Income Tax Rate Chart for Financial Year 2019-2020 i.e. Assessment Year 2020-21 for individuals and companies, covering the proposed Finance Bill 2019 amendments, are tabulated here under –
Income Tax Slab for Individuals –
Income Tax slab for Resident Individual (below the age of 60 years as on the last day of the relevant previous year) –
|
Taxable Income |
Income Tax Rate |
| Up to INR 2,50,000 | NIL |
| INR 2,50,000 to INR 5,00,000 | 5% of the total income exceeding INR 2,50,000. |
| INR 5,00,000 to INR 10,00,000 | INR 12,500 + 20% of the total income exceeding INR 5,00,000. |
| Above INR 10,00,000 | INR 1,12,500 + 30% of the total income exceeding INR 10,00,000. |
Income Tax slab for the individual – Resident Senior Citizens (above the age of 60 years but less than the age of 80 years at any time during the previous year) –
|
Taxable Income |
Income Tax Rate |
| Up to INR 3,00,000 | NIL |
| INR 3,00,000 to INR 5,00,000 | 5% of the total income exceeding INR 3,00,000. |
| INR 5,00,000 to INR 10,00,000 | INR 10,000 + 20% of the total income exceeding INR 5,00,000. |
| Above INR 10,00,000 | INR 1,10,000 + 30% of the total income exceeding INR 10,00,000. |
Income Tax slab for individual – Resident Super Senior Citizens (above the age of 80 years) –
|
Taxable Income |
Income Tax Rate |
| Up to INR 5,00,000 | NIL |
| INR 5,00,000 to INR 10,00,000 | 20% of the total income exceeding INR 5,00,000 |
| Above INR 10,00,000 | INR 1,00,000 + 30% of the total income exceeding INR 10,00,000 |
Income Tax slab for Non-Resident Individual (irrespective of their age) –
|
Income tax slab |
Income Tax Rate |
| Up to INR 2,50,000 | NIL |
| INR 2,50,000 to INR 5,00,000 | 5% of the total income exceeding INR 2,50,000. |
| INR 5,00,000 to INR 10,00,000 | INR 12,500 + 20% of the total income exceeding INR 5,00,000. |
| Above INR 10,00,000 | INR 1,12,500 + 30% of the total income exceeding INR 10,00,000. |
Surcharge –
The surcharge is payable over and above the income tax rates tabulated above –
|
Particulars |
Surcharge Rates |
| Total income exceeds INR 50 Lakhs but not exceeding INR 1 Crore | 10% of the income tax |
| Total income exceeds INR 1 Crore but not exceeding INR 2 Crore | 15% of the income tax |
| Total income exceeds INR 2 Crore but not exceeding INR 5 Crore | 25% of the income tax |
| Total income exceeds INR 5 Crore | 37% of the income tax |
Health and Education Cess –
Health and education cess are to be calculated on the sum total of income tax and surcharge. Health and education cess are payable @4% on income tax plus a surcharge.
Rebate (under section 87A) –
Tax rebate under section 87A of the Income Tax Act, 1961 has been increased / revised. For the Financial Year 2019-2020, maximum tax rebate available under section 87A is INR 12,500.
Tax rebate is available only to the resident individual earning net taxable income up to INR 5 Lakhs. Tax rebate is to be applied to the total tax before adding ‘Surcharge’ and ‘Health and Education Cess’.
Income Tax Rates for Companies –
Income Tax Rates as applicable to a domestic company –
| Particulars | Income Tax Rates |
| The company whose turnover / gross receipt is less than INR 400 Crore in the previous year | 25% |
| Other companies | 30% |
Surcharge applicable to a domestic company –
The surcharge is payable over and above the income tax rates tabulated above –
|
Particulars |
Surcharge rate |
| Income between INR 1 Crore to 10 Crore | 7% on the amount of the income tax |
| Income above INR 10 Crore | 12% on the amount of the income tax |
Health and Education Cess applicable to a domestic company –
Health and education cess @4% is payable on the sum total of Income Tax plus Surcharge.
Income Tax Rates as applicable to a foreign company –
| Particulars | Income Tax Rates |
| Royalty income as compensated by the Indian Government against the agreements executed with the Indian concern (after 31st March 1961 and before 1st April 1976) | 50% |
| Income by way of fees for any technical service provided as per the agreements executed with the Indian concern (after 29th February 1964 and before 1st April 1976) | 50% |
| All other incomes | 40% |
Surcharge applicable to a foreign company –
The surcharge is payable over and above the income tax rates tabulated above –
|
Particulars |
Surcharge rate |
| Income between INR 1 Crore to 10 Crore | 2% on the amount of the income tax |
| Income above INR 10 Crore | 5% on the amount of the income tax |
Health and Education Cess applicable to a foreign company –
Health and Education Cess @4% is payable on the sum total of Income Tax plus Surcharge.
Author Bio
WE NEED TO KNOW THAT WHICH HEAD WE CAN NOT TAKE ITC FOR GST AS AN EXPORTER UNDER LETTER OF CREDIT