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Tax Rates: Income Tax Slab for A.Y. 2020-21

Income Tax Slab Rate for AY 2020-21 for Individuals:


1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:

Net income range


Income-Tax rate


Up to Rs. 2,50,000


Nil


Rs. 2,50,000- Rs. 5,00,000


5%


Rs. 5,00,000- Rs. 10,00,000


20%


Above Rs. 10,00,000


30% 

1.2 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:

Net income range


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%


1.3 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:

Net income range


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%

Plus: - 

Surcharge: - 10% of income tax where total income exceeds Rs. 50,00,000.

                    15% of income tax where total income exceeds Rs. 1,00,00,000.

Health and Education cess: - 4% of income tax and surcharge.

Note: - A resident individual is entitled for 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 Rate for Partnership Firm:

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

Plus:

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

Health and Education cess: 4% of income tax plus surcharge.

3. Tax Rate for Companies: 

Tax rates for domestic companies:

Particulars


Tax rates


Total turnover or gross receipts during the previous year 2017-18 doesn’t exceed Rs. 250 Crore


25%


Other domestic companies


30%

Tax rates for foreign companies:

The tax rate for foreign company is 40%.

Plus: - 

Surcharge:-

Company


Net income is between Rs. 1Cr. – 10 Cr.


Net income exceeds Rs. 10Cr.


Domestic company


7%


12%


Foreign company


2%


5%

Health and Education cess: 4% of income tax plus surcharge.

4. Income Tax Rates For HUF/AOP/BOI/Any other Artificial Juridical Person:

Net income range


Income-Tax rate


Up to Rs. 2,50,000


Nil


Rs. 2,50,000- Rs. 5,00,000


5%


Rs. 5,00,000- Rs. 10,00,000


20%


Above Rs. 10,00,000


30%

Plus: - 

Surcharge: - 10% of income tax where total income exceeds Rs. 50,00,000.

               15% of income tax where total income exceeds Rs. 1,00,00,000.

Health and Education cess: - 4% of income tax and surcharge.

5. Income Tax Slab Rate for Co-operative Society:

Net income range


Income-Tax rate


Up to Rs. 10,000


10%


Rs. 10,000 to Rs. 20,000


20%


Above Rs. 20,000


30%

Plus:

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

Health and Education cess: 4% of income tax plus surcharge.

6. Income Tax Slab Rate for Local Authority:

A local authority is taxable at 30%.

Plus:

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

Health and Education cess: 4% of income tax plus surcharge.


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