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      Individual, HUF, association of persons, body of individuals, artificial juridical person.

      1 February, 2026

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      Union Budget 2026-27 - Finance Bill, 2026

      Tax rates under Part I-A of the First Schedule applicable for the assessment year 2026-27

      Paragraph A of Part-I-A of First Schedule to the Bill provides following rates of income-tax:—

      (i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or HUF or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in section 2(31)(vii) of the Income-tax Act, 1961 (not being a case to which Paragraph B, C, D or E of Part I-A applies) are as under:—

      (1)

      Upto ₹ 2,50,000

      Nil

      (2)

      From ₹ 2,50,001 to ₹ 5,00,000

      5%

      (3)

      From ₹ 5,00,001 to ₹ 10,00,000

      20%

      (4)

      Above ₹ 10,00,000

      30%

      (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,—

      (1)

      Upto ₹ 3,00,000

      Nil

      (2)

      From ₹ 3,00,001 to Rs.5,00,000

      5%

      (3)

      From ₹ 5,00,001 to Rs.10,00,000

      20%

      (4)

      Above ₹ 10,00,000

      30%

      (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 previous year,—

      (1)

      Upto ₹ 5,00,000

      Nil

      (2)

      From ₹ 5,00,001 to Rs.10,00,000

      20%

      (3)

      Above ₹ 10,00,000

      30%

      These rates are the same as those applicable for the assessment year 2025-26.

       

      Full Text:

      Union Budget 2026-27 - Finance Bill, 2026

      Topics

      ActsIncome Tax
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