Below are the Income Tax Slabs and Rates for the A.Y. 2020-21:
1. Individuals:
1.1 Resident or non-resident individuals, who are less than 60 years on the last day of the 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 – every individual who is a resident of India, who is 60 years of age 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. 10,00,000 | 5% |
Rs. 5,00,000- Rs. 10,00,000 | 20% |
Above Rs. 10,00,000 | 30% |
1.3 Resident super senior citizen – every individual who is a resident in India, who is 80 years of age 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% |
In Addition To:
Surcharge:
- 10% of income tax. Total income more than Rs. 50,00,000
- 15% of income tax. Total income more than Rs. 1,00,00,000
Health and Education cess:
- 4% of income tax and surcharge
Note: – An Indian resident is entitled to a rebate under section 87A if his total income is less than Rs. 5,00,000. The amount of rebate will be 100% of income-tax or Rs. 12,500, whichever is less.
2. Partnership Firms:
A partnership firm (including LLP) is taxable at 30%.
In Addition To:
Surcharge:- 12% of tax where the total income is more than Rs. 1 crore
Health and Education cess: 4% of income tax plus surcharge.
3. Companies:
For domestic companies:
Particulars | Tax rates |
When the total turnover or gross receipts during the previous year 2017-18 is not more than Rs. 250 Crore | 25% |
Other domestic companies | 30% |
For foreign companies:
The tax rate for a foreign company is 40%.
In Addition To:
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.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% |
In Addition To:
Surcharge:
- 10% of income tax. Total income more than Rs. 50,00,000
- 15% of income tax. Total income more than Rs. 1,00,00,000
Health and Education cess: – 4% of income tax and surcharge.
6. Local Authority:
A local authority is taxable at 30%.
In Addition To:
Surcharge:- 12% of tax. Total income more than Rs. 1 crore
Health and Education cess: 4% of income tax plus surcharge