intro and computation of tax liability

rates of company in income tax {surcharge} foreign

foreign company

TI > 1 CR 2%

TI >10 CR 5%

REBATE U/S 87 A CONDITIONS

HIS TI <= 5L

AND

RESIDENT

REBATE U/S 87 A MAX REBATE ALLOWED

ACTUAL BT

OR

CEILING OF 12500

WHICHEVER IS LOWER

MARGINAL RELIEF ON SURCHARGE IN NTR

APPLICABLE

rates of income tax for firm

bt = flat 30% of total income sc= 12% cess =4%

rates of company in income tax{bt}

indian company 30% foreign company 35%

rates of company in income tax {surcharge} Indian

indian company

TI> 1 CR. 7%

TI>10 CR. 12%

CESS FOR COMPANY

4%

INDIVIDUAL NORMAL CITIZEN SLAB RATE

0-2.5 LAC

NIL

INDIVIDUAL NORMAL CITIZEN SLAB RATE

2.5 LACC TO 5 LAC

5%

INDIVIDUAL NORMAL CITIZEN SLAB RATE

5 LAC TO 10 LAC

20%

INDIVIDUAL NORMAL CITIZEN SLAB RATE

>10 LAC

30%

INDIVIDUAL SENIOR CITIZEN SLAB RATE

0-3 LAC

NIL

INDIVIDUAL SENIOR CITIZEN SLAB RATE

3 LACC TO 5 LAC

5%

INDIVIDUAL SENIOR CITIZEN SLAB RATE

5 LAC TO 10 LAC

20%

INDIVIDUAL SENIOR CITIZEN SLAB RATE

>10 LAC

30%

INDIVIDUAL SUPER SENIOR CITIZEN SLAB RATE

0-5 LAC

NIL

INDIVIDUAL SUPER SENIOR CITIZEN SLAB RATE

5L - 10 L

20%

INDIVIDUAL SUPER SENIOR CITIZEN SLAB RATE

>10 L

30%

SURCHARGE RATE FOR INDIVIDUAL

TI > 50 LACS - 10 %

TI > 1 CR - 15%

TI >2 CR -25 %

TI >5 CR-37%

HIGHER BEL OF 3L/5L SHOULD BE AVAILABLE ONLY TO

SENIOR/SUPER SENIOR CITIZEN

AND

RESIDENT

NEW TAX REGIME INCOME SLABS

0-4L NIL

4-8L 5%

8-12L 10%

12-16L 15%

16-20L 20%

20-24L 25%

24L < 30%

NEW TAX REGIME SURCHARGE

TI > 50 L - 10%

TI > 1 CR - 15%

TI > 2 CR- 25%

REBATE U/S 87A IN NTR CONDITION

TI <= 12 LAC

AND

RESIDENT

REBATE U/S 87A IN NTR CEILINGS

ACTUAL BT

OR

60000

WHICHEVER IS LOWER

MARGINAL RELIEF ON REBATE IN OTR

NA

MARGINAL RELIEF ON REBATE IN NTR

APPLICABLE 12,15,000 EXAMPLE

MARGINAL RELIEF ON SURCHARGE IN OTR

APPLICABLE

MARGINAL RELIEF FORMULA

A} Total tax (excl. cess) on given income

- b} Total tax (excl. cess) on income level precceding threshhold limit

-c} excess income beyond threshhold

=

marginal relief on surcharge

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