Threshold Limit under Income Tax Act for The A.Y. 2021-22 - Part-A (Basic Exemption)

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S.N.

Particulars

Limit (Rs.)

1.

Maximum amount not chargeable to tax – Individual, HUF, AOP, BOI or Artificial Judicial Person

2,50,000

2.

Maximum amount not chargeable to tax – Resident senior citizen (who is the age of at least 60 years at any time during the previous year but less than 80 years of age on the last day of previous year)

3,00,000

3.

Maximum amount not chargeable to tax – Resident super senior citizen (who is the age of at least 80 years at any time during the previous year)

5,00,000

4.

Surcharge @10% of income tax if net income is above Rs. 50 lakhs but does not exceed Rs. 1 crore – Individual, HUF, AOP, BOI or Artificial Judicial Person (subject to marginal relief)

50,00,000

5.

Surcharge @15% of income tax if net income is above Rs. 1 crore but does not exceed Rs. 2 crores – Individual, HUF, AOP, BOI or Artificial Judicial Person (subject to marginal relief)

1,00,00,000

6.

Surcharge @25% of income tax if net income is above Rs. 2 crore but does not exceed Rs. 5 crore – Individual, HUF, AOP, BOI or Artificial Judicial Person (subject to marginal relief)

2,00,00,000

7.

Surcharge @37% of income tax if net income is above Rs. 5 crore – Individual, HUF, AOP, BOI or Artificial Judicial Person (subject to marginal relief)

5,00,00,000

8.

Surcharge @12% of the income tax if net income exceeds Rs. 1 crore – Firms, Co-operative Societies, Local Authorities (subject to marginal relief)

1,00,00,000

9.

Surcharge @7% of income tax if net income exceeds Rs. 1 crore and

Surcharge @12% of income tax if net income exceeds Rs. 10 crore – Domestic Company (subject to marginal relief)

1,00,00,000/

10,00,00,000

10.

Surcharge @2% of income tax if net income exceeds Rs. 1 crore and

Surcharge @5% of income tax if net income exceeds Rs10 crore – Domestic Company (subject to marginal relief)

1,00,00,000/

10,00,00,000

11.

Tax Rate of 25% in case of domestic company – total turnover or gross receipt in the previous year 2017-18 does not exceed Rs. 400 crore

400 Crore

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