INCOME TAX SLABS & RATES : A.Y 2020-21 [F.Y. 2019-20]
Income Tax Slab Rates for A.Y 2020-21 [F.Y. 2019-20] for Individual resident (Aged below 60 years) or Any NRI or HUF or AOP or BOI or AJP, for Senior Citizen (Aged 60 years or more but less than 80 years), for Very Senior Citizen (Aged 80 years or more), for Co-operative Society, for Firm, for Local Authority , for Domestic Company Claiming Exemptions and Turnover in 2017-18 upto ₹ 400 crores, for Domestic Company for Claiming Exemptions and Turnover in 2017-18 exceeding ₹ 400 crores, for Domestic Manufacturing Company NOT Claiming Exemptions under Section 155BAA, for Domestic Manufacturing Company which is a NEW Company Under Section 155BAB, Income Tax Slab Rates for A.Y 2020-21 [F.Y. 2019-20] for Foreign Company, for Domestic Companies, Section 115BAB – Lower tax rates introduced for Domestic manufacturing companies and Section 115JB – Reduced tax on book profit of companies not claiming benefit u/s 115BAA/ 115BAB.
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Income Slab | Income Tax |
Upto ₹ 2,50,000 | NIL |
₹ 2,50,000 – ₹ 5,00,000 | 5% |
₹ 5,00,000 – ₹ 10,00,000 | 20% |
Above ₹ 10,00,000 | 30% |
Surcharge ( subject to Marginal Relief ) | 10% (If taxable income > ₹ 50 lacs) |
15% (If taxable income > ₹ 1 Crore) | |
25% (If taxable income > ₹ 2 Crore) | |
37% (If taxable income > ₹ 5 Crore) | |
Health & Education Cess | 4% of (Income Tax + Surcharge). |
Income Slab | Income Tax |
Upto ₹ 3,00,000 | NIL |
₹ 3,00,000 – ₹ 5,00,000 | 5% |
₹ 5,00,000 – ₹ 10,00,000 | 20% |
Above ₹ 10,00,000 | 30% |
Surcharge ( subject to Marginal Relief ) | 10% (If taxable income > ₹ 50 lacs) |
15% (If taxable income > ₹ 1 Crore) | |
25% (If taxable income > ₹ 2 Crore) | |
37% (If taxable income > ₹ 5 Crore) | |
Health & Education Cess | 4% of (Income Tax + Surcharge). |
Income Slab | Income Tax |
Upto ₹ 5,00,000 | NIL |
₹ 5,00,000 – ₹ 10,00,000 | 20% |
Above ₹ 10,00,000 | 30% |
Surcharge ( subject to Marginal Relief ) | 10% (If taxable income > ₹ 50 lacs) |
15% (If taxable income > ₹ 1 Crore) | |
25% (If taxable income > ₹ 2 Crore) | |
37% (If taxable income > ₹ 5 Crore) | |
Health & Education Cess | 4% of (Income Tax + Surcharge). |
Income Slab | Income Tax |
Upto ₹ 10,000 | 10% |
₹ 10,000 – ₹ 20,000 | 20% |
Above ₹ 20,000 | 30% |
Surcharge ( subject to Marginal Relief ) | 12% (If taxable income > ₹ 1 Crore) |
Health & Education Cess | 4% of (Income Tax + Surcharge). |
Particular | Income Tax |
Income Tax | 30% |
Surcharge ( subject to Marginal Relief ) | 12% (If taxable income > ₹ 1 Crore) |
Health & Education Cess | 4% of (Income Tax + Surcharge). |
Particular | Income Tax |
Income Tax | 30% |
Surcharge ( subject to Marginal Relief ) | 12% (If taxable income > ₹ 1 Crore) |
Health & Education Cess | 4% of (Income Tax + Surcharge). |
Particular | Income Tax |
Income Tax | 25% |
Surcharge ( subject to Marginal Relief ) | 7% (If taxable income > ₹ 1 Crore) |
12% (If taxable income > ₹ 10 Crore) | |
Health & Education Cess | 4% of (Income Tax + Surcharge). |
Particular | Income Tax |
Income Tax | 30% |
Surcharge ( subject to Marginal Relief ) | 7% (If taxable income > ₹ 1 Crore) |
12% (If taxable income > ₹ 10 Crore) | |
Health & Education Cess | 4% of (Income Tax + Surcharge). |
Particular | Income Tax |
Income Tax | 22% |
Surcharge | 10% (If taxable income > ₹ 1 Crore) |
Health & Education Cess | 4% of (Income Tax + Surcharge). |
Particular | Income Tax |
Income Tax | 15% |
Surcharge | 10% (If taxable income > ₹ 1 Crore) |
Health & Education Cess | 4% of (Income Tax + Surcharge). |
Particular | Income Tax |
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government | 50% |
Any other income | 40% |
Surcharge | 2% (If taxable income > ₹ 1 Crore) |
5% (If taxable income > ₹ 10 Crore) | |
Health & Education Cess | 4% of (Income Tax + Surcharge). |
In case taxable income exceeds ₹ 50 lacs / ₹ 1 crore Surcharge is payable on income tax at applicable rates. If increase in ‘Income Tax + Surcharge’ is more than the increase income over ₹ 50 lacs / ₹ 1 crore, the ‘Surcharge’ is reduced by such amount so that the ‘Income Tax + Surcharge’ become equal to increase in ‘Total Taxable Income’ over Rs. 50 lacs / 1 Crore respectively. The amount so reduced from ‘Surchage’ is ‘Marginal Relief on Surcharge’.
A new section 115BAA has been inserted w.e.f. A.Y 2020-21 which provides option to a domestic company to pay tax at lower rate of 22% (including 10% surcharge and 4% cess) i.e. effective tax rate u/s 115BAA would be 25.168% provided the income is computed-
2. Without set-off of any brought forward losses to the extent such loss relates to deductions mentioned above. Such losses would also not be allowed to be carried forward to subsequent years.
3. after claiming depreciation other than additional depreciation u/s 32(1)(iia).
Benefit of lower rate under the aforesaid section can be exercised by the company from any year commencing from AY 2020-21 or onwards. Such option is to be exercised in prescribed manner, before due date of return u/s 139(1) for the year in which option is exercised. Option once exercised would be binding for subsequent years and cannot be withdrawn.
Also,check income tax slab for fy 2019 20.
New section 115BAB has been inserted w.e.f. A.y 2020-21 which provides option to a domestic manufacturing company to pay tax at a lower rate of 15% (including 10% surcharge and 4% cess)
if such company is set-up and registered, 2019 on or after 1st October and commences manufacturing activity upto 31st March, 2023.
In case of Domestic Company, Correct Surcharge limit is 10 Crore instead of 12 crore (which is mentioned in Article).
It is not clear whether Rebate uder Sec 87A is
allowable for NRI.s. Kindly clarify
U have indicated anything about standard deduction and exempt amount of interest. Shall be grateful if same is indicated or intimated to.me to ensble me to calculate my tax. Thanks.
Very good and informative particularly for pensioners who are senior citizens.
what is the income tax for charitable trust not claiming tax exemption. ? is the trust eligible for 15G or similar provision.
Excellent article
Kindly provide soft copy for storage on mobile
Sir have rec’d notice under sec143 a for excess decDictoom under 80dAvyially ins plus medical expenditure for self claimed
is 93462 instead of ,50000