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

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% 

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%

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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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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