Income Tax Rates for Individual/HUF/AOP/BOI/Artificial Juridical Person/Firms/LLP for Addessment Year 2019-20
Article explains Income Tax Rates for Resident Very Senior Citizen (Who is 80 years or more on the last day of the previous year), Income Tax Rates for Resident Senior Citizen (Who is more than 60 years but less than 80 years), Income Tax Rates for Any Other Individual/HUF/AOP/BOI/Artificial Juridical Person, Income Tax Rates for Firms/LLP, Prominent deductions under Chapter VI-A for Non Business Tax Payers, Special Tax Rates under Chapter XII, Special Tax Rates under Chapter XII (Applicable to non-resident) and E-Filing of IT Return at https://www.incometaxindiaefiling.gov.in
Page Contents
- Income Tax Rates for RESIDENT VERY SENIOR CITIZEN (Who is 80 years or more on the last day of the previous year)
- Income Tax Rates for RESIDENT SENIOR CITIZEN (Who is more than 60 years but less than 80 years)
- Income Tax Rates for ANY OTHER INDIVIDUAL/HUF/AOP/BOI/ARTIFICIAL JURIDICAL PERSON
- Income Tax Rates for FIRMS/LLP
- Prominent deductions under Chapter VI-A for Non Business Tax Payers:–
- Special Tax Rates under Chapter XII
- Special Tax Rates under Chapter XII (Applicable to non-resident)
- E-FILING of IT Return at https://www.incometaxindiaefiling.gov.in
Income Tax Rates for RESIDENT VERY SENIOR CITIZEN (Who is 80 years or more on the last day of the previous year)
| Total Income | Income-tax rates |
| Up to Rs. 5,00,000 | Nil |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% of (Total Income Minus Rs. 5,00,000) |
| Above Rs. 10,00,000 | Rs.1,00,000 +30% of (Total Income Minus ` 10,00,000)* |
Income Tax Rates for RESIDENT SENIOR CITIZEN (Who is more than 60 years but less than 80 years)
| Total Income | Income-tax rates |
| Up to Rs. 3,00,000 | Nil |
| Rs. 3,00,000 to Rs. 5,00,000 | 5% of (Total Income Minus Rs. 3,00,000) |
| Rs. 5,00,000 to Rs. 10,00,000 | Rs. 10,000+20% of (Total Income Minus Rs. 5,00,000) |
| Above Rs. 10,00,000 | Rs. 1,10,000+30% of (Total Income Minus Rs. 10,00,000)* |
Income Tax Rates for ANY OTHER INDIVIDUAL/HUF/AOP/BOI/ARTIFICIAL JURIDICAL PERSON
| Total Income | Income-tax rates |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,000 to Rs. 5,00,000 | 5% of (Total Income Minus Rs. 2,50,000) |
| Rs. 5,00,000 to Rs. 10,00,000 | Rs. 12,500+20% of (Total Income Minus Rs. 5,00,000) |
| Above Rs. 10,00,000 | Rs. 1,12,500+30% of (Total Income Minus Rs. 10,00,000)* |
1. For salaried persons (including pensioners) standard deduction of 40,000/-or the amount of salary. whichever Is less is allowed.
2. For person receiving family pension deduction of thirty-three and one-third per cent of such pension or t 15,000/-, whichever is less, is allowed
3. Rebate U/s 87 A : t 2,500/- or 100% of Income tax, whichever Is less. it total income does not exceed t 3.60.0001-.
4. Surcharge: (1)0 10% of tax payable when total income exceeds 7 50 015% of tax payable when total income exceeds 7 1 Cror. Nan :Subject to marginal relief In both cases.
5. Health & Education Cess: 04% of (income Tax + Surcharge).
Income Tax Rates for FIRMS/LLP
A firm (inducing LLP) taxable © 30 % *
* Surcharge @212% of tax If total Income exceeds 1 store.
Note : Subject to marginal relief.
Health & Education Coss :4% of (Income Tax + Surcharge).
Prominent deductions under Chapter VI-A for Non Business Tax Payers:–
(Subject to certain conditions as laid down in the Act/Rule.)
| 80C: | Investment In life Insurance, recognized PF/ Superannuation Fund, PPF, ULIP, NSC, Sukanya Samridhi Account, Mutual Fund, Payment of Children Tuition fee, payment of principal amount of loan for purchase of House property, notified bark/ P.O. & fixed deposits etc., Wet 1.5 lakh only (total). |
| 80CCC: | Expenses towards payment of premium towards annuity plan of LIC or any other IRDA approval insurance agency upto Rs. 1.5 lakh.(Along with 80C). |
| 80CCD(1): | Investment by an employee to the extant of 10% of salary or 20% of gross income in the case of self employed individual to Notified Pension Scheme (New Pension Scheme/Atal Pension yojana) upto Rs. 1,50,000/- (Along with 80C and 8OCCC). |
| 80CCD(1B) | Additional contribution to NPS exempt upto Rs. 50,000 Is eligible for deduction; w.e.f. A.Y. 2018-17. |
| 80CCD(2) | Contrbution by employer in pension scheme to the extent of 10% of salary of employee above the Rs. 1.5 lakh limit in sec. 80CCD (1), subject to certain condition. self employed cannot claim this tax deduction. |
| 80CCE: | The aggregate amount eligible for deduction under sec. 80C, 80CCC, & 80CCD(1) is Rs. 1.5 lakh. |
| 80CCG: | Allowable to a resident Individual being a now retail investor acquiring listed equity shares of listed units of equity oriented mutual fund under Rajiv Gandhi Equity Saving Scheme 2013 i.e. 50% of amount invested. subject to maximum deduction of Rs. 25,000/- . Discontinued w.e.f. Assessment Year 2018-19. But existing and eligible investor can claim deduction as per guideline, till AY. 2019-20. |
| 80D: | Health insurance premium/contribution to CGHS payment for preventive Health Checkup of Self families and parents (Rs. 25,000/- ), Rs. 50,000 in case any person insured is a Resident Senior Citizen or (ii) Medical Expenditure on senior citizens in family and parents Rs. 50,000/-) for non-cash payments.
Note : (i) Aggregate deduction for medical insurance premium and medical treatment expenditure shall not exceed Rs. 50,000/- (ii)The maximum deduction for payment on account of Preventive health check up o/ spiv spouse. parent (s) or dependent children in aggregate shell be Rs. 5000/-. |
| 80DD: | Expenses for medical treatment, training or rehabilitation of disabled, dependent relative. Amount: Rs. 75,000/- be normal disability/ Rs. 1,25.000/- for severe disability. |
| 80DDB: | Expenditure on medical treatment of specific disease or ailment for self or dependent Rs. 40,000/- or actual bill paid whichever is less. In case of any type of Senior Citizens- Rs. 1,00,000/-. |
| 80E: | Deduction on repayment of interest on loan taken For pursuing higher education from any financial institution or any approved charitable institution. |
| 80EE: | Interest paid upto Rs. 50,000/- on hone loan (Not exceeding Rs. 35 lakh issued between 01.04.2018 to 31.032017 for acquisition of home (value of residential property not exceeding Rs. 50 lakh) to individual having no residential house on the loan sanction date. |
| 80G: | Donation to certain funds, charitable Institutions etc. can be claimed on 100% or 50% amount as per conditions provided. |
| 80GG: | Reel paid for residential accommodation in excess of 10% of adjusted total income (subject to limits) or actual rent paid or 25% of adjusted total Income or Rs. 5,000 p.m.. whichever is the least. |
| 80GGA: | Donation made towards Scientific, Social or Statistical Research or Rural Development |
| 80GGC: | Donation to Political Parties or electoral bust (not in cash)-applicable to individual only. |
| 80QQB: | Only Royalty on books. Max. limit-Rs.3 lakh. |
| 80RRA | 15% of remuneration received In foriegn currency for services rendered outside India. |
| 80RRB: | On royalty on registered patents. Max. Unit-Rs. 3 lakh. |
| 80TTA: | Upto Rs. 10,000/- on interest On Saving Bank Account. |
| 80TTB: | On interest on deposit with bank and post offices etc. in case of senior Citizens Rs. 50000/- (maximum) (80TTA not allowed). |
| 80U: | Rs. 75,000/- physical disability (not less than 40% disability) & Rs.125,000/- In case of severe disability (more than 80% disability) |
| Deduction u/s 80RRA, 80RRB & 80QQB can be claimed only if Return of income is filied within the due date.] | |
Special Tax Rates under Chapter XII
| Section | Applicable to | Particulars of Income | Rate |
| 111 | Individual | Accumulated balance of a Registered Providend Fund which is include in the total income of an employee owing to provision of Rule 8 of Part A not being applicable. | Normal rate of Tax |
| 111A | All Categories of Tax Payers | Short Term Capital Gain arising on transfer of equity share, equity oriented fund, unit of buiness trust on or after 01.04.2005 which have been charged to Security Transaction Tax. | 15% |
| 112 | All Taxpayers except Non-residents | Capital Gain arising on transfer of Long Term Capital Assets | 20% |
| 112 | Non-resident | Capital Gan arising on transfer of Long Term Capital Assets:
(i) In case the long term capita asset induces unlisted securities or shares of a private compary then LTCG is charged at. (ii) Other wise LTCG is charged at |
10%
20% |
| 112A | All categories of Taxpayers | W. e.f. 01.04.2019, Capital Gain arising on transfer of Long Term Capital Assets (being equity share, equity Oriented fund, unit or a business trust upon which. Security Transaction Tax is paid ) if it exceeds Rs. 1 lakh, then it is taxable at. | 10% |
| 115ACA | Resident individual being employee of an Indian corporation engaged in specified knowledge based Industry/service | (i) Dividend [other than dividend referred to in Section 115(0)) on Global Depositery Receipts of an Indian Company engaged in specified knowledge based industry or service, issued under ESOP scheme | 10%
|
| (ii) Long Term Capital Gain arising on transfer of Global Depositery Receipts reffered above | 10%
|
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| 115B | All categories of Tax Payers | Profit & Gain arising from life Insurance business. | 12.50% |
| 115BB | All categories of Tax Payers | Income from winning of lottary crossword puzzel race, horse race, card or other games, gambeling/ betting of any nature | 30% |
| 115BBC | Any person receiving on behalf of trust/ institution referred in (iv), (v), (vi), & (via) of sec. 10(23C) or sec. | Income by way of anonymous donation received excess of the higher of the following : (a) 5% of total donation received , (b) Rs. One lakh | 30% |
| 115BBDA | A resident assesses other than a domestic company, trust/institiution referred in (iv). (v), (vg, & (via) of Sec. 10(23C) and trust/ institiution registered u/s 12A or 12AA | Income by way of dividend exceeding Rs.10 lakh in aggregate | 10% |
| 115BBE | All categories of Tax Payers | Income referred to in Sec 68, 69, 69A. 69B, 69C and 69D declare° in return of income or added by the Assessing officer.
Note: No deduction, expenditure allowance, set off is allowed on such income. |
60% |
| 115BBF | A resident patentee assesses | Income by way of Royalty in respect of a patent developed & registered in India.
Note: No deduction, is respect of any expenditure. allowance is allowed is computing such income. |
10% |
| 115BBG | All categories of Tax Payers | Income by way of transfer of “Carbon Credit” Now to deduction in respect of any expenditure or allowance is allowed while computing such income | 10% |
Special Tax Rates under Chapter XII (Applicable to non-resident)
| Section | Particulars of Income | Rate |
| 115A | (i) Dividend [other than dividend referred to in Section 115(o)] 115(0)1. |
20% |
| (ii) Interest received from Govt of India /Indian Concern is foreign currency. | 20% | |
| (iii) Interest received from Infrastructure Debt Fund referred in section 10(47). | 5% | |
| iv) Interest on money borrowed in foreign currency by an Indian Cornosny or the business trust | 5% | |
| (v) Distributed income being interest received by a unit holder from a business trust specified in section 10(23FC) or (FCA) of the Income Tax Act | 5% | |
| (vi) Income received in respect of units purchased in foreign currency, of a Mutual Fund specified u/s 10(230)or UTI. | 20% | |
| (vii) Royalty/Fees for Tech. Services (other tam as specified u/s 44DA(1) received from Govt. of India/indian en concern in pursuance of an arreement. | 10% | |
| Note:
No deduction, expenditure or allowance as allowed u/s28 to 44C and 57of the Income Tax Act, 1951. (b) The persons not required to file return of income if tote income consists of only incomes stated above and correct TDS is made on such income |
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| 115AC | Income by way of interest earned on notofied bond of an Govt. of india which is purchased by taxpayers in foreign currency. | 10% |
| Dividend (Other than dividend referred to in section 1150) on global Depositoy Recepits of an Indian Comapany issued/ reissued by notified scheme of Govt. Of India and purchased in foriegn currency. | 10% | |
| Long Term Capital Gain arising on transfer of bonds and transfer of Global Depository Receipt referred above. | 10% | |
| Note:
No deduction, expenditure or alloawance as allowed u/s 28 to 44C and 57 of the Income Tax Act, 1961 The person is not required to file return of income if total income consist of only incomes referred in SI. No. (i) & (ii) stated above and correct TDS is made on such income. |
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| 115BBA | Income received/receivable by way of: | |
| (i) Participation of any sports and games (other than lottary ,crossword puzzle ,race horse race , card or other games gambling/betting of any nature) (for a non-resident sportsman who is not citizen of India) | 20% | |
| (ii) Advertisement | 20% | |
| (iii) Contribution of article relating to sports & games in India in newspaper, megazine journals etc. | 20% | |
| (iv) ‘income from any game or sports played in India. for non-resident sports association or insatitution) | 20% | |
| (v) Income from Performance in India as an entertainer (for non-resident who is not citizen of india. | 20% | |
| Note: (a) No deduction, expenditure or allowance Is allowed under any provision of the Income Tax Act. 1961 |
E-FILING of IT Return at https://www.incometaxindiaefiling.gov.in
- Determine the types of IT Return required for you
- Registration on e-filing portal
- Aadhar linking with PAN
- Obtain Form 16/16A from Tax Deducto’
- Check 26 AS for iax credit
- IFSC & Account no. of all bank accounts
- Registered e-mail id & mobile
- Generate e-verification code to ovoid sending ITR-V, with the help of:-
(ii) Aadhar
(ii) Registered Bank Account / ATM
(iii) Net Banking
(iv) Demat Account
(v) ATM/Debit Cord or send ITR-V by post to CPC, Bengaluru
