Income Tax Slabs for Assessment Year 2020-21

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

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