Income Tax Rates
I. For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals
| Total Income | Tax Rate |
| Upto Rs. 200,000* | Nil |
| 200,001 to 500,000 | 10% |
| 500,001 to 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
*In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is INR 250,000
The category of women below the age of 65 years has been removed.
In the case of a resident individual of the age of eighty years or above
| Total Income | Tax Rate |
| Upto Rs. 500,000* | Nil |
| 500,001 to 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge is Nil
Education cess is applicable @ 3 percent on income tax
II. For Partnership Firms
• Partnership Firms are taxable @ 30 percent
• Surcharge is Nil
• Education cess is applicable @ 3 percent on income tax
III. For Domestic Companies
• Domestic companies are taxable @ 30 percent
• Surcharge is applicable @ 5 percent if total income is in excess of INR 10,000,000
• Education cess is applicable @ 3 percent on income tax (inclusive of surcharge, if any)
IV. For Foreign Companies
• Foreign companies are taxable @ 40 percent
• Surcharge is applicable @ 2 percent if total income is in excess of INR 10,000,000
• Education cess is applicable @ 3 percent on income tax (inclusive of surcharge, if any)