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Tax rates for the last ten assessment years
INCOME-TAX RATES FOR AOP/BOI/AJP
Assessment years 2015-16 to 2017-18
| Total Income | Tax Rates |
| First Rs. 2,50,000 | Nil |
| Next Rs. 50,000 | 10% |
| Next Rs. 2,00,000 | 10% |
| Next Rs. 5,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge on income-tax: For assessment year 2015-16, 10 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is resident or non-resident).
For assessment year 2016-17, 12 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is resident or non-resident).
For the assessment year 2017-18, 15 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is resident or non-resident).
Education cess: 2% of income-tax and surcharge.
Secondary and higher education cess: 1% of income-tax and surcharge.
Assessment year 2018-19 to 2020-21
| Total Income | Tax Rates |
| First Rs. 2,50,000 | Nil |
| Next Rs. 50,000 | 5% |
| Next Rs. 2,00,000 | 5% |
| Next Rs. 5,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge on Income tax: For the assessment years 2018-19 and 2019-20, 10 per cent of income-tax if taxable income exceeds Rs. 50 lakh or 15 per cent of income-tax if taxable income exceeds Rs. 1 crore (surcharge is payable whether taxpayer is resident or non-resident).
For the assessment year 2020-21,
10 per cent of income-tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 per cent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 per cent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 per cent of income-tax if taxable income exceeds Rs. 5 crore (surcharge is payable whether taxpayer is resident or non-resident).
However, the maximum rate of surcharge on tax payable on capital gain as referred to in section 111A, and section 112A shall be 15%.
Education cess: 2% of income-tax and surcharge for the assessment year 2018-19.
Secondary and higher education cess: 1% of income-tax and surcharge for the assessment year 2018-19.
Health and education cess: 4% of income-tax and surcharge for the assessment year 2019-20 and 2020-21.
Assessment year 2021-22
| Net income range | Tax Rates |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001- Rs. ,00,000 | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge on income-tax:
10 per cent of income-tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 per cent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 per cent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 per cent of income-tax if taxable income exceeds Rs. 5 crore (surcharge is payable whether taxpayer is resident or non-resident).
However, the maximum rate of surcharge on tax payable on capital gain as referred to in section 111A, and section 112A shall be 15%.
Health and education cess: 4% of income-tax and surcharge.
Assessment year 2022-23
| Net income range | Tax Rates |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001- Rs. 5,00,000 | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge on income-tax:
10 per cent of income-tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 per cent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 per cent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 per cent of income-tax if taxable income exceeds Rs. 5 crore (surcharge is payable whether taxpayer is resident or non-resident).
However, the maximum rate of surcharge on tax payable on dividend income or capital gains referred to in Section 111A, and Section 112A shall be 15%.
Health and education cess : 4% of income-tax and surcharge.
Assessment year 2023-24
| Net income range | Tax Rates |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001- Rs. 5,00,000 | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge on income-tax:
10 per cent of income-tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 per cent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 per cent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 per cent of income-tax if taxable income exceeds Rs. 5 crore (surcharge is payable whether taxpayer is resident or non-resident).
However, the maximum rate of surcharge on tax payable on dividend income or capital gain referred to in Section 111A, Section 112, or Section 112A shall be 15%.
Health and education cess : 4% of income-tax and surcharge.
Assessment year 2024-25
Default Tax Regime under section 115BAC(1A)
| Net Income Range | Tax rate |
| Upto Rs. 3,00,000 | Nil |
| From Rs. 3,00,001 to Rs. 6,00,000 | 5% |
| From Rs. 6,00,001 to Rs.9,00,000 | 10% |
| From Rs. 9,00,001 to Rs. 12,00,000 | 15% |
| From Rs. 12,00,001 to Rs. 15,00,000 | 20% |
| Above Rs. 15,00,000 | 30% |
However, the taxpayer can opt out from the default tax regime and choose the normal tax regime:
| Net income range | Tax rate |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001- Rs. 5,00,000 | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge on income-tax:
10 per cent of income-tax if taxable income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore or
15 per cent of income-tax if taxable income exceeds Rs. 1 crore but does not exceed Rs. 2 crore or
25 per cent of income-tax if taxable income exceeds Rs. 2 crore but does not exceed Rs. 5 crore or
37 per cent of income-tax if taxable income exceeds Rs. 5 crore (surcharge is payable whether taxpayer is resident or non-resident). However, the higher rate of surcharge of 37% is not applicable if the taxpayer chooses to pay tax under the default tax regime under section 115BAC.
However, the maximum rate of surcharge on tax payable on dividend income or capital gain referred to in Section 111A, Section 112, or Section 112A shall be 15%.
Health and education cess : 4% of income-tax and surcharge.