Income Tax Rates for Assessment Year 2026-2027 [ Default New Scheme under Section 115BAC ] [ For Individual, H.U.F., A.O.P., B.O.I. and Artificial Juridical Person ] Total Income (Other than Liable for Special Rates) Rates of Income Tax Does not exceeds Rs.4,00,000/- Nil Exceeds Rs.4,00,000/- but does not exceed Rs.8,00,000/- 5% of the amount by which the total income exceeds Rs. 4,00,000/- Exceeds Rs.8,00,000/- but does not exceed Rs.12,00,000/- Rs.20,000/- plus 10% of the amount by which the total income exceeds Rs. 8,00,000/- Exceeds Rs.12,00,000/- but does not exceed Rs.16,00,000/- Rs.60,000/- plus 15% of the amount by which the total income exceeds Rs. 12,00,000/- Exceeds Rs.16,00,000/- but does not exceed Rs.20,00,000/- Rs.1,20,000/- plus 20% of the amount by which the total income exceeds Rs. 16,00,000/- Exceeds Rs.20,00,000/- but does not exceed Rs.24,00,000/- Rs.2,00,000/- plus 25% of the amount by which the total income exceeds Rs. 20,00,000/- Exceeds Rs.24,00,000/- Rs.3,00,000/- plus 30% of the amount by which the total income exceeds Rs.24,00,000/- [ Alternate Minimum Tax (AMT) ] If an assessee has opted for new tax regime, the provisions of Alternate Minimum Tax (AMT) shall not be applicable. Surcharge A] In the case of total income exceeding Rs.50,00,000/- but not exceeding Rs.1,00,00,000/- @ 10% of income tax.   Provided the total amount payable as income tax and surcharge on such income shall not exceed the total amount payable as income tax on a total income of Rs.50,00,000/- by more than the amount of income that exceeds Rs.50,00,000/-.  B] In the case of total income exceeding Rs.1,00,00,000/- but not exceeding Rs.2,00,00,000/- @ 15% of income tax.   Provided the total amount payable as income tax and surcharge on such income shall not exceed the total amount payable as income tax on a total income of Rs.1,00,00,000/- by more than the amount of income that exceeds Rs.1,00,00,000/-.  C] In the case of total income exceeding Rs.2,00,00,000/- but not exceeding Rs.5,00,00,000/- @ 25% of income tax. Except Dividends and income chargeable to tax under sections 111A, 112A and 115AD, accordingly the maximum rate of surcharge on tax payable on such incomes shall be 15%.   Provided the total amount payable as income tax and surcharge on such income shall not exceed the total amount payable as income tax on a total income of Rs.2,00,00,000/- by more than the amount of income that exceeds Rs.2,00,00,000/-.  D] In the case of total income exceeding Rs.5,00,00,000/- @ 37% of income tax. Except Dividends and income chargeable to tax under sections 111A, 112A and 115AD, accordingly the maximum rate of surcharge on tax payable on such incomes shall be 15%.   Provided the total amount payable as income tax and surcharge on such income shall not exceed the total amount payable as income tax on a total income of Rs.5,00,00,000/- by more than the amount of income that exceeds Rs.5,00,00,000/-.  Note 1. ‐ The surcharge rate for AOP with all members as a company, shall be capped at 15%.  Note 2. ‐ The surcharge rate on income by way of dividend or from income chargeable to tax under sections 111A, 112, 112A and 115AD(1)(b), shall be capped at 15%.  Note 3. ‐ The surcharge rate is nil if the total income of a 'specified fund' as referred to in section 10(4D) includes any income in respect of securities as given under section 115AD(1)(a).  Health and Education Cess Health and Education Cess : @ 4% of income tax and Surcharge. Note A. ‐ The Health and Education Cess is nil if the total income of a 'specified fund' as referred to section 10(4D) includes any income in respect of securities as given under section 115AD(1)(a).      BACK