Rates of income-tax in respect of income liable to tax for the assessment year 2021-22.

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....n the First Schedule. The rates provided in sections 115BAA or 115BAB or 115BAC or 115BAD for the assessment year 2021-22 would be same as already enacted. Similarly rates laid down in Part III of the First Schedule to the Finance Act, 2020, for the purposes of computation of "advance tax", deduction of tax at source from "Salaries" and charging of tax payable in certain cases for the assessment year 2021-22 would now become part I of the first schedule. Part III would now apply for the assessment year 2022-23 and would remain unchanged except that it would also apply to proposed section 194P. (1) Tax rates under section 115BAC and section 115BAD- From the assessment year 2021-22 (FY 2020-21), individual and HUF tax payers have an option ....

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....2 of the Act (not being a case to which any other Paragraph of Part III applies) are as under:- Up to ₹ 2,50,000 Nil. ₹ 2,50,001 to ₹ 5,00,000 5 percent. ₹ 5,00,001 to ₹ 10,00,000 20 percent. Above ₹ 10,00,000 30 percent. (ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,- Up to ₹ 3,00,000 Nil. ₹ 3,00,001 to ₹ 5,00,000 5 percent. ₹ 5,00,001 to ₹ 10,00,000 20 percent. Above ₹ 10,00,000 30 percent. (iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the....

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....a) in the case of every individual or HUF or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act, including an individual or HUF exercising option under section 115BAC, not having any income under section 115AD of the Act,- (i) having a total income (including the income by way of dividend or income under the provisions of section 111A and 112A of the Act) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income- tax; and (ii) having a total income (including the income by way of dividend or income under the provisions of section 111A and 112A of the Act) e....

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....ficial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act having income under section 115AD of the Act,- (i) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent of such income-tax; and (ii) having a total income exceeding one crore rupees but not exceeding two crore rupees, at the rate of fifteen per cent of such income-tax; (iii) having a total income [excluding the income by way of dividend or income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Act] exceeding two crore rupees but not exceeding five crore rupees, at the rate of twenty-five per cent. of suchincome-tax; (iv) having a tota....