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Income tax slab for FY 2020-21

In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab.

Income Tax Slab Rate for AY 2020-21 for Individuals:

1.1 Individuals (below the age of 60 years), which includes residents as well as non-residents

NET PROFITIncome-Tax rate
Up to Rs. 2,50,000Nil
Rs. 2,50,000- Rs. 5,00,0005%
Rs. 5,00,000- Rs. 10,00,00020%
Above Rs. 10,00,00030% 

1.2 Resident senior citizens (60 years and above but below the age of 80 years)

NET PROFITIncome-Tax rate
Up to Rs. 3,00,000Nil
Rs. 3,00,000 – Rs. 5,00,0005%
Rs. 5,00,000- Rs. 10,00,00020%
Above Rs. 10,00,00030%

1.3 Resident super senior citizens (above 80 years of age)

NET PROFITIncome-Tax rate
Up to Rs. 5,00,000Nil
Rs. 5,00,000- Rs. 10,00,00020%
Above Rs. 10,00,00030%

2. Income Tax Rates For HUF/AOP/BOI/Any other Artificial Juridical Person:

NET PROFITIncome-Tax rate
Up to Rs. 2,50,000Nil
Rs. 2,50,000- Rs. 5,00,0005%
Rs. 5,00,000- Rs. 10,00,00020%
Above Rs. 10,00,00030%

Health and Education: – 4% of income tax and surcharge.Surcharge: – 10% of income tax where total income exceeds Rs. 50,00,000.
                15% of income tax where total income exceeds Rs. 1,00,00,000.

3. Tax Rate for Companies

ParticularsTax rates
Total turnover or gross receipts during the previous year 2017-18 doesn’t exceed Rs. 250 Crore25%
Other domestic companies30%
Tax Rate of  foreign company40%

Surcharge:

CompanyNet income is between Rs. 1Cr. – 10 Cr.Net income exceeds Rs. 10Cr.
Domestic company7%12%
Foreign company2%5%

4. Income Tax Slab Rate for Local Authority: A local authority is taxable at 30%. Health and Education: 4% of income tax plus surcharge. Surcharge: 12% of tax where total income exceeds Rs. 1 crore.

5. Income Tax Rate for Partnership Firm: A partnership firm (including LLP) is taxable at 30%. Health and Education: 4% of income tax plus surcharge. Surcharge: 12% of tax where total income exceeds Rs. 1 crore.

 Income Tax Slab Rate for Co-operative Society:

NET PROFITIncome-Tax rate
Up to Rs. 10,00010%
Rs. 10,000 to Rs. 20,00020%
Above Rs. 20,00030%

Health and Education: 4% of income tax plus surcharge. Surcharge: 12% of tax where total income exceeds Rs. 1 crore.

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