Page 8 - Union Budget, 2022

Union Budget, 2022

RATES OF INCOME TAX
TAX ASSESSEE/INCOME SLAB (Amount in Rs.)
RATES
Resident Senior Resident Super Senior Any other Artificial
Citizen aged Citizen - 80 years or Individual, AOP & BOI Juridical
between 60 to 79 more HUF Person
years

Nil Upto 3 lakhs Upto 5 lakhs Upto 2.5 lakhs Upto 2.5 lakhs Upto 2.5 lakhs
5% 3 to 5 lakhs Nil 2.5 to 5 lakhs 2.5 to 5 lakhs 2.5 to 5 lakhs
20% 5 to 10 lakhs 5 to 10 lakhs 5 to 10 lakhs 5 to 10 lakhs 5 to 10 lakhs
30% Above 10 lakhs Above 10 lakhs Above 10 lakhs Above 10 lakhs Above 10 lakhs
Income upto 10,000 Tax @ 10%
Co-operative Society Income from 10,001 to 20,000 Tax @ 20%
Income above 20,000 Tax @ 30%
Particulars Firms Foreign Companies Local Authority
Tax Rate 30% 40% 30%
Total turnover upto 400 crores in F Y 2019-20 Tax @ 25%
Domestic Company
Other cases Tax @ 30%
Type of assessee Total Income Rate
Exceeding 50 lakhs 10%
but not 1 crore

Resident and Non-Resident Exceeding 1 crore but not 15%
Individual/HUF/AOP/BOI/ exceeding 2 crores
Artificial Juridical Person Exceeding 2 crores but not 25%
exceeding 5 crores
Exceeding 5 crores 37%
AOP consisting only company as its
member 15%
Restricted to 15% in case of capital gains and
Surcharge dividend income

Resident and Non-Resident Co- Exceeding 1 crore 7%
but not 10 crores
operative Society
Exceeding 10 crores 12%
Resident and Non-Resident Firm Exceeding 1 crore 12%
Resident Local Authority Exceeding 1 crore 12%
Exceeding 1 crore 2%
Foreign Company but not 10 crores
Exceeding 10 crores 5%
Exceeding 1 crore 7%
Domestic Company but not 10 crores
Exceeding 10 crores 12%
Health and Education Cess 4% on the (tax amount + surcharge if applicable)

OPTIONAL RATES – INCENTIVES/DEDUCTIONS, CARRY FORWARD AND SET OFF OF LOSS
RELATING TO DEDUCTIONS WILL NOT BE AVAILABLE
INDIVIDUALS AND HUFs Companies
NIL Upto 2.5 lakhs All Domestic Companies 22%
5% 2.5 to 5 lakhs New Domestic Manufacturing Companies (includes 15%
electricity generation companies)
10% 5 to 7.5 lakhs Surcharge 10%
15% 7.5 to 10 lakhs Minimum Alternate Tax Not Applicable
20% 10 to 12.5 lakhs
25% 12.5 to 15 lakhs Resident Co-operative society 22%
Surcharge 10%
30% Above 15 lakhs Alternative Minimum Tax Not Applicable

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