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TAX RATES

Under Old Tax Regime

By:

Sneha Arora

BFIA-2B

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  • Individual
  • Joint Hindu Family/Hindu Undivided Family (JHF/HUF)
  • Body of Individuals/Association of Persons (BoI/AoP)
  • Artificial Juridical Person (AJP)
  • Firm (including partnership, LLP)
  • Local Authority
  • Company

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TYPES OF PERSONS:

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Individual, HUF, AoP/BoI, AJP

SLAB I

First Rs. 2,50,000

Exempted

Next Rs. 2,50,000

5%

Next Rs. 5,00,000

20%

Balance

30%

SLAB II

First Rs. 3,00,000

Exempted

Next Rs. 2,00,000

5%

Next Rs. 5,00,000

20%

Balance

30%

SLAB III

First Rs. 5,00,000

Exempted

Next Rs. 5,00,000

20%

Balance

30%

Any other resident individual, non-resident individual, HUF, AOP, BOI

Senior Citizen (resident individual at least 60yo at any time during the previous year but less than 80yo

Super Senior Citizen (resident individual at least 80yo at any time during the previous year

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FIRM, Local Authority

A partnership firm (including a limited liability partnership firm) is taxable at the rate of flat 30%

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COMPANY

  • A domestic company is taxable at the rate of flat 30% (Flat 22% for startups)

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  • A non-domestic company is taxable at the rate of flat 40%

DOMESTIC (including Indian) FOREIGN/Non-Domestic

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  • Formed and registered under Indian companies Act
  • Registered office in India
  • Conducts AGM in India, dividend paid and declared in India
  • Registered outside India

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Additional: Cooperative Society

A cooperative society is taxable as follows

First Rs. 10,000

10%

Next Rs. 10,000

20%

Balance

30%

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