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2021-2022 Tax Year 2022


SALARY – Sec 149, Div I PART I 1st Schedule

1.Upto Rs.600,0000%
2.Rs.600,001 to Rs.1,200,0005% of the amount exceeding Rs.600,000
3.Rs.1,200,001 to Rs.1,800,000Rs.30.000 + 10% on amount Rs.1,200,000
4.Rs.1,800,001 to Rs.2,500,00090,000 + 15% on the amount > Rs.1,800,000
5.Rs.2,500,001 to Rs.3,500,000Rs.195,000 + 17.5% on amount > Rs.2,500,000
6.Rs.3,500,001 to Rs.5.000,000Rs.370,000 + 20% on amount > Rs.3.500,000
7.Rs.5,000,001 to Rs.8.000,000Rs.670,,000 + 22.5% on amount Rs.5,000,000.
8.Rs.8,000,001 to Rs.12,000,000Rs.1,345,000 + 25% on amount Rs.8,000,000.
9.12,000,001 to Rs.30,000,0002,345,000 + 27.5% on amount > Rs.12,000,000
10.30,000,001 to Rs.50,000,0007,295,000 + 30% on amount > Rs.30,000,000
11.50,000,001 to Rs.75,000,00013,295,000 + 32.5 on amount > Rs.50,000,000
12.Above 75,000,00021,420,000 + 35% on amount > Rs.75,000,000

Note: 25% Reduction in Tax for full time Teacher except practicing doctors.
Note: Salary rate applicable where salary income exceeds 75% of total taxable income.


TAX RATES FOR AOP & BUSINESS INDIVIDUALS

1.Upto Rs.400,0000%
2.Rs.400,001 to Rs.600,0005% of the amount exceeding Rs.400,000
3.Rs.600,001 to Rs.1,200,000Rs.10.000 + 10% of the amount > Rs.600.000
4.Rs.1,200,001 to Rs.2,400,000Rs.70,000 + 15% on amount > Rs.1,200,000
5.Rs.2,400,001 to Rs.3.000,000Rs.250,000 + 20% on amount > Rs.2.400,000
6.Rs.3,000,001 to Rs.4.000,000Rs.370,000 + 25% on amount > Rs.3,000,000
7.Rs.4,000,001 to Rs.6,000,000Rs.620,000 + 30% on amount > Rs.4.000,000
8.Above 6,000,0001,220,000 35% on amount > Rs. 6,000,000


TAX RATES OF COMPANIES

Banking Company35%
Small Company21%
Public & Private Company29%
Alternate Corporate Tax (Section 113C)17%
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