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

Budget 2019 has proposed no changes in the income tax rates and slabs for the FY 2019-20. However, there are some changes in the rebate under section 87A

  1. Income Tax Slab Rate for FY 2019-20 for Individuals:
    1. Individual (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 senior citizen, i.e., every individual, being a 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 super senior citizen, i.e., every individual, being a 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: 10% of tax where total income exceeds Rs. 50 lakh | 15% of tax where total income exceeds Rs. 1 crore

      Education cess: 4% of tax plus surcharge

      Note:A 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: 10% of tax where total income exceeds Rs. 50 lakh | 15% of tax where total income exceeds Rs. 1 crore

    Education cess: 4% of tax plus surcharge

    Note: A resident individual is entitled to rebate u/s 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.

  3. Tax Rate For Partnership Firm:

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

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

    Education cess: 4% of tax plus surcharge

  4. Income Tax Slab Rate for Local Authority:

    A local authority is taxable at 30%.

    Surcharge: 12% of 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. 250 crore in the previous year.

    Surcharge: 7% of tax where total income exceeds Rs. 1 crore | 12% of tax where total income exceeds Rs. 10 crore

    Education cess: 4% of tax plus surcharge

  6. Tax Rates for Foreign Company:

    A foreign company is taxable at 40%

    Surcharge: 2% of tax where total income exceeds Rs. 1 crore | 5% of tax where total income exceeds Rs. 10 crore

    Education cess: 4% of 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 tax where total income exceeds Rs. 1 crore

    Education cess: 4% of tax plus surcharge

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