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Rates of Surcharge on Income-Tax for the Financial Year 2020-21 (AY: 2021-22)

The amount of income-tax shall be increased by a surcharge for the purposes of the Union,—

(A) Individual, HUF, AOP, BOI

(a)  in the case of every individual or HUF or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act, not having any income under section 115AD of the Act,—

(i) having a total income (including the income under the provisions of section 111A and 112A of the Act)

  • >  Rs.50 Lakh   <=  Rs. 1 Crore =  10% of such Income Tax
  • > Rs. 1 Crore  <= Rs. 2 Crore   =  15% of such Income Tax

(ii) having a total income (excluding the income under the provisions of section 111A and 112A of the Act)

  • >  Rs.2 Crore   <=  Rs. 5 Crore =  25% of such Income Tax
  • > Rs. 5 Crore     =  37% of such Income Tax

(iii) having a total income (including the income under the provisions of section 111A and 112A of the Act)

  • > Rs. 2 Crore ( but is not covered under clause (ii) above) =  15% of such Income Tax

Provided that in case where the total income includes any income chargeable under section 111A and 112A of the Act, the rate of surcharge on the amount of income-tax computed in respect of that part of income shall not exceed 15% ;

(aa)   in the case of individual or every association of person or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act having income under section 115AD of the Act,-

(i) having a total income :

>  Rs.50 Lakh   <=  Rs. 1 Crore  =  10% of such Income Tax

(ii) having a total income :

> Rs. 1 Crore  <= Rs. 2 Crore =  15% of such Income Tax

(iii) having a total income [excluding the income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Act]  :

>  Rs.2 Crore   <=  Rs. 5 Crore  =  25% of such Income Tax

(iv) having a total income [excluding the income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Act]

> Rs. 5 Crore =  37% of such Income Tax

(v) having a total income [including the income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Act]

> Rs. 2 Crore ( but is not covered under clause (iii) and (iv) above) =  15% of such Income Tax

Provided that in case where the total income includes any income chargeable under clause (b) of sub-section (1) of section 115AD of the Act, the rate of surcharge on the income-tax calculated on that part of income shall not exceed 15%;

(B) Co-Operative Society, Firm, Local Authority

When Income > Rs. 1 Crore = 12% of such Income Tax

(C) Domestic Company

( Except such domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Act. )

(i) having a total income :
>  Rs.1 Crore   <=  Rs. 10 Crore  =  7% of such Income Tax

(ii) having a total income :
> Rs. 10 Crore  =  12% of such Income Tax

(D) Domestic Company

( whose income is chargeable to tax under section 115BAA or 115BAB of the Act,. )

  • 10% of such Income Tax

(E) In case of Every Company (other than Domestic Company)

(i) having a total income :

>  Rs.1 Crore   <=  Rs. 10 Crore =  2% of such Income Tax

(ii) having a total income :

> Rs. 10 Crore  =  5% of such Income Tax

(F) In Other case

(including sections 92CE, 115-O, 115QA, 115R, 115TA or 115TD),

  • 12% of such Income Tax

Marginal Relief—

Marginal relief has also been provided in all cases where surcharge is proposed to be imposed.

Education Cess—

For Financial Year 2020-21 (AY : 2021-22) , “Health and Education Cess” is to be levied at the rate of 4% on the amount of income tax so computed, inclusive of surcharge wherever applicable, in all cases.

No marginal relief shall be available in respect of such cess

Table Showing 'Rate of Surcharges' for both Assessment Year 2021-22 & 2020-21

Tax Payer

Rate of Surcharge

Assessment Year 2021-22

Assessment Year 2020-21

Range Of Income

Range Of Income

50 Lakh to 1 Cr.

1 Cr. To 2 Cr.

2 Cr. To 5 Cr.

5 Cr. To 10 Cr.

Exceeding 10 Crore

50 Lakh to 1 Cr.

1 Cr. To 2 Cr.

2 Cr. To 5 Cr.

5 Cr. To 10 Cr.

Exceeding 10 Crore

Individual / HUF

10%

15%

25%

37%

37%

10%

15%

25%

37%

37%

Firm / Local Authority

-

12%

12%

12%

12%

-

12%

12%

12%

12%

Domestic Company

 

 

 

 

 

 

 

 

 

 

Opting for Section 115BAA or 115BAB

10%

10%

10%

10%

10%

10%

10%

10%

10%

10%

Other Domestic Company

-

7%

7%

7%

12%

-

7%

7%

7%

7%

Foreign Company

-

2%

2%

2%

5%

-

2%

2%

2%

5%

Co-operative Societies opting for Section 115BAD

10%

10%

10%

10%

10%

10%

10%

10%

10%

10%

Other Co-operative Societies

-

12%

12%

12%

12%

-

12%

12%

12%

12%

Rates of Income Tax Amendments for Financial Year 2020-21 (AY : 2021-22) Tax Amendments in Finance Bill 2020 Computation of Tax for ‘Individual or HUF’ in case both Opting and without Opting New Tax Regime of Section 115BAC
Income Tax Slab for Financial Year 2020-21 (AY : 2021-22)



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