Income Tax Slabs & Tax Rates in India for A.Y 2020-21 (F.Y. 2019-2020)

Income tax rate for Individual (Resident or Non-resident) / Hindu Undivided Family (HUF) / Association of Person (AOP) / Body of Individual (BOI) / Any other artificial juridical person:

Note : Every Individual who is  Non-resident is taxable as per the slab rates below  irrespective of his/her age. So, For resident's only we need to consider Age criteria.

Net Taxable Income	Income tax Rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,000 to Rs 5,00,000	5%
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Senior Citizen (Aged 60 years or more but less than 80 years)

            For every Individual being a resident, having age 60 years or more but less 80 years at any point of time in the Financial Year 2019-20

Net Taxable Income	Income tax Rate
Up to Rs. 3,00,000	Nil
Rs. 3,00,000 to Rs 5,00,000	5%
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Super Senior Citizen (Aged 80 years or more)

          For  every Individual being a resident, having age 80 years or more at any point of time in the Financial Year 2019-20

Net Taxable Income	Income tax Rate
Up to Rs. 3,00,000	Nil
Rs. 3,00,000 to Rs 5,00,000	5%
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Additional Points to be considered:

1) Surcharge For Individuals : 

              Surcharge is also a type of tax charged / levied on Basic Income tax as Computed using applicable slab/flat rates.

Net Taxable Income	Surcharge Rate
Up to Rs. 50 lakh	Nil
More than Rs. 50 lakh but less than Rs.  1 crore	10%
More than 1 crore	15%

Note :  The Finance (No. 2) Act, 2019 has been amended to withdraw the enhanced surcharge, i.e., 25% or 37% on other income.

2) Health and Education cess :

          This cess is levied on Basic tax plus Surcharge at a flat rate of 4%

3) Rebate u/s 87A :

               Every Resident individual is entitled for rebate u/s 87A, if his/her total income doesn't exceed Rs. 5,00,000 then the rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is lower.

               So, If  income exceeds 5 lakh then there is NO REBATE.

Income Tax rate for Partnership Firm / Local Authority : 

              A partnership firm (including LLP) is taxable at 30% i.e flat rate @ 30%

Additional Points to be considered:

1) Surcharge : 12% of tax where total income exceeds Rs. 1 crore.

2) Health and Education cess : 4% of Basic income tax plus Surcharge.

Income Tax rate for Companies : 

1) Domestic Companies :

Net Taxable Income	Income tax Rate
If Total Turnover or Gross receipts during the F.Y 2017-18 doesn't exceed Rs. 250 Crore	25%
Other Domestic Companies	30%

2) Foreign Companies : 

             The income tax rate for Foreign Companies is 40%

Additional Points to be considered:

1) Surcharge :

Company	Total income is between  Rs. 1Cr. – 10 Crore	Total income exceeds Rs. 10 Crore
Domestic company	7%	12%
Foreign company	2%	5%

2) Health and Education cess : 4% of Basic income tax plus Surcharge

Income tax rate for Co-operative Society :

Net Taxable Income	Income tax Rate
Up to Rs. 10,000	10%
Rs. 10,000 to Rs 20,000	15%
Above Rs. 20,000	20%