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    ABOUT THE FIRM

    "CHANDER PARKASH & CO. is a PARTNERSHIP FIRM in India and was firstly established by Mr. Chander Parkash (senior partner) in the year 1991 as a proprietorship concern but after 1st April 2013, it has been converted into a partnership firm with an objective of providing a wide range of auditing and financial services to our clients.

    It is a team of distinguished chartered accountants, corporate financial advisors and tax consultants. Our firm of dedicated professionals aim at providing specialized skills that is geared to offer sound financial solutions and advices. The organization is a congregation of professionally qualified and experienced personnel who are committed to add value and optimize the benefits accruing to clients.

Chander Parkash

Qualifications: B.COM (HONS.), F.C.A.
Specialization: Assurance, Taxation, Appeals, Audit, GST
Cell: 9810056108
E-mail: cp@chanderparkash.com

He is the senior most partner of the firm who has established this firm in 1990. He has a vast experience in income tax matters and has been handling regular assessment, search & seizure, CIT(A) and ITAT cases. He has been conducting Statutory & Tax Audit, Internal Audit of Large & Medium ScaleLimited Companies. Moreover, he has also carried out Bank Audits and provided services and consultancy in the field of accounts, income tax & company law matters. And has experience of over a decade. He is a founder member of the firm and his knowledge and expertise in structuring the complex financial situations. His forte is to assist clients to grow their business in sound financial and regulatory compliant environment.

Dishant Khatter

Qualifications: B.COM (HONS.), A.C.A. Specialization: GST, Internal Audit, SOX, Taxation, Assurance and Audit
Post-Qualification Experience: 2+ Years
Cell: 9810056108
E-mail: dishant@chanderparkash.com

He is a member of the Institute of Chartered Accountants of India (ICAI) since 2016. He is the youngest partner of the firm and independently handles the various statutory audit. He brings in new and useful insight into the company and adds to the productivity. He has carried out various audits and provide specialised consultancy services. He has experience of working in listed companies and handling their various audit engagements. His experience in handling big company’s various engagement with respect to indirect tax, internal audit, compliance audit, process development etc. has helped the firm to enhance their quality of services and effectiveness of work. He has earlier worked in one of the BIG4 firms. He has also been part of Statutory Bank audits. He has been playing an active part in assisting entities with GST implementation and restructuring their business model to minimise the financial impact of GST and maximise the benefits of it.

Amit Kumar

Qualifications: B.COM (HONS.), A.C.A. Specialization: Direct Tax Litigation
Post-Qualification Experience: 4+ Years
Cell: 9599313033
E-mail: amit@chanderparkash.com

He is a member of the Institute of Chartered Accountants of India (ICAI) since 2014. He is a young partner of the firm and independently handles the income tax assessment, appeals, investigation, survey and search & seizure cases. He brings in new and useful insight into the company and adds to the productivity. He has experience of handling the income tax cases of various listed companies. He advises several overseas, domestic and multinational clients operating in diverse sectors including auto-ancillary industry, automobile, aviation, hospitality, Information Technology, infrastructure projects, investment funds, media and entertainment, pharmaceutical sector, retail, real estate, and telecommunications. Armed with more than 4+ years of experience on various taxation matters, he has also hands on experience of carrying through its advice to implementation and successful defense of such advice before Tax Authorities. The Tax Practice Group has also pioneered out of the box thinking to provide innovative solutions for tax optimization and risk mitigation. He has been successful in defending many of its clients at various fora including the Commissioner of Appeals, Dispute Resolution Panels, Income Tax Appellate Tribunals, etc.

TEAM

"Our team is trained to perform the assigned task with honesty, integrity and dedication. Having good public relation skills and satisfying client's grievances are their main priority. They also make sure the efficiency and effectiveness of work is maintained. Total number of staff members with classification is stated below:-

The office infrastructure is built with a view to provide smooth operation of assignments. Moreover, there are separate cabinets for different tasks to ensure hassle free working environment. Also, a server has been installed for timely backup of data and to reduce data loss and redundancy.

15

SUPPORT STAFF

10

PROFESSIONALS

10

ASSURANCE SERVICE PROVIDERS STAFF

COMPUTERISATION

More 25+ systems equipped with various assurance softwares used nation wide

WORK EXPERIENCE

STATUTORY AUDIT

The firm is engaged in statutory audit of various limited and private limited companies which are manufacturers, traders, export houses, service provider etc. including group of companies having turnover of more than 250 crores.

TAX AUDIT

Tax audits of various companies, partnership firms and proprietorship concerns are conducted timely.

COMPANY LAW MATTERS

The firm also does Roc work like formation of companies, maintaining statutory books and records of companies, drafting minutes thereof etc. for its clients. DIRECT TAXES Preparation of income tax returns, wealth tax returns, representation of scrutiny cases & appeals are also done at the workplace.

MANAGEMENT SERVICES

Preparation of project reports for term loans and working capital limits from various banks and financial institutions are also done.

BANK AUDIT

The firm has experience of conducting statutory audit of several branches of Punjab National Bank.

CONSULTANCY

The firm has great expertise in providing consultancy related to tax planning, tax returns and filing, internal management and financial issues.

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SERVICES

AUDIT

  • Statutory and Tax Audit
  • Financial Institution and Bank Audits
  • Internal Audit
  • Stock Audit

ACCOUNTING

  • Preparation of accounts as per Accounting Standard.
  • Computerized accounts with inventory.
  • Computerized accounts with vat, service tax and TDS

FIRMS, SOCIETIES AND TRUST

  • Drafting of Partnership and Trust Deeds
  • Formation and Registration
  • Registration under Income Tax & Act

START UP VENTURES

  • Identifying appropriate entry route
  • Formation of Legal Entity in India i.e. Incorporation of a company and preparation of Memorandum and Articles of Association and other legal support.
  • Due diligence reviews
  • Regulatory approvals
  • Including Foreign Investment Promotion Board (FIPB), Reserve Bank of India (RBI), Secretariat of Industrial Approval (SIA), Registrar of Companies (ROC) and other concerned authorities
  • Representative office Facility
  • During the 'in transit period' support for office infrastructure and manpower is provided to the company

OTHER SERVICES

  • Outsourcing of accounts and payroll functions of organizations.
  • Investment Planning and tax restructuring for individuals so as to optimize their return on investment and minimize the tax burden.
  • Allotment of Collection Centre of Income Tax Returnsin Delhi to chartered Accountants and Advocates for franchisee of E-return Intermediary.
  • Certified Filing Centrefor online filing of e forms under MCA21Project of Ministry of Company Law Affairs.
  • Procurement of Digital Signaturesof TATA Consultancy Services CA mandatory for e filing of Income Tax Return by all Corporate Entities and e Forms under MCA21 Project.
  • Procurement of Director Identification Number (DIN)

INCOME TAX & FBT

  • Tax Planning and Consultancy
  • Search and Seizure cases
  • Appeals before CIT and ITAT Delhi.
  • Facility to accept and loading of E-return of Income
  • Quick Processing and Timely Refund
  • Bulk filing of Income Tax Returns of employees of Companies and other business entities.
  • Preparation and filing of Income Tax/ Wealth Tax returns with statement of accounts of individuals, HUFs, Partnership Firms, Trusts/Institutions and Companies.
  • Preparation and submission of E-TDS returns

NON-RESIDENT TAXATION AND FEMA

  • Tax Advisory Services and filing of e-Tax returns
  • Setting up a Branch office/ Liaison office/ Project office in India
  • Banking and Remittances
  • Investment advisory support

COMPANY LAW MATTERS

  • Approval of name for New Company
  • Formation and alteration
  • Matters related to ROC and CLB
  • Maintenance of Statutory Records
  • Planning and consultancy
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ENQUIRY

HEAD OFFICE

207, PADMA TOWER - II,22 RAJENDRA PLACE NEW DELHI - 110088.

EMAIL: office@chanderparkash.com

PARTNERS: cp@chanderparkash.com, dishant@chanderparkash.com

MOBILE: 9810056108

PHONE: 011-25731059, 011-25731060, 011-41539570

FAX: 011-25741070

CONTACT FORM

GOT A QUESTION? WE'D LOVE TO HEAR FROM YOU. SEND US A MESSAGE AND WE'LL RESPOND AS SOON AS POSSIBLE.
 
     
   
 
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Rates Of Income Tax

ASSESSMENT YEAR : 2025 -26

PREVIOUS YEAR : 2024 - 25

1. For resident Senior Citizens. (Age above 60 Years)
Old Tax SlabRateNew Tax Slab ( Sec 115BAC)Rate
Upto Rs 3,00,000NILUpto Rs 3,00,000NIL
Rs 3,00,001 - Rs 5,00,0005%Rs 3,00,001 - Rs 7,00,0005%
 Rs 5,00,001 - Rs 10,00,00020%Rs 7,00,001 - Rs 10,00,00010%
Above Rs 10,00,00030%Rs 10,00,001 - Rs 12,00,00015%
  Rs 12,00,001 - Rs 15,00,00020%
  Above Rs 15,00,00030%

2. For resident Super Senior Citizens. (Age above 80 Years)
Old Tax SlabRateNew Tax Slab ( Sec 115BAC)Rate
Upto Rs 5,00,000NILUpto Rs 3,00,000NIL
Rs 5,00,001 - Rs 10,00,000
20%Rs 3,00,001 - Rs 7,00,0005%
Above Rs 10,00,00030%Rs 7,00,001 - Rs 10,00,00010%


Rs 10,00,001 - Rs 12,00,00015%
  Rs 12,00,001 - Rs 15,00,00020%
  Above Rs 15,00,00030%


3. Individuals,HUF, AOP, BOI, AJP  [other than those mentioned above]
Old Tax SlabRateNew Tax Slab ( Sec 115BAC)Rate
Upto Rs 2,50,000NIL Upto Rs 3,00,000NIL
Rs 2,50,001 - Rs 5,00,0005%Rs 3,00,001 - Rs 7,00,0005%
Rs 5,00,001 - Rs 10,00,00020%Rs 7,00,001 - Rs 10,00,00010%
 Above Rs 10,00,000 30%Rs 10,00,001 - Rs 12,00,00015%


Rs 12,00,001 - Rs 15,00,00020%
  Above Rs 15,00,00030%
Note: Rebate u/s 87A is allowed to  resident individual having income upto Rs. 7 lacs. Rebate is upto the amount of income tax, not exceeding Rs. 25,000.

Surcharge :
10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore Upto 2 crore rupees
25% for Individual having taxable Income exceeding 2 Crore 
Health and Education Cess: 4% on the amount of Tax plus surcharge

 

Companies
(A) Domestic Companies
Income tax :

If opted for Section 115BA (facturing company set up on or after 1.3.16) - 25%
If opted for Section 115BAA (Domestic company) - 22%
If opted for Section 115BAB (Domestic Manufacturing company set up on or after 1.10.19 & business commenced on or before 31.3.24.) -15%

Note : In the above cases, few incentives & deductions are not available. 
Any other domestic company -30%

MAT: 15%

Surcharge:
 7% if the taxable income is between Rs.1 crore and Rs.10 Crore 
12%  if the taxable income is Exceed rs 10 crores
 note:
1. Surcharge is subject to marginal relief.
2. The rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be flat 10% irrespective of amount of total income.
Health and Education Cess: 4% on the amount of Tax plus surcharge

(B) Foreign Companies
Income tax :35% (in general )
50% (Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government)
Surcharge :2% if the taxable income is between Rs.1 crore and Rs.10 Crore & 5% if the taxable income exceeds Rs.10 crores
Health and
Education Cess:		4% on the amount of Tax plus surcharge

 Note : Surcharge is subject to marginal relief.

Firms & L LP
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge.

 

Cooperative Socities (Under New Regime) -Section 115BAC
(A) Normal Rates: 
Up to Rs.10,000- 10%
Rs. 10,000 to Rs. 20,000- 20%
Above Rs. 20,000- 30%

Surcharge : 7% if the taxable income is between Rs.1 crore and Rs.10 Crore & 12% if the taxable income exceeds Rs.10 crores.
Note : Surcharge is subject to marginal relief.
Health and Education Cess: 4% on the amount of Tax plus surcharge
Alternate Minimum Tax (AMT) on Co-operative Society: 15%

(B) Tax rate applicable to a Resident Co-operative society opting for section 115BAD & giving up few incentives & deductions : 22%

(C) Concessional tax rate to promote manufacturing cooperative society set up on or after 1.4.23 & commences manufacture on or before 31.3.24: 15%

Note : In case of concessional tax, surcharge flat 10% without any marginal relief. 



ASSESSMENT YEAR : 2024 -25

PREVIOUS YEAR : 2023 - 24

1. For resident Senior Citizens. (Age above 60 Years)
Old Tax Slab Rate New Tax Slab ( Sec 115BAC) Rate
Upto Rs 3,00,000 NIL Upto Rs 3,00,000 NIL
Rs 3,00,001 - Rs 5,00,000 5% Rs 3,00,001 - Rs 6,00,000 5%
 Rs 5,00,001 - Rs 10,00,000 20% Rs 6,00,001 - Rs 9,00,000 10%
Above Rs 10,00,000 30% Rs 9,00,001 - Rs 12,00,000 15%
    Rs 12,00,001 - Rs 15,00,000 20%
    Above Rs 15,00,000 30%

2. For resident Super Senior Citizens. (Age above 80 Years)
Old Tax Slab Rate New Tax Slab ( Sec 115BAC) Rate
Upto Rs 5,00,000 NIL Upto Rs 3,00,000 NIL
Rs 5,00,001 - Rs 10,00,000
 20% Rs 3,00,001 - Rs 6,00,000 5%
Above Rs 10,00,000 30% Rs 6,00,001 - Rs 9,00,000 10%


Rs 9,00,001 - Rs 12,00,000 15%
    Rs 12,00,001 - Rs 15,00,000 20%
    Above Rs 15,00,000 30%


3. Individuals,HUF, AOP, BOI, AJP  [other than those mentioned above]
Old Tax Slab Rate New Tax Slab ( Sec 115BAC) Rate
Upto Rs 2,50,000 NIL Upto Rs 3,00,000 NIL
Rs 2,50,001 - Rs 5,00,000 5% Rs 3,00,001 - Rs 6,00,000 5%
Rs 5,00,001 - Rs 10,00,000 20% Rs 6,00,001 - Rs 9,00,000 10%
 Above Rs 10,00,000  30% Rs 9,00,001 - Rs 12,00,000 15%


Rs 12,00,001 - Rs 15,00,000 20%
    Above Rs 15,00,000 30%
Note: Rebate u/s 87A, in which resident individuals are allowed rebate

Surcharge :
10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore but doesn’t exceed 2 crore rupees
25% for Individual having taxable Income exceeding 2 Crore but doesn’t exceed 5 crore rupees
37% for Individual having taxable Income exceeding 5 Crore (Not applicable for new tax regime)

Health and Education Cess: 4% on the amount of Tax plus surcharge

 

Companies
(A) Domestic Companies
Income tax :

If opted for Section 115BA (in case turnover or gross receipt does not exceed Rs 400 crore in the FY 2018-19) - 25%
If opted for Section 115BAA (in case assessee is not claming Profit linked deductions, unabsorbed depreciation & Losses) - 22%
If opted for Section 115BAB (for new manufacturing companies) -15%
Where its total turnover or gross receipt during the previous year 2021-22 does not exceed Rs. 400 crore- 25%
Any other domestic company -30%

MAT: 15%

Surcharge: 7% if the taxable income is between Rs.1 crore and Rs.10 Crore & 12% if the taxable income exceeds Rs.10 crores
The surcharge shall be subject to marginal relief.
The rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be flat 10% irrespective of amount of total income.

Health and Education Cess: 4% on the amount of Tax plus surcharge
(B) Foreign Companies
Income tax : 40% (in general )
50% (Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government)
Surcharge : 2% if the taxable income is between Rs.1 crore and Rs.10 Crore & 5% if the taxable income exceeds Rs.10 crores
Health and
Education Cess:		 4% on the amount of Tax plus surcharge

 
Firms & LLP
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge.

 

Cooperative Socities (Under New Regime) -Section 115BAC
(A) Normal Rates: 
Up to Rs.10,000- 10%
Rs. 10,000 to Rs. 20,000- 20%
Above Rs. 20,000- 30%

Surcharge : 7% if the taxable income is between Rs.1 crore and Rs.10 Crore & 12% if the taxable income exceeds Rs.10 crores.
Health and Education Cess: 4% on the amount of Tax plus surcharge

(B) Special tax rates applicable to a Co-operative societies: 22%

(C) Alternate Minimum Tax (AMT) on Co-operative Society: 15%

(D) Concessional tax 15% to promote new manufacturing cooperative society: 15%

 

ASSESSMENT YEAR : 2023 -24

PREVIOUS YEAR : 2022 - 23

1. For resident Senior Citizens. (Age above 60 Years)
Old Tax Slab Rate New Tax Slab ( Sec 115BAC) Rate
Upto Rs 3,00,000 NIL Upto Rs 2,50,000 NIL
Rs 3,00,001 - Rs 5,00,000 5% Rs 2,50,001 - Rs 5,00,000 5%
Rs 5,00,001 - Rs 10,00,000 20% Rs 5,00,001 - Rs 7,50,000 10%
    Rs 7,50,001 - Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 - Rs 12,50,000 20%
    Rs 12,50,001 - Rs 15,00,000 25%
    Above Rs 15,00,000 30%
2. For resident Super Senior Citizens. (Age above 80 Years)
Old Tax Slab Rate New Tax Slab ( Sec 115BAC) Rate
Upto Rs 5,00,000 NIL Upto Rs 2,50,000 NIL
Rs 3,00,001 - Rs 5,00,000 5% Rs 2,50,001 - Rs 5,00,000 5%
Rs 5,00,001 - Rs 10,00,000 20% Rs 5,00,001 - Rs 7,50,000 10%
Rs 7,50,001 - Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 - Rs 12,50,000 20%
Rs 12,50,001 - Rs 15,00,000 25%
Above Rs 15,00,000 30%
3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Old Tax Slab Rate New Tax Slab ( Sec 115BAC) Rate
Upto Rs 2,50,000 NIL Upto Rs 2,50,000 NIL
Rs 2,50,001 - Rs 5,00,000 5% Rs 2,50,001 - Rs 5,00,000 5%
Rs 5,00,001 - Rs 10,00,000 20% Rs 5,00,001 - Rs 7,50,000 10%
    Rs 7,50,001 - Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 - Rs 12,50,000 20%
    Rs 12,50,001 - Rs 15,00,000 25%
    Above Rs 15,00,000 30%
Note: Rebate u/s 87A, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 12,500 whichever less.

Surcharge :
10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore but doesn’t exceed two crore rupees
25% for Individual having taxable Income exceeding 2 Crore but doesn’t exceed five crore rupees
37% for Individual having taxable Income exceeding 5 Crore
Health and Education Cess: 4% on the amount of Tax plus surcharge
Firms
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge.
Companies
(A) Domestic Companies
Income tax :
If opted for Section 115BA (in case turnover or gross receipt does not exceed Rs 400 crore in the FY 2018-19) - 25%
If opted for Section 115BAA (in case assessee is not claming Profit linked deductions, unabsorbed depreciation & Losses) - 22%
If opted for Section 115BAB (for new manufacturing companies) -15%
Any other domestic company -30%
MAT- 15%
Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores
However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income.
Health and Education Cess: 4% on the amount of Tax plus surcharge
(B) Foreign Companies
Income tax : 40% (in general )
50% (Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government)
Surcharge : 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Health and
Education Cess:		 4% on the amount of Tax plus surcharge
Cooperative Socities (Under Old Regime)
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge
Cooperative Socities (Under New Regime) -Section 115BAC
Income tax : Flat rate of 22%
Surcharge : 10% of the Income Tax
Health and Education Cess: 4% on the amount of Tax plus surcharge
Local Authorities
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore
Health and Education Cess: 4% on the amount of Tax plus surcharge

 

ASSESSMENT YEAR : 2022-23

Previous year : 2021-22

1. For resident Senior Citizens. (Age above 60 Years)
Old Tax Slab Rate New Tax Slab ( Sec 115BAC) Rate
Upto Rs 3,00,000 NIL Upto Rs 2,50,000 NIL
Rs 3,00,001 - Rs 5,00,000 5% Rs 2,50,001 - Rs 5,00,000 5%
Rs 5,00,001 - Rs 10,00,000 20% Rs 5,00,001 - Rs 7,50,000 10%
    Rs 7,50,001 - Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 - Rs 12,50,000 20%
    Rs 12,50,001 - Rs 15,00,000 25%
    Above Rs 15,00,000 30%
2. For resident Super Senior Citizens. (Age above 80 Years)
Old Tax Slab Rate New Tax Slab ( Sec 115BAC) Rate
Upto Rs 5,00,000 NIL Upto Rs 2,50,000 NIL
    Rs 2,50,001 - Rs 5,00,000 5%
Rs 5,00,001 - Rs 10,00,000 20% Rs 5,00,001 - Rs 7,50,000 10%
    Rs 7,50,001 - Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 - Rs 12,50,000 20%
    Rs 12,50,001 - Rs 15,00,000 25%
    Above Rs 15,00,000 30%
3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Old Tax Slab Rate New Tax Slab ( Sec 115BAC) Rate
Upto Rs 2,50,000 NIL Upto Rs 2,50,000 NIL
Rs 2,50,001 - Rs 5,00,000 5% Rs 2,50,001 - Rs 5,00,000 5%
Rs 5,00,001 - Rs 10,00,000 20% Rs 5,00,001 - Rs 7,50,000 10%
    Rs 7,50,001 - Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 - Rs 12,50,000 20%
    Rs 12,50,001 - Rs 15,00,000 25%
    Above Rs 15,00,000 30%
Note: Rebate u/s 87A, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 12,500 whichever less.

Surcharge :
10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore but doesn’t exceed two crore rupees
25% for Individual having taxable Income exceeding 2 Crore but doesn’t exceed five crore rupees
37% for Individual having taxable Income exceeding 5 Crore
Health and Education Cess: 4% on the amount of Tax plus surcharge
Firms
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge.
Companies
(A) Domestic Companies
Income tax :
If opted for Section 115BA (in case turnover or gross receipt does not exceed Rs 400 crore in the FY 2018-19) - 25%
If opted for Section 115BAA (in case assessee is not claming Profit linked deductions, unabsorbed depreciation & Losses) - 22%
If opted for Section 115BAB (for new manufacturing companies) -15%
Any other domestic company -30%
MAT- 15%
Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores
However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income.
Health and Education Cess: 4% on the amount of Tax plus surcharge
(B) Foreign Companies
Income tax : 40% (in general )
50% (Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government)
Surcharge : 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Health and
Education Cess:		 4% on the amount of Tax plus surcharge
Cooperative Socities (Under Old Regime)
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge
Cooperative Socities (Under New Regime) -Section 115BAC
Income tax : Flat rate of 22%
Surcharge : 10% of the Income Tax
Health and Education Cess: 4% on the amount of Tax plus surcharge
Local Authorities
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore
Health and Education Cess: 4% on the amount of Tax plus surcharge

Assessment year : 2021 -22

Previous year : 2020 - 21

1. For resident Senior Citizens. (Age above 60 Years)
Old Tax Slab Rate New Tax Slab ( Sec 115BAC) Rate
Upto Rs 3,00,000 NIL Upto Rs 2,50,000 NIL
Rs 3,00,001 - Rs 5,00,000 5% Rs 2,50,001 - Rs 5,00,000 5%
Rs 5,00,001 - Rs 10,00,000 20% Rs 5,00,001 - Rs 7,50,000 10%
    Rs 7,50,001 - Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 - Rs 12,50,000 20%
    Rs 12,50,001 - Rs 15,00,000 25%
    Above Rs 15,00,000 30%
2. For resident Super Senior Citizens. (Age above 80 Years)
Old Tax Slab Rate New Tax Slab ( Sec 115BAC) Rate
Upto Rs 5,00,000 NIL Upto Rs 2,50,000 NIL
    Rs 2,50,001 - Rs 5,00,000 5%
Rs 5,00,001 - Rs 10,00,000 20% Rs 5,00,001 - Rs 7,50,000 10%
    Rs 7,50,001 - Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 - Rs 12,50,000 20%
    Rs 12,50,001 - Rs 15,00,000 25%
    Above Rs 15,00,000 30%
3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Old  Tax Slab Rate New Tax Slab ( Sec 115BAC) Rate
Upto Rs 2,50,000 NIL Upto Rs 2,50,000 NIL
Rs 2,50,001 - Rs 5,00,000 5% Rs 2,50,001 - Rs 5,00,000 5%
Rs 5,00,001 - Rs 10,00,000 20% Rs 5,00,001 - Rs 7,50,000 10%
    Rs 7,50,001 - Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 - Rs 12,50,000 20%
    Rs 12,50,001 - Rs 15,00,000 25%
    Above Rs 15,00,000 30%
Note: Rebate u/s 87A, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 12,500 whichever less.
Surcharge on Income Tax computed on Other Incomes :
10% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 1 Crore but upto two 2 Crore
25% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 2 Crore but upto 5 Crore
37% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 5 Crore
Surcharge on Income Tax computed on Dividend Income & Income taxable u/s 111A & 112A :
10% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 1 Crore but upto two 2 Crore
15% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 2 Crore but upto 5 Crore
15% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 5 Crore
Health and Education Cess: 4% on the amount of Tax plus surcharge
Firms
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and
Education Cess:		 4% on the amount of Tax plus surcharge.
Companies
(A) Domestic Companies
Income tax :
If opted for Section 115BA (in case turnover or gross receipt does not exceed Rs 400 crore in the FY 2019-20) - 25%
If opted for Section 115BAA (in case assessee is not claming Profit linked deductions, unabsorbed depreciation & Losses) - 22%
If opted for Section 115BAB (for new manufacturing companies) -15%
Any other domestic company -30%
MAT- 15%
Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores
However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income.
Health and Education Cess: 4% on the amount of Tax plus surcharge
(B) Foreign Companies
Income tax : 40% (in general )
50% (Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government)
Surcharge : 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Health and
Education Cess:		 4% on the amount of Tax plus surcharge
Cooperative Socities (Under Old Regime)
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge
Cooperative Socities (Under New Regime) -Section 115BAC
Income tax : Flat rate of 22%
Surcharge : 10% of the Income Tax
Health and
Education Cess:		 4% on the amount of Tax plus surcharge
Local Authorities
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore
Health and
Education Cess:		 4% on the amount of Tax plus surcharge

Assessment year : 2020 -21

Previous year : 2019 - 20

1. For resident Senior Citizens. (Age above 60 Years)
Up to Rs 3,00,000 NIL
Rs 3,00,001 - Rs 5,00,000 5%
Rs 5,00,001 - Rs 10,00,000 20%
Above Rs 10,00,000 30%
2. For resident Super Senior Citizens. (Age above 80 Years)
Upto Rs 5,00,000 NIL
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Upto Rs. 2,50,000 NIL
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs 10,00,000 20%
Above Rs. 10,00,000 30%
Note: Rebate u/s 87A, in which resident individuals are allowed rebate *(if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 12,500 whichever less.
*( by Finance Act 2019)
Surcharge :
10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore but doesn’t exceed two crore rupees
25% for Individual having taxable Income exceeding 2 Crore but doesn’t exceed five crore rupees
37% for Individual having taxable Income exceeding 5 Crore
Health and Education Cess: 4% on the amount of Tax plus surcharge
Short-Term Capital Gains u/s 111A: 10% (on income more than 50Lakh but upto 1 crore) &15% (on income above 1 Crore) plus surcharge.
Firms
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and
Education Cess:		 4% on the amount of Tax plus surcharge.
Companies
(A) Domestic Companies
Income tax :
If opted for Section 115BA (in case turnover or gross receipt does not exceed Rs 400 crore in the FY 2017-18) - 25%:
If opted for Section 115BAA (in case assessee is not claming Profit linked deductions, unabsorbed depreciation & Losses) - 22%:
If opted for Section 115BAB (for new manufacturing companies) -15%:
Any other domestic company -30% :
Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores:
However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income.:
Health and Education Cess: 4% on the amount of Tax plus surcharge
(B) Foreign Companies
Income tax : 40% (in general )
50% (Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government)
Surcharge : 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Health and
Education Cess:		 4% on the amount of Tax plus surcharge
Cooperative Societies
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the amount of Tax plus surcharge
Local Authorities
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore
Health and
Education Cess:		 4% on the amount of Tax plus surcharge

Assessment year : 2017 - 18

Previous year : 2016 - 17

1. For resident Senior Citizens. (Age above 60 Years)
Up to Rs 3,00,000 NIL
Rs 3,00,001 - Rs 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
2. For resident Super Senior Citizens. (Age above 80 Years)
Upto Rs 5,00,000 NIL
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Upto Rs. 2,50,000 NIL
Rs. 2,50,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs 10,00,000 20%
Above Rs. 10,00,000 30%
Note: Rebate u/s 87A is added from Finance Act 2013, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 5000 whichever less.
Surcharge :
15% for Individual having taxable Income exceeding 1 Crore
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1% on income-tax plus surcharge
Long-Term Capital Gains: 20% on income-tax plus surcharge.
Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.
Firms
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess : 2% on income-tax plus surcharge
Secondary and Higher
Education cess :		 1% on income-tax plus surcharge
Companies
(A) Domestic Companies
Income tax :
30% (29% if turnover or gross receipt does not exceed Rs.5 Crore)
Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores
Education Cess: 2% on income-tax plus surcharge. Secondary and Higher Education cess : 1% on income-tax plus surcharge
(B) Foreign Companies
Income tax : 40% (in general )
Surcharge : 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Education Cess : 2% on income-tax plus surcharge
Secondary and
Higher Education cess		 1% on income-tax plus surcharge
Cooperative Societies
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess : 2% on income-tax.
Secondary And Higher EducationCess : 1% on income tax plus surcharge
Local Authorities
Income tax : 30%.
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess: 1% on income-tax plus surcharge


Note: Last updated on 05.04.2023