1. 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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