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Tax rates for the last ten assessment years
INCOME-TAX RATES FOR COMPANIES
Assessment years 2016-17 to 2019-20
|
Particulars |
Tax Rates |
|
In the case of a domestic company |
30% |
| In the case of a foreign company : | |
i. royalties received from an Indian concern in pursuance of an agreement made by it with the Indian concern after March 31, 1961; or fees for rendering technical services received from an Indian concern in pursuance of an agreement made by it with the Indian concern after February 29, 1964, but before April 1, 1976 and where such agreement has, in either case been approved by the Central Government. |
50% |
|
ii. Other income |
40% |
Surcharge on Income Tax:
For the assessment years 2015-16
• If net income exceeds Rs. 1 crore but does not exceed Rs. 10 crore: 5 per cent in the case of a domestic company and 2 per cent in the case of a foreign company
• If net income exceeds Rs. 10 crore : 10 per cent in the case of a domestic company and 5 per cent in the case of a foreign company,
For the assessment years 2016-17 to 2019-20
• If net income exceeds Rs. 1 crore but does not exceed Rs. 10 crore: 7 per cent in the case of a domestic company and 2 per cent in the case of a foreign company
• If net income exceeds Rs. 10 crore: 12 per cent in the case of a domestic company and 5 per cent in the case of a foreign company.
Education cess: 2% of income-tax and surcharge for the assessment years 2015-16 to 2018-19.
Secondary and higher education cess: 1% of income-tax and surcharge for the assessment years 2015-16 to 2018-19.
Health & Education Cess: 4% of income-tax and surcharge for the assessment year 2019-20.
Assessment Year 2020-21
| Particulars | Tax Rates |
| In the case of a domestic company | |
|
• If total turnover or gross receipts during the financial year 2017-18 does not exceed Rs. 400 crores |
25% |
|
• Opting for Section 115BA |
25% |
|
• Opting for Section 115BAA |
22% |
|
• Opting for Section 115BAB |
15% |
|
• Any other domestic company |
30% |
|
In the case of a foreign company |
40% |
Surcharge on Income Tax:
| Company | Range of Total Income | ||
| Rs. 1 crore or less | Above Rs. 1 crore but up to Rs. 10 crores | Above Rs. 10 crores | |
| Domestic Company opting for Section 115BA | Nil | 7% | 12% |
| Domestic Company opting for Section 115BAA | 10% | 10% | 10% |
| Domestic Company opting for Section 115BAB | 10% | 10% | 10% |
| Any other domestic company | Nil | 7% | 12% |
| Foreign company | Nil | 2% | 5% |
Health & Education Cess: 4% of income-tax and surcharge.
Assessment Year 2021-22
| Particulars | Tax Rates |
| In the case of a domestic company | |
|
• If total turnover or gross receipts during the financial year 2018-19 does not exceed Rs. 400 crores |
25% |
|
• Opting for Section 115BA |
25% |
|
• Opting for Section 115BAA |
22% |
|
• Opting for Section 115BAB |
15% |
|
• Any other domestic company |
30% |
|
In the case of a foreign company |
40% |
Surcharge on Income Tax:
| Company | Range of Total Income | ||
| Rs. 1 crore or less | Above Rs. 1 crore but up to Rs. 10 crores | Above Rs. 10 crores | |
| Domestic Company opting for Section 115BA | Nil | 7% | 12% |
| Domestic Company opting for Section 115BAA | 10% | 10% | 10% |
| Domestic Company opting for Section 115BAB | 10% | 10% | 10% |
| Any other domestic company | Nil | 7% | 12% |
| Foreign company | Nil | 2% | 5% |
Health & Education Cess: 4% of income-tax and surcharge.
Assessment Year 2022-23
| Particulars | Tax Rates |
| In the case of a domestic company | |
|
• If total turnover or gross receipts during the financial year 2019-20 does not exceed Rs. 400 crores |
25% |
|
• Opting for Section 115BA |
25% |
|
• Opting for Section 115BAA |
22% |
|
• Opting for Section 115BAB |
15% |
|
• Any other domestic company |
30% |
|
In the case of a foreign company |
40% |
Surcharge on Income Tax:
| Company | Range of Total Income | ||
| Rs. 1 crore or less | Above Rs. 1 crore but up to Rs. 10 crores | Above Rs. 10 crores | |
| Domestic Company opting for Section 115BA | Nil | 7% | 12% |
| Domestic Company opting for Section 115BAA | 10% | 10% | 10% |
| Domestic Company opting for Section 115BAB | 10% | 10% | 10% |
| Any other domestic company | Nil | 7% | 12% |
| Foreign company | Nil | 2% | 5% |
Health & Education Cess: 4% of income-tax and surcharge.
For Assessment Year 2023-24
| Particulars | Tax Rates |
| In the case of a domestic company | |
|
• If total turnover or gross receipts during the financial year 2020-21 does not exceed Rs. 400 crores |
25% |
|
• Opting for Section 115BA |
25% |
|
• Opting for Section 115BAA |
22% |
|
• Opting for Section 115BAB |
15% |
|
• Any other domestic company |
30% |
|
In the case of a foreign company |
40% |
Surcharge on Income Tax:
| Company | Range of Total Income | ||
| Rs. 1 crore or less | Above Rs. 1 crore but up to Rs. 10 crores | Above Rs. 10 crores | |
| Domestic Company opting for Section 115BA | Nil | 7% | 12% |
| Domestic Company opting for Section 115BAA | 10% | 10% | 10% |
| Domestic Company opting for Section 115BAB | 10% | 10% | 10% |
| Any other domestic company | Nil | 7% | 12% |
| Foreign company | Nil | 2% | 5% |
Health & Education Cess: 4% of income-tax and surcharge.
For Assessment Year 2024-25
| Particulars | Tax Rates |
| In the case of a domestic company | |
| • If total turnover or gross receipts during the financial year 2021-22 does not exceed Rs. 400 crores | 25% |
| • Opting for Section 115BA | 25% |
| • Opting for Section 115BAA | 22% |
| • Opting for Section 115BAB | 15% |
| • Any other domestic company | 30% |
| In the case of a foreign company | 40% |
Surcharge on Income Tax:
| Company | Range of Total Income | ||
| Rs. 1 crore or less | Above Rs. 1 crore but up to Rs. 10 crores | Above Rs. 10 crores | |
| Domestic Company opting for Section 115BA | Nil | 7% | 12% |
| Domestic Company opting for Section 115BAA | 10% | 10% | 10% |
| Domestic Company opting for Section 115BAB | 10% | 10% | 10% |
| Any other domestic company | Nil | 7% | 12% |
| Foreign company | Nil | 2% | 5% |
Health & Education Cess: 4% of income-tax and surcharge.
For Assessment Year 2025-26
| Particulars | Tax Rates |
| In the case of a domestic company | |
| • If total turnover or gross receipts during the financial year 2022-23 does not exceed Rs. 400 crores | 25% |
| • Opting for Section 115BA | 25% |
| • Opting for Section 115BAA | 22% |
| • Opting for Section 115BAB | 15% |
| • Any other domestic company | 30% |
| In the case of a foreign company | 35% |
Surcharge on Income Tax:
| Company | Range of Total Income | ||
| Rs. 1 crore or less | Above Rs. 1 crore but up to Rs. 10 crores | Above Rs. 10 crores | |
| Domestic Company opting for Section 115BA | Nil | 7% | 12% |
| Domestic Company opting for Section 115BAA | 10% | 10% | 10% |
| Domestic Company opting for Section 115BAB | 10% | 10% | 10% |
| Any other domestic company | Nil | 7% | 12% |
| Foreign company | Nil | 2% | 5% |
Health & Education Cess: 4% of income-tax and surcharge.