#INCOME TAX BRACKETS 2021 PLUS#

The amount of rebate is 100 per cent of income-tax or Rs. It is deductible from income-tax before calculating education cess. 5,00,000) can avail rebate under section 87A.

#INCOME TAX BRACKETS 2021 PLUS#

Health and Education Cess :Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge.Ī resident individual (whose net income does not exceed Rs. 5 crore by more than the amount of income that exceeds Rs. 2 croreĪmount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 2 crore by more than the amount of income that exceeds Rs. 1 croreĪmount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. Note 2: Marginal relief is available from surcharge in following manner- Net Income RangeĪmount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of Rs 50 Lakh by more than the amount of income that exceeds Rs 50 LakhsĪmount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs.

Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%. Note 1: The enhanced surcharge of 25% & 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A, 112A and 115AD. Surcharge:Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:- Range of Income Income Tax Rates applicable to Individuals (Resident / Non Resident for FY 2020-21 & 2021-22ġ.1 Individuals (Other than senior and super senior citizen)ī. Income Tax Rates for FY 2020-21 & FY 2021-22 for Co-operative Societyġ. Income Tax Rates for FY 2020-21 & FY 2021-22 for Local Authority Income Tax Rates for FY 2020-21 & FY 2021-22 for Partnership Firm & LLP Income Tax Rates applicable to Company for FY 2020-21 & FY 2021-22 Special Income Rates for Individual & HUF u/s. Income Tax Rates for FY 2020-21 & FY 2021-22 for HUF, AOP, BOI, Other Artificial Juridical Person Income Tax Rates applicable to Individuals (Resident / Non Resident for FY 2020-21 & 2021-22 In 2023, an additional solidarity rate, which varies between 2.5% and 5%, applies to taxpayers with a taxable income exceeding EUR 80,000. Special rates apply to capital gains and investment income. Resident income tax rates for 2023 Taxable income (EUR*)įor the purpose of applying the tax rate, the taxable income is divided by two if the taxpayers are married and not judicially separated, as well as in the case of de facto marriages, whatever the circumstances, should they opt for joint taxation. Non-residents are taxed at a flat rate of 25% on their taxable remuneration in 2023. Non-residents are liable to income tax only on Portuguese-source income, which includes not only that portion of remuneration that can be allocated to the activity carried out in Portugal but also remuneration that is borne by a Portuguese company or permanent establishment (PE). Residents in Portugal for tax purposes are taxed on their worldwide income at progressive rates varying from 14.5% to 48% for 2023.

Income tax brackets 2021