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Compute Income Tax Liability
 
Previous / Financial Year Ending - - Age

Total Income


Assessment Year = 2021 - 2022

Previous / Financial Year = 2020 - 2021

Total Income Rs. 1,500,000/- (rounded off)


Tax as applicable to:

General Rate - Individuals or HUF, AOP or BOI

Tax
Rs.
Rebate
Rs.
Tax minus
Rebate = Rs.
Surcharge
Rs.
Total Tax
Rs.
262,500/-0262,500/-0/- 262,500/-
Add E. Cess (Rs.) 10,500/-
Total Tax Liability (Rs.) 273,000/-

Special Rate of Tax u/s 115BAC

Tax
Rs.
Rebate
Rs.
Tax minus
Rebate = Rs.
Surcharge
Rs.
Total Tax
Rs.
75,000/-075,000/-0/- 75,000/-
Add E. Cess (Rs.) 3,000/-
Total Tax Liability (Rs.) 78,000/-

Tax Table
Individuals or Hindu undivided family or association of persons or body of individuals [General Rate]
Income Tax Rates for the Assessment Year 2021 - 2022
i.e. Previous / Financial Year 2020 - 2021
Sr. No.Tax SlabRateTax
1.Upto Rs. 250,000NilNil
2.From Rs. 250,001 To Rs. 500,0005%5 per cent of the amount by which the total income exceeds Rs. 250,000
3.From Rs. 500,001 To Rs. 1,000,00020%Rs. 12,500 plus 20 per cent of the amount by which the total income exceeds Rs. 500,000
4.From Rs. 1,000,001 and Above30%Rs. 112,500 plus 30 per cent of the amount by which the total income exceeds Rs. 1,000,000
 Rebate - Upto Rs. 12,500 If total income is not exceeding Rs. 500,000
 Surcharge10%If total income is exceeding Rs. 5,000,000 - with marginal relief
 Surcharge15%If total income is exceeding Rs. 10,000,000 - with marginal relief
 Surcharge25%If total income is exceeding Rs. 20,000,000 - with marginal relief
 Surcharge37%If total income is exceeding Rs. 50,000,000 - with marginal relief
 Education Cess4% 

Senior Citizens (Resident in India) who is of the age of 60 years or more during the previous / financial year
Income Tax Rates for the Assessment Year 2021 - 2022
i.e. Previous / Financial Year 2020 - 2021
Sr. No.Tax SlabRateTax
1.Upto Rs. 300,000NilNil
2.From Rs. 300,001 To Rs. 500,0005%5 per cent of the amount by which the total income exceeds Rs. 300,000
3.From Rs. 500,001 To Rs. 1,000,00020%Rs. 10,000 plus 20 per cent of the amount by which the total income exceeds Rs. 500,000
4.From Rs. 1,000,001 and Above30%Rs. 110,000 plus 30 per cent of the amount by which the total income exceeds Rs. 1,000,000
 Rebate - Upto Rs. 12,500 If total income is not exceeding Rs. 500,000
 Surcharge10%If total income is exceeding Rs. 5,000,000 - with marginal relief
 Surcharge15%If total income is exceeding Rs. 10,000,000 - with marginal relief
 Surcharge25%If total income is exceeding Rs. 20,000,000 - with marginal relief
 Surcharge37%If total income is exceeding Rs. 50,000,000 - with marginal relief
 Education Cess4% 

Super Senior Citizens (Resident in India) who is of the age of 80 years or more during the previous / financial year
Income Tax Rates for the Assessment Year 2021 - 2022
i.e. Previous / Financial Year 2020 - 2021
Sr. No.Tax SlabRateTax
1.Upto Rs. 500,000NilNil
2.From Rs. 500,001 To Rs. 1,000,00020%20 per cent of the amount by which the total income exceeds Rs. 500,000
3.From Rs. 1,000,001 and Above30%Rs. 100,000 plus 30 per cent of the amount by which the total income exceeds Rs. 1,000,000
 Rebate - Upto Rs. 12,500 If total income is not exceeding Rs. 500,000
 Surcharge10%If total income is exceeding Rs. 5,000,000 - with marginal relief
 Surcharge15%If total income is exceeding Rs. 10,000,000 - with marginal relief
 Surcharge25%If total income is exceeding Rs. 20,000,000 - with marginal relief
 Surcharge37%If total income is exceeding Rs. 50,000,000 - with marginal relief
 Education Cess4% 

Special Rate of Tax u/s 115BAC
Income Tax Rates for the Assessment Year 2021 - 2022
i.e. Previous / Financial Year 2020 - 2021
Sr. No.Tax SlabRateTax
1.Upto Rs. 250,000NilNil
2.From Rs. 250,001 To Rs. 500,0005%5 per cent of the amount by which the total income exceeds Rs. 250,000
3.From Rs. 500,001 To Rs. 750,00010%Rs. 12,500 plus 10 per cent of the amount by which the total income exceeds Rs. 500,000
4.From Rs. 750,001 To Rs. 1,000,00015%Rs. 37,500 plus 15 per cent of the amount by which the total income exceeds Rs. 750,000
5.From Rs. 1,000,001 To Rs. 1,250,00020%Rs. 75,000 plus 20 per cent of the amount by which the total income exceeds Rs. 1,000,000
6.From Rs. 1,250,001 and Above25%Rs. 12,500 plus 25 per cent of the amount by which the total income exceeds Rs. 1,250,000
7.From Rs. 1,500,001 and Above30%Rs. 187,500 plus 30 per cent of the amount by which the total income exceeds Rs. 1,500,000
 Rebate - Upto Rs. 12,500 If total income is not exceeding Rs. 500,000
 Surcharge10%If total income is exceeding Rs. 5,000,000 - with marginal relief
 Surcharge15%If total income is exceeding Rs. 10,000,000 - with marginal relief
 Surcharge25%If total income is exceeding Rs. 20,000,000 - with marginal relief
 Surcharge37%If total income is exceeding Rs. 50,000,000 - with marginal relief
 Education Cess4% 

 
 
 
 
 
 
 
 

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