Indian Corporate Income Tax Calculator

indian corporate income tax calculator

Explore best options to save upto ₹78,000 in taxcurrency

Income Tax Calculator

Note: Please Reset the calculator before your next calculation.

Income Tax Calculator

Note: Please Reset the calculator before your next calculation.

Indian Personal Income Tax Calculator

indian corporate income tax calculator

Explore best options to save upto ₹78,000 in taxcurrency

Table of Contents

Indian Corporate Income Tax Calculator

The Indian corporate income tax calculator is a web-based tool that determines how much income tax you must pay in a given accounting period year. The estimator calculates your tax liability by taking into account a number of criteria.

How to calculate tax liability with an Indian Corporate Income Tax Calculator?

The Indian corporate income tax calculator is a simple digital application that allows you to calculate your rates depending on your earnings. The steps are as follows:

  1. Select the fiscal year for which you wish to compute your income.
  2. Then go to the taxpayer option and select the type for instance domestic company or foreign company, etc.
  3. Select your chargeable income, which is your compensation after different exclusions, or just your income, which is your income without any exclusions.
  4. Insert the net revenue of your company, which will be taxed at applicable rates with relevant surcharges and levies.
  5. Go to the next step by clicking the ‘Calculate’ button.
  6. To determine your tax liability, click ‘Estimation.’ You’ll also be enabled to get a comparison of your tax obligation before and after the budgeting.
  7. After the calculation is done, and you wish to make another calculation, then simply just click the ‘Reset’ button and follow from step 1.

Indian Income Tax Rate for Domestic Company:

Domestic Company AY 2020-21 AY 2021-22 AY 2022-24
Section 115BAA 22% 2.2% 0.96%
Section 115BAB 15% 1.5% 0.66%
Section 115BA
For P < 1 crore 25% 0% 1%
For P > 1 crore 25% 3% 1.12%
Other
For P < 1 crore 30% 0% 1.2%
For P 1 crore - 10 crores 30% 2.1% 1.84%
For P > 10 crores 30% 3.6% 1.344%

Section 115BAA:

For the fiscal year 2020-21, an industry’s annual revenue is taxed at a rate of 25% if the following criteria are true:

  • The corporation is not alleging any damages incurred as a result of the forwarding.
  • The requirements of the MAT do not apply to such a firm after it has exercised its alternative. The MAT certification cannot be claimed by the organization.
  • No deductions are claimed by the business.

Section 115BAB:

For the fiscal year 2020-21, an industry’s annual revenue is taxed at a rate of 15% if the following criteria are true:

  • The business manufactures no use of any mechanical devices that have already been employed for any reason.
  • The organization does not use those structures that have held positions as hotels or conference centers.
  • Business must have been formed on or around October 1, 2019, and must have begun production on or before March 31, 2023.
  • A corporation is not founded by dismantling or reconstructing an existing firm.
  • The business is not alleging any expenses incurred as a result of the forwarding.
  • The requirements of the MAT do not apply to such a firm after it has exercised its opportunity. The organization wouldn’t be able to acquire the MAT certification.

Section 115BA:

A private entity that is recorded on or around March 1, 2016, and is involved in the business of manufacturing or producing any essay or object, as well as investigations in connection to such editorial or thing assembled or generated by it, can elect section 115BA on or prior the given deadline of its exchange by submitting Form 10-IB digitally. Any liabilities that have been transmitted cannot be claimed by the organization.

Indian Income Tax Rate for Foreign Companies:

A multinational entity is subject to a 40% rate of taxation.

Indian Income Tax Rate for LLP & Firms:

Income Range AY 2020-21 AY 2021-22 AY 2022-24
For P < 1 crore 40% 0% 1.6%
For P 1 crores - 10 crores 40% 0.8% 1.632%
For P > 10 crores 40% 2% 1.68%
Income Range AY 2020-21 AY 2021-22 AY 2022-24
For P < 1 crore 30% 0% 1.2%
For P > 1 crore 30% 3.6% 1.344%

Example

Rashmi gets a monthly Basic Salary of Rs 14,00,000. HRA of 8,00,000 annually. Monthly Special Allowance of Rs 3,54,000 annually, LTA of Rs 20,000 per year. She lives in Pune and spends a monthly rent of Rs 60,000.

Let us explain the example through a table:

Type of Income Amount Deductions Old Taxation New Taxation
Net salary 14,00,000 NA 14,00,000 14,00,000
HRA 8,00,000 4,60,000 3,40,000 8,00,000
Special Allowances 3,54,000 NA 3,54,000 3,54,000
LTA 20,000 12,000 8,000 20,000
Standard deduction NA 50,000 50,000 NA
Total income from salary 21,52,000 25,74,000
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