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.

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