Income Tax Slab Rates for 2020-21, Income Tax Rates FY 2019-2020

Income Tax Slab Rates for 2020 – 21, Income Tax Rates for FY 2019-2020. Check latest Income Tax Slab rates. Know Tax Slabs for ✓ Individuals ✓ HUF ✓ NRI ✓ Artificial Judicial Persons ✓ Domestic & Foreign Companies.  Find out the latest Income Tax slab tax rates for FY 2019-2020 (AY 2020-2021). The Income tax slab determines how much you will pay in taxes. Get income tax slab rates for FY 2019-2020 & AY 2020-2021 and income tax deductions in India for Financial Year 2019-2020 (Assessment Year 2020-2021) post Union Budget 2020.

Income Tax Slab Rates for Women’s, Income Tax Slab Rates for Men’s, Income Tax Slab Rates for Senior Citizens, Income Tax Slab Rates  for Super Senior Citizens, etc. Now you can scroll down and check more details about “Income Tax Slab Rates AY 2019-2020, FY 2016-17″ from below….

Income Tax Slab Rates AY 2020-21

Income Tax Slab Rates 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 RangeIncome-Tax Rate*
Up to Rs. 2,50,000Nil
Rs. 2,50,000 – 5,00,0005%
Rs. 5,00,000 – 10,00,00020%
Above Rs. 10,00,00030%
  • Resident senior cizen, 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 me during the previous year:
Net income RangeIncome-Tax Rate*
Up to Rs. 3,00,000Nil
Rs. 3,00,000 – 5,00,0005%
Rs. 5,00,000 – 10,00,00020%
Above Rs. 10,00,00030%
  • 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 me during the previous year:
Net income RangeIncome-Tax Rate*
Up to Rs. 5,00,000Nil
Rs. 5,00,000 – 10,00,00020%
Above Rs. 10,00,00030%

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. Co-operative Society:

Where the taxable income does not exceed Rs 10,00010%
Where the taxable income exceeds Rs 10,000 but does not exceed Rs 20,000.Rs.1,000 + 20% of income in excess of Rs. 10,000.
Where the taxable income exceeds Rs. 20,000Rs 3,000 + 30% of the amount by which the taxable income exceeds Rs.20,000

Plus :-

  • Surcharge: 12% of the Income Tax if taxable income exceeds Rs 1 crore.
  • Education Cess: 4% of the total of Income Tax and Surcharge.

Firm /Local Authority

  • Income Tax: 30% of taxable income

Plus :-

  • Surcharge: 12% of the Income Tax if taxable income exceeds Rs 1 crore.
  • Education Cess: 4% of the total of Income Tax and Surcharge.

Domestic Company:

  • Income Tax: 30% – Other domestic companies
  • Income Tax: 25% – Total turnover or gross receipts during the previous year 2017-18 doesn’t exceed Rs. 250 Crore

Plus :-

  • Surcharge 7% of the Income-tax if taxable income exceeds Rs 1 crore.
  • Surcharge 12% of the Income-tax if taxable income exceeds Rs 10 crore.
  • Education Cess: 4% of the total of Income Tax and Surcharge.

Foreign Company:

  • Income Tax: 40% of taxable income

Plus :-

  • Surcharge 2% of the Income-tax if taxable income exceeds Rs 1 crore.
  • Surcharge 5% of the Income-tax if taxable income exceeds Rs 10 crore.
  • Education Cess: 3% of the total of Income Tax and Surcharge.

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