeds Rs.50 lakh
b) 15% of Income tax where total income exceeds Rs.1 crore
c) 25% of Income tax where total income exceeds Rs.2 crore
d) 37% of Income tax where total income exceeds Rs.5 crore
Note: Enhanced Surcharge rate (25% or 37%) is not applicable in case of specified incomes I.e. short-term capital gain u/s 111A, long-term capital gain u/s 112A, 112 & short-term or long-term capital gain u/s 115AD(1)(b).
Education cess: 4% of tax plus surcharge
3. Tax Rate For Partnership Firm, Local Authority::
A partnership firm (including LLP), Local Authority is taxable at 30%.
Surcharge: 12% of Income tax where total income exceeds Rs. 1 crore
Education cess: 4% of Income tax plus surcharge
4. Tax Slab Rate for Domestic Company:
A domestic company is taxable at 30%. However, the tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year.
| Particulars | Tax Rate |
| If turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year 2020-21 | 25% |
| If company opted section 115BA | 25% |
| If company opted for section 115BAA(2) | 22% |
| If company opted for section 115BAB (2) | 15% |
| Any other domestic company | 30% |
Surcharge:
a) 7% of Income tax where total income exceeds Rs.1 crore
b) 12% of Income tax where total income exceeds Rs.10 crore
c) 10% of income tax where domestic company opted for section 115BAA and 115BAB
Education cess: 4% of Income tax plus surcharge
5. Tax Rates for Foreign Company:
A foreign company is taxable at 40%
Surcharge:
a) 2% of Income tax where total income exceeds Rs. 1 crore
b) 5% of Income tax where total income exceeds Rs. 10 crore
Education cess: 4% of Income tax plus surcharge
6. Income Tax Slab for Co-operative Society:
| Taxable income | Tax Rate | Tax Rate |
| (Existing Scheme) | (New Scheme) | |
| Up to Rs. 10,000 | 10% | |
| Rs. 10,001 to Rs. 20,000 | 20% | 22% |
| Above Rs. 20,000 | 30% |
Surcharge:
a) 12% of Income tax where total income exceeds Rs. 1 crore
b) In case of Concessional scheme, surcharge rate is 10%
Education cess: 4% of Income tax plus surcharge