Page 74 - DHC Budget Book 2021-22 Final
P. 74
Income Tax Slabs
Upto H 2,50,000 *
From H 2,50,001 - H 5,00,000+ From H 5,00,001 - H 7,50,000 From H 7,50,001 - H 10,00,000 From H 10,00,001 - H 12,50,000 From H 12,50,001 - H 15,00,000 From H 15,00,001 - H 50,00,000 From H 50,00,001 - H 1,00,00,000 From H 1,00,00,001 - H 2,00,00,000 From H 2,00,00,001 - H 5,00,00,000 Above H 5,00,00,000
$Optional and applicable to individuals and HUF only
ETR under old regime (including surcharge# and cess@)
Nil
ETR as per Sec.115BAC$ (including surcharge# and cess@)
Nil
5.20%
10.40%
15.60%
20.80%
26.00%
31.20%
34.32%
35.88%
39.00%
42.74%
INDIA BUDGET 2021-22
6.1
Tax Rates for Non Corporate Assessee [AY 2022-23]
For Individuals, HUF, AOP, BOI and Artificial Juridical Persons
5.20%
20.80%
20.80%
31.20%
31.20%
31.20%
34.32%
35.88%
39.00%
42.74%
*In case of resident individual of age 60 years or more (senior citizen), basic threshold limit of H 3,00,000 remains unchanged. In case of resident individual of age 80 years or more (very senior citizen), basic threshold limit of H 5,00,000 remains unchanged.
+The maximum rebate available u/s 87A amounting to H 12,500 for individuals whose total income does not exceed H 5,00,000 remains unchanged.
#Surcharge is applicable at the following rates:
Total Income
Surcharge
For H 50,00,001 - H 1,00,00,000 10% For H 1,00,00,001 - H 2,00,00,000 15% For H 2,00,00,001 - H 5,00,00,000 25%^ Above H 5,00,00,000 37%^
^Surcharge on Income chargeable u/s 111A (STCG on listed securities), 112A (LTCG on listed securities) or 115AD (certain income of FIIs) shall not exceed 15%.
^Where Total Income exceeds H 2 Crs owing to inclusion of income chargeable u/s 111A (STCG on listed securities), 112A (LTCG on listed securities) or 115AD (certain income of FIIs), then surcharge shall be 15%.
Marginal relief shall be provided in all cases where surcharge shall be imposed. @Health & Education Cess @ 4% is applicable in all cases.
6.2 Taxability of Interest on Provident funds [Sec. 10(11) & Sec. 10(12)] [w.e.f. AY 2022-23]
Hitherto, there was no threshold limit in claiming exemption u/s 10(11) & 10(12) towards interest income accrued/received on contribution
made by the employee to PF established under Provident Funds Act, 1925, PF set up by CG or notified by CG and recognised PF.
New proviso is proposed to be inserted in sub- section (11) and (12) of Sec. 10 to deny the claim of exemption towards interest income on contribution in excess of H 2,50,000 in any
previous year, on or after 01-04-2021 and computed in such manner as may be prescribed.
Comments
This proviso has been inserted to deny benefit
of exemption to those who can contribute large amount to these funds. Further, on perusal of the speech of the FM, it is clear that this restriction shall be applicable only for the contribution made on or after 01-04-2021.
72 Building a Resilient and Confident India
