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    Computation of Tax Liability: Special Exemptions

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    Computation of Tax Liability: Special Exemptions

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    mushfeqa
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    Rates of Tax

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    Computation of Tax Liability: Special Exemptions

    Uploaded by

    mushfeqa

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    COMPUTATION OF TAX LIABILITY

    RATES OF TAX FOR THE ASSESSMENT YEAR 2021 –22


    FOR INDIVIDUALS / HUF
    Rates of Income Tax
    Range of Total Income If the assessee does not exercise If the assessee exercises
    option u/s 115BAC option u/s 115BAC
    Upto Rs. 2,50,000 Nil Nil
    Rs. 2,50,001 – Rs. 5,00,000 5% 5%
    Rs. 5,00,001 – Rs. 7,50,000 20% 10%
    Rs. 7,50,001 – Rs. 10,00,000 20% 15%
    Rs. 10,00,001– Rs. 12,50,000 30% 20%
    Rs. 12,50,001 – Rs. 15,00,000 30% 25%
    Above Rs. 15,00,000 30% 30%
    Special exemptions:
    FOR SENIOR CITIZEN Upto Rs. 3,00,000 : Tax is Nil. Not available
    FOR SUPER SENIOR CITIZEN Upto Rs. 5,00,000 : Tax is Nil.
    Senior / Super Senior citizen: Resident individual who is at least 60 / 80 years of age at any time during the
    Previous Year 2020-21.

    Rebate u/s 87A (before charging HEC)


    For a resident individual whose total income does not exceed Rs. 5 lakhs: 100% of tax upto Rs. 12,500.
    Note: However, if the total income exceeds Rs. 5 lakhs, Rebate u/s 87A is Nil.

    TAX RATES IN SPECIAL CASES


    Short Term Capital Gain u/s 111A
    15%
    (Arising on transfer of equity shares or units of equity–oriented fund, which is subject to STT)
    Long Term Capital Gain u/s 112 20%
    Long Term Capital Gain u/s 112A in excess of Rs. 1 lakh 10%
    (Arising on transfer of equity shares or units of equity–oriented fund, which is subject to STT)
    Winning from lotteries, crossword puzzles, races, games, gambling, betting etc. u/s 115BB 30%

    Health and Education Cess (HEC) 4% of Tax

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