Income Tax slab for AY 2020-21 In India, income is calculated on the basis of different parameters like in case of individual assessee income is calculated on the basis of his age group and for other personal income is calculated as per their status under Income Tax Act.
Here in this post, we are discussing the Income Tax slab for AY 2020-21 | FY 2019-20 of individual, HUF, Partnership firm, Local Authority, Co-operative society, and Foreign/domestic company.
Income Tax slab for AY 2020-21 | FY 2019-20 – Individual and HUF
Here is the Income Tax slab for AY 2020-21 of Individual and HUF.
Tax slab for an individual and HUF
| Income Tax slab | Income Tax rate for individual (Age below 60 years) & HUF |
|---|---|
| upto Rs. 250000 | NIL- No Tax |
| Rs. 250000 to Rs. 500000 | 5 % of total income exceeding Rs. 250000 |
| Rs. 500001 to Rs. 1000000 | Rs. 12500 + 20% of total income exceeding Rs. 500000 |
| Above Rs. 1000000 | Rs. 112500 + 30% of total income exceeding Rs. 1000000 |
Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.
Note 2:- A tax rebate under section 87A is allowed to individual taxpayers for a maximum amount of Rs. 12500 if his total income is up to Rs. 500000 for FY 2019-20.
Note 3:- Surcharge is additional on the amount of Income tax
Also Read- Documents Required for ITR Filing- Income Tax Return Filing
Tax slab for Senior Citizen
| Income Tax slab | Income Tax rate for Senior Citizen |
|---|---|
| upto Rs. 300000 | NIL- No Tax |
| Rs. 300000 to Rs. 500000 | 5 % of total income exceeding Rs. 300000 |
| Rs. 500001 to Rs. 1000000 | Rs. 10000 + 20% of total income exceeding Rs. 500000 |
| Above Rs. 1000000 | Rs. 110000 + 30% of total income exceeding Rs. 1000000 |
Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.
Note 2:- A tax rebate under section 87A is allowed to individual taxpayers (Age 60 or 60+ but below 80 years) for a maximum amount of Rs. 10000 if the total income is up to Rs. 500000 for FY 2019-20.
Note 3:- Surcharge is additional on the amount of Income tax
Tax slab for a Super Senior Citizen
| Income Tax slab | Income Tax rate for Super Senior Citizen |
|---|---|
| upto Rs. 500000 | NIL- No Tax |
| Rs. 500001 to Rs. 1000000 | 20% of total income exceeding Rs. 500000 |
| Above Rs. 1000000 | Rs. 100000 + 30% of total income exceeding Rs. 1000000 |
Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.
Note 2:- Surcharge is additional on the amount of Income tax
Must Read- How to Verify ITR- Know the 6 Ways to Verify your Income Tax Return
Surcharge applicable to the individual covered above
| Income Limit | Surcharge rate on amount of Income Tax |
|---|---|
| Net income exceed Rs. 50 Lakhs but does not exceed Rs. 1 Crore | 10% |
| Net Income exceeds Rs. 1 Crore but does not exceed Rs. 2 Crore | 15% |
| Net Income exceed Rs. 2 Crore but does not exceed Rs. 5 Crore | 25% |
| Net Income exceed Rs. 5 Crore | 37% |
Income Tax slab for AY 2020-21 | FY 2019-20 – Partnership Firm
Here is the Income Tax slab for AY 2020-21 of Partnership Firm.
For Partnership firm Income tax rate is flat 30%.
Health and Education cess:- It will be 4 % of Income Tax + Surcharge
Surcharge:- It will be 12 % of Tax if net income exceed Rs. 1 crore. (Surcharge will be subject to marginal relief)
Also Read- Know about the types of ITR forms and know which ITR form should you file ?
Income Tax slab rates for Local Authority AY 2020-21 | FY 2019-20
Here is the Income Tax slab for AY 2020-21 of Local Authority.
For Local Authority Income tax rate is flat 30%
Health and Education cess:- It will be 4 % of Income Tax + Surcharge
Surcharge:- It will be 12 % of Tax, if net income exceed Rs. 1 crore. (Surcharge will be subject to marginal relief)
Income Tax slab rates for Co-operative society AY 2020-21 | FY 2019-20
Here is the Income Tax slab for AY 2020-21 of Co-Operative Society.
| Taxable Income | Tax Rate |
|---|---|
| Up to Rs. 10000 | 10% |
| Rs. 10000 to Rs. 20000 | 20% |
| Above Rs. 20000 | 30% |
Health and Education cess:- It will be 4 % of Income Tax + Surcharge
Surcharge:- It will be 12 % of Tax, if net income exceed Rs. 1 crore. (Surcharge will be subject to marginal relief)
Income Tax slab rates for Companies AY 2020-21 | FY 2019-20
Tax slab for Domestic Company AY 2020-21
| Particulars | Tax Rates |
|---|---|
| where companies total turnover or gross receipts during the previous year does not exceed Rs. 400 crore | 25% |
| Where company opt for section 115BA | 25%/22% |
| Where company opt for section 115BAB | 15% |
| All other domestic company | 30% |
Health and Education cess:- It will be 4 % of Income Tax + Surcharge
Surcharge:- It will be 7 % of Tax, if net income exceed Rs. 1 crore but below Rs. 10 crore and if income exceed Rs. 10 crore, surcharge will be 12%. (Surcharge will be subject to marginal relief)
Tax slab for Foreign Company AY 2020-21
| Particulars | Tax Rates |
|---|---|
| Royalty received from government or an Indian concern or fees for rendering technical services where such agreement has, in either case, been approved by the central government | 50% |
| Any other income | 40% |
Health and Education cess:- It will be 4 % of Income Tax + Surcharge
Surcharge:- It will be 2 % Tax if net income exceed Rs. 1 crore but below Rs. 10 crore and if income exceed Rs. 10 crore, surcharge will be 5%. (Surcharge will be subject to marginal relief)
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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.
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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)