TAX RATES FOR THE A.Y. 2020-21
TAX RATES FOR THE A.Y. 2020-21
|
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). |
Individual
resident (Aged below 60 years) or Any NRI or HUF or AOP or BOI or AJP
Senior
Citizen (Aged 60 years or more but less than 80 years)
|
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). |
Very Senior Citizen (Aged 80 years or more)
|
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). |
·
Rebate under
Section 87A
Rs 12,500 or 100% of income tax (whichever is
lower) for individuals with income below
Rs 5 Lakhs
Co-operative Society
|
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). |
Firm
|
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). |
Local
Authority
|
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). |
Domestic Company (1) –
Claiming
Exemptions and Turnover in 2017-18 upto ₹ 400 crores
|
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). |
Domestic Company (2) –
Claiming Exemptions and Turnover in 2017-18 exceeding ₹ 400 crores
|
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). |
Domestic Manufacturing
Company (3) –
NOT Claiming Exemptions U/s 155BAA
|
Particular |
Income Tax |
|
Income Tax |
22% |
|
Surcharge |
10% (If taxable income
> ₹ 1 Crore) |
|
Health & Education Cess |
4% of (Income Tax + Surcharge). |
NEW Company U/s 155BAB
Domestic Manufacturing
Company (4) –
|
Particular |
Income Tax |
|
Income Tax |
15% |
|
Surcharge |
10% (If taxable income
> ₹ 1 Crore) |
|
Health & Education Cess |
4% of (Income Tax + Surcharge). |
·
Foreign Company
|
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). |
Demo Classes of Tax by Prof. Vinit Sir: https://www.conceptonlineclasses.com/demovideos
Visit Website: https://www.conceptonlineclasses.com/
#TAXRATES
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