Income Tax Slab budget 2021

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There is no change in Tax Slab rates in Budget 2021. Tax rates under Part I of the first schedule applicable for the assessment year 2021-2...

There is no change in Tax Slab rates in Budget 2021.

Tax rates under Part I of the first schedule applicable for the assessment year 2021-22
Normal Tax Rates
Total Income (Rs.) Tax Rate
up to Rs. 2,50,000 Nil
2,50,000 to 5,00,000 5% of the amount by which Total Income exceeds Rs.2,50,000
5,00,000 to 10,00,000 Rs.12,500 + 20% of the amount by which Total Income exceeds Rs.5,00,000
More then Rs 10,00,000 Rs.1,12,500 + 30% of the amount by which Total Income exceeds Rs.10,00,000

for Individuals being (a) resident in India, & (b) age of 60 years or more but less than 80 years at any time during FY 2020-21
For Senior Citizens
Total Income (Rs.) Tax Rate
up to Rs. 3,00,000 Nil
3,00,000 to 5,00,000 5% of the amount by which Total Income exceeds Rs.3,00,000
5,00,000 to 10,00,000 Rs.10,000 + 20% of the amount by which Total Income exceeds Rs.5,00,000
More then Rs 10,00,000 Rs.1,10,000 + 30% of the amount by which Total Income exceeds Rs.10,00,000

for Individuals being (a) resident in India, & (b) age of 80 years or more at any time during FY 2020-21
For Very Senior Citizen
Total Income (Rs.) Tax Rate
up to Rs. 5,00,000 Nil
5,00,000 to 10,00,000 20% of the amount by which Total Income exceeds Rs.5,00,000
More then Rs 10,00,000 Rs.1,00,000 + 30% of the amount by which Total Income exceeds Rs.10,00,000

From the assessment year 2021-22 (FY 2020-21), individual and HUF tax payers have an option to opt for taxation under section 115BAC of the Act and the resident co-operative society has an option to opt for taxation under the newly inserted section 115BAD of the Act.
On satisfaction of certain conditions as per the provisions of section 115BAC, an individual or HUF shall, from assessment year 2021-22 onwards, have the option to pay tax in respect of the total income at following rates:
Concessional Tax Rates under Section 115BAC
Total Income (Rs.) Tax Rate
up to 2,50,000 Nil
2,50,000 to 5,00,000 5%
5,00,000 to 7,50,000 10%
7,50,000 to 10,00,000 15%
10,00,000 to 12,50,000 20%
12,50,000 to 15,00,000 25%
more then 15,00,000 30%


Similarly, a co-operative society resident in India shall have the option to pay tax at 22 per cent for assessment year 2021-22 onwards as per the provisions of section 115BAD, subject to fulfilment of certain conditions.

Co-operative Societies
In the case of co-operative societies, the rates of income-tax have been specified in Paragraph B of Part I of the First Schedule to the Bill. They remain unchanged at (10% up to Rs 10,000; 20% between Rs 10,000 and Rs 20,000; and 30% in excess of Rs 30,000)

Firms
In the case of firms, the rate of income-tax has been specified in Paragraph C of Part I of the First Schedule to the Bill. They remain unchanged at 30%

Local Authorities
The rate of income-tax in the case of every local authority has been specified in Paragraph D of Part I of the First Schedule to the Bill. They remain unchanged at 30%.

Companies
The rates of income-tax in the case of companies have been specified in Paragraph E of Part I of the First Schedule to the Bill. In case of domestic company, the rate of income-tax shall be twenty five percent. of the total income, if the total turnover or gross receipts of the previous year 2018-19 does not exceed four hundred crore rupees and in all other cases the rate of Income-tax shall be thirty percent. of the total income. In the case of company other than domestic company, the rates of tax are the same as those specified for the FY 2019-20.

Surcharge on income-tax
The amount of income-tax shall be increased by a surcharge for the purposes of the Union,—

(a) in the case of every individual or HUF or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act, 5 including an individual or HUF exercising option under section 115BAC, not having any income under section 115AD of the Act,—
  1. (i) having a total income (including the income by way of dividend or income under the provisions of section 111A and 112A of the Act) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten percent. of such income- tax; and
  2. (ii) having a total income (including the income by way of dividend or income under the provisions of section 111A and 112A of the Act) exceeding one crore rupees but not exceeding two crore rupees, at the rate of fifteen percent. of such income-tax;
  3. (iii) having a total income (excluding the income by way of dividend or income under the provisions of section 111A and 112A of the Act) exceeding two crore rupees but not exceeding five crore rupees, at the rate of twenty-five percent. of such income-tax;
  4. (iv) having a total income (excluding the income by way of dividend or income under the provisions of section 111A and 112A of the Act) exceeding five crore rupees, at the rate of thirty-seven percent. of such income-tax;
  5. (v) having a total income (including the income by way of dividend or income under the provisions of section 111A and 112A of the Act) exceeding two crore rupees, but is not covered under clause (iii) or (iv) above, at the rate of fifteen percent of such income tax:
Provided that in case where the total income includes any income by way of dividend or income chargeable under section 111A and 112A of the Act, the rate of surcharge on the amount of income-tax computed in respect of that part of income shall not exceed fifteen percent;
However, surcharge shall be at the rates provided in (i) to (v) above for all category of income without excluding dividend or capital gains in case if the income is taxable under section 115A, 115AB, 115AC, 115ACA and 115E.

(aa) in the case of individual or every association of person or body of individuals, whether    incorporated or not, or every artificial juridical person 6referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act having income under section 115AD of the Act,-
  1. (i) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten percent of such income-tax; and
  2. (ii) having a total income exceeding one crore rupees but not exceeding two crore rupees, at the rate of fifteen percent of suchincome-tax;
  3. (iii) having a total income [excluding the income by way of dividend or income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Act] exceeding two crore rupees but not exceeding five crore rupees, at the rate of twenty-five per cent. of such income-tax;
  4. (iv) having a total income [excluding the income by way of dividend or income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Act] exceeding five crore rupees, at the rate of thirty-seven percent. of such income-tax;
  5. (v) having a total income [including the income by way of dividend or income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Act] exceeding two crore rupees but is not covered in sub-clauses (iii) and (iv), at the rate of fifteen percent. of such income-tax:
Provided that in case where the total income includes any income by way of dividend or income chargeable under clause (b) of sub-section (1) of section 115AD of the Act, the rate of surcharge on the income-tax calculated on that part of income shall not exceed fifteen percent;

(b) in the case of every co-operative society (except resident co-operative society opting under section 115BAD) or firm or local authority, at the rate of twelve percent of such income-tax, where the total income exceeds one crore rupees;
(c) In case of resident co-operative society opting under section 115BAD, at the rate of ten percent of such income tax.
(d) in the case of every domestic company, except such domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Act,—
  1. (i) at the rate of seven per cent. of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees;
  2. (ii) at the rate of twelve per cent. of such income-tax, where the total income exceeds ten crore rupees;
(e) in the case of domestic company whose income is chargeable to tax under section 115BAA or 115BAB of the Act, at the rate of ten percent;
(f) in the case of every company, other than a domestic company,—
  1. (i) at the rate of two per cent. of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees;
  2. (ii) at the rate of five percent. of such income-tax, where the total income exceeds ten crore rupees;
(g) In other cases (including sections 92CE, 115-O, 115QA, 115R, 115TA or 115TD), the surcharge shall be levied at the rate of twelve percent.

Marginal Relief
Marginal relief has also been provided in all cases where surcharge is proposed to be imposed.

Education Cess
For assessment year 2021-22, ―Health and Education Cess is to be levied at the rate of four percent. on the amount of income tax so computed, inclusive of surcharge wherever applicable, in all cases. No marginal relief shall be available in respect of such cess.

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Saral Tax India: Income Tax Slab budget 2021
Income Tax Slab budget 2021
Saral Tax India
https://www.saraltaxindia.com/2021/02/income-tax-slab-budget-2021.html
https://www.saraltaxindia.com/
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