Income tax slab for 2020-21:- Tax Rates

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Income Tax slab for AY 2020-21 Individual, HUF or Association of person

The income tax slab for 2020-21 According to the current income tax laws in India.

Individual age of less than 60 Year association year 2020-21.

 

Taxable Income

Income-Tax rate

Up to Rs. 2,50,000

Nil

Rs. 2,50,000- Rs. 5,00,000

5%

Rs. 5,00,000- Rs. 10,00,000

20%

Above Rs. 10,00,000

30% 

Income Tax slab for senior citizen (The age 60 year but less than 80 year)

 

Taxable Income

Income-Tax rate

Up to Rs. 3,00,000

Nil

Rs. 3,00,000 – Rs. 5,00,000

5%

Rs. 5,00,000- Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

 

Income Tax slab for Senior Citizen (Age 80 year or more)

Taxable Income

Income-Tax rate

Up to Rs. 5,00,000

Nil

Rs. 5,00,000- Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Surcharge: -

10% of income tax if total income exceeds Rs. 50,00,000

15% of Income Tax if total income exceeds Rs. 1,00,00,000

Health and Education cess: -

4% of income tax and surcharge.

Income Tax slab for AY 2020-21 for Partnership firm: -

Partnership firm is taxable at 30%

Surcharge: – 12% of Tax if total income exceeds Rs. 1 crore.

Health and education cess: –

4% of income tax plus surcharge

Income Tax slab for AY 2020-21 for Companies: -

If total turnover or gross receipts doesn’t exceed Rs. 250 Crore the 25% Tax. 30% for other domestic companies. Surcharge if Income under Rs. 1crore – 10crore the 7% and if Income exceed Rs. 10crore then 12%.

Income Tax slab for AY 2020-21 for foreign Companies: -

40% Tax rate for foreign companies plus surcharge. Surcharge if Income under Rs. 1crore – 10crore the 2% and if Income exceed Rs. 10crore then 5%.

Income Tax slab for AY 2020-21 for Co-operative society: -

Net income range

Income-Tax rate

Up to Rs. 10,000

10%

Rs. 10,000 to Rs. 20,000

20%

Above Rs. 20,000

30%

12% surcharge+ 4 % Health and education cess Tax

Income Tax slab for AY 2020-21 for Local Authority: -

Local authority is Taxable at 30%+ 12% surcharge+4% Health and Education cess.

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