Rates at which income tax is chargeable under Direct Tax Code for Individuals is as follows:
- Rates of Income Tax under Direct Tax Code (DTC) for Individuals (Except for individuals who has attained age of 65 years or more at any time in the financial year) , Hindu Undivided Family or Artificial Judicial Person
(1)Where total Income does not exceed Rs.2,00,000- Rate of Tax is "Nil"
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(2)Where total Income exceeds Rs. 2,00,000 but does not exceed Rs.5,00,000- 10% of the amount by which total income exceeds Rs.2,00,000
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(3)Where total Income exceeds Rs. 5,00,000 but does not exceeds Rs. 10,00,000- Rs.30,000 plus 20% of amount by which total income exceeds Rs. 5,00,000
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(4)Where total Income exceeds Rs. 10,00,000- Rs. 1,30,000 plus 30% of amount by which total income exceeds Rs. 10,00,000.
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- Rates of Income Tax under Direct Tax Code (DTC) in the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the financial year
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(1)Where total Income does not exceed Rs.2,50,000- Rate of Tax is "Nil"
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(2)Where total Income exceeds Rs. 2,50,000 but does not exceed Rs.5,00,000- 10% of the amount by which total income exceeds Rs.2,00,000
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(3)Where total Income exceeds Rs. 5,00,000 but does not exceeds Rs. 10,00,000- Rs.25,000 plus 20% of amount by which total income exceeds Rs. 5,00,000
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(4)Where total Income exceeds Rs. 10,00,000- Rs. 1,25,000 plus 30% of amount by which total income exceeds Rs. 10,00,000.
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- Rates of Income Tax under Direct Tax Code (DTC) in case of every Co-operative Society
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(1)Where total Income does not exceed Rs.10000- 10% of Total Income
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(2)Where total Income exceeds Rs. 10,000 but does not exceed Rs.20,000 - Rs 1,000 plus 20% of the amount by which total income exceeds Rs.10,000
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(3)Where total Income exceeds Rs. 20,000 - Rs 3,000 plus 30% of the amount by which total income exceeds Rs.20,000
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Note:- In case of every other society rates of Income Tax is 30% on Total Income
- Rates of Income Tax under Direct Tax Code (DTC) in case of every non profit organisation
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where total Income does not exceed Rs.1,00,000 - Rate of Tax is "NIL"
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Where total Income exceeds Rs.1,00,000- 15% of the amount by which total income exceeds by Rs.1,00,000
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- Rates of Income Tax under Direct Tax Code (DTC) in case of every unincorporated body:-
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At a flat rate of 30% on whole income
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- Rates of Income Tax under Direct Tax Code (DTC) in case of Companies
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At a flat rate of 30% on whole income
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