INCOME TAX SLAB RATES FOR F.Y. 2019-20/A.Y. 2020-21

  1. Income Tax Rate & Slab for Individuals:
    1. Individual (resident or Resident but not Ordinarily Resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
      Taxable income Tax Rate
      Up to Rs. 2,50,000 Nil
      Rs. 2,50,000 to Rs. 5,00,000 5%
      Rs. 5,00,000 to Rs. 10,00,000 20%
      Above Rs. 10,00,000 30%
    2. Resident or Resident but not Ordinarily Resident senior citizen, i.e., every individual, being a resident or Resident but not Ordinarily Resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
      Taxable income Tax Rate
      Up to Rs. 3,00,000 Nil
      Rs. 3,00,000 - Rs. 5,00,000 5%
      Rs. 5,00,000 - Rs. 10,00,000 20%
      Above Rs. 10,00,000 30%
    3. Resident or Resident but not Ordinarily Resident super senior citizen, i.e., every individual, being a resident or Resident but not Ordinarily Resident in India, who is of the age of 80 years or more at any time during the previous year:
      Taxable income Tax Rate
      Up to Rs. 5,00,000 Nil
      Rs. 5,00,000 - Rs. 10,00,000 20%
      Above Rs. 10,00,000 30%

      Surcharge:
      a) 10% of Income tax where total income exceeds Rs.50 lakh
      b) 15% of Income tax where total income exceeds Rs.1 crore
      c) 25% of Income tax where total income exceeds Rs.2 crore
      d) 37% of Income tax where total income exceeds Rs.5 crore

      Education cess: 4% of income tax plus surcharge

      Note:A resident or Resident but not Ordinarily Resident individual is entitled to rebate under section 87A if his total income does not exceed
      Rs. 5, 00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.

  2. Income Tax Rates for HUF/AOP/BOI/Any other Artificial Juridical Person:
    Taxable income Tax Rate
    Up to Rs. 2,50,000 Nil
    Rs. 2,50,000 to Rs. 5,00,000 5%
    Rs. 5,00,000 to Rs. 10,00,000 20%
    Above Rs. 10,00,000 30%

    Surcharge:
    a) 10% of Income tax where total income exceeds Rs.50 lakh
    b) 15% of Income tax where total income exceeds Rs.1 crore
    c) 25% of Income tax where total income exceeds Rs.2 crore
    d) 37% of Income tax where total income exceeds Rs.5 crore

    Education cess: 4% of tax plus surcharge

  3. Tax Rate For Partnership Firm:

    A partnership firm (including LLP) is taxable at 30%.

    Surcharge: 12% of Income tax where total income exceeds Rs. 1 crore

    Education cess: 4% of Income tax plus surcharge

  4. Income Tax Slab Rate for Local Authority:

    A local authority is Income taxable at 30%.

    Surcharge: 12% of Income tax where total income exceeds Rs. 1 crore

    Education cess: 4% of tax plus surcharge

  5. Tax Slab Rate for Domestic Company:

    A domestic company is taxable at 30%. However, the tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year.

    Surcharge:
    a) 7% of Income tax where total income exceeds Rs.1 crore
    b) 12% of Income tax where total income exceeds Rs.10 crore

    Education cess: 4% of Income tax plus surcharge

  6. Tax Rates for Foreign Company:

    A foreign company is taxable at 40%

    Surcharge:
    a) 2% of Income tax where total income exceeds Rs. 1 crore
    b) 5% of Income tax where total income exceeds Rs. 10 crore

    Education cess: 4% of Income tax plus surcharge

  7. Income Tax Slab for Co-operative Society:
    Taxable income Tax Rate
    Up to Rs. 10,000 10%
    Rs. 10,000 to Rs. 20,000 20%
    Above Rs. 20,000 30%

    Surcharge: 12% of Income tax where total income exceeds Rs. 1 crore

    Education cess: 4% of Income tax plus surcharge

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