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.
