Rate of Income Tax
Rate of Income Tax
Assessment year : 2020 – 21 |
|
Previous year : 2019 – 20 |
|
A ) Income Tax Slab Indvidual |
|
| 1. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies). | |
| Upto Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 to Rs 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| 2. For resident Senior Citizens. (Age above 60 Years) | |
| Up to Rs 3,00,000 | Nil |
| Rs. 3,00,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| 3. For resident Super Senior Citizens. (Age above 80 Years) | |
| Up to Rs 5,00,000 | Nil |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Surcharge : 10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore. 15% for Individual having taxable Income exceeding 1 Crore Health &Education Cess : 4% on income-tax plus surcharge. Rebate under Section 87A: The rebate is available to a resident individual 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. | |
B ) Partnership Firm |
|
| A partnership firm (including LLP) is taxable at | 30% |
| Surcharge : 12% of tax where total inocme exceeeds Rs. 1 Coroe | |
| Health & Education Cess : 4% of income tax plus surcharge. | |
C) Companies |
|
| Tax rates for domestic companies: | |
| Total turnover or gross receipts during the previous year 2017-18 doesn’t exceed Rs. 250 Crore | 25% |
| Other domestic companies | 30% |
| Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores | |
| Health and Education Cess: 4% on the amount of Tax plus surcharge | |
| Tax rates for foreign companies: | |
| The tax rate for foreign company is | 40% |
| Surcharge: 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores | |
| Health and Education Cess: 4% on the amount of Tax plus surcharge | |
D) 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% |
| Surcharge: 10% of income tax if the taxable income exceeds Rs. 50 lakhs & 15% if the taxable income exceeds 1 crores | |
| Health and Education Cess: 4% on the amount of Tax plus surcharge | |
E ) 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% |
| Surcharge: 12% if the taxable income exceeds Rs. 1 Crore | |
| Health and Education Cess: 4% on the amount of Tax plus surcharge | |
Assessment year : 2019 – 20 |
|
Previous year : 2018 – 20 |
|
A ) Income Tax Slab Indvidual |
|
| 1. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies). | |
| Upto Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 to Rs 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| 2. For resident Senior Citizens. (Age above 60 Years) | |
| Up to Rs 3,00,000 | Nil |
| Rs. 3,00,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| 3. For resident Super Senior Citizens. (Age above 80 Years) | |
| Up to Rs 5,00,000 | Nil |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Surcharge : 10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore. 15% for Individual having taxable Income exceeding 1 Crore Health &Education Cess : 4% on income-tax plus surcharge. Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 3, 50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less. | |
B ) Partnership Firm |
|
| A partnership firm (including LLP) is taxable at | 30% |
| Surcharge : 12% of tax where total inocme exceeeds Rs. 1 Coroe | |
| Health & Education Cess : 4% of income tax plus surcharge. | |
C) Companies |
|
| Tax rates for domestic companies: | |
| Total turnover or gross receipts during the previous year 2016-17 doesn’t exceed Rs. 250 Crore | 25% |
| Other domestic companies | 30% |
| Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores | |
| Health and Education Cess: 4% on the amount of Tax plus surcharge | |
| Tax rates for foreign companies: | |
| The tax rate for foreign company is | 40% |
| Surcharge: 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores | |
| Health and Education Cess: 4% on the amount of Tax plus surcharge | |
D) 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% |
| Surcharge: 10% of income tax if the taxable income exceeds Rs. 50 lakhs & 15% if the taxable income exceeds 1 crores | |
| Health and Education Cess: 4% on the amount of Tax plus surcharge | |
E ) 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% |
| Surcharge: 12% if the taxable income exceeds Rs. 1 Crore | |
| Health and Education Cess: 4% on the amount of Tax plus surcharge | |