FY 2025/26 - As per Income Tax Act, 1961
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.
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:
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% |
For the fiscal year 2020-21, an industry’s annual revenue is taxed at a rate of 25% if the following criteria are true:
For the fiscal year 2020-21, an industry’s annual revenue is taxed at a rate of 15% if the following criteria are true:
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.
A multinational entity is subject to a 40% rate of taxation.
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% |
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 |