Income Tax Slab Rate for resident Individual (i.e. men/women) below 60 Years of Age:
| Income Tax Slab | Income Tax Slab Rate |
| Income upto ₹ 2,50,000 | Nil |
| Income between ₹ 2,50,001 – ₹ 500,000 | 5% of Income exceeding ₹ 2,50,000 |
| Income between ₹ 500,001 – ₹ 10,00,000 | 20% of Income exceeding ₹ 5,00,000 |
| Income above ₹ 10,00,000 | 30% of Income exceeding ₹ 10,00,000 |
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh.
15% of tax where total income exceeds Rs. 1 crore but does not exceed 2 crore.
25% of tax where total income exceeds Rs. 2 crore but does not exceed 5 crore.
37% of tax where total income exceeds Rs. 5 crore.
Health & Education cess: 4% of tax plus surcharge
Rebate u/s 87A is available for Rs. 12,500 if total income below Rs. 5,00,000/-.
This slab rate doesn’t applies to capital gain or winning from lottery/ horse racing/ game etc except short term capital gain other than those covered under 111A
Income Tax Slab Rate for Resident Senior Citizens (Age 60 years or more but less than 80 years)
| Income Tax Slab | Income Tax Slab Rate |
| Income upto ₹ 3,00,000 | Nil |
| Income between ₹ 3,00,001 – ₹ 500,000 | 5% of Income exceeding ₹ 3,00,000 |
| Income between ₹ 500,001 – ₹ 10,00,000 | 20% of Income exceeding ₹ 5,00,000 |
| Income above ₹ 10,00,000 | 30% of Income exceeding ₹ 10,00,000 |
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh.
15% of tax where total income exceeds Rs. 1 crore but does not exceed 2 crore.
25% of tax where total income exceeds Rs. 2 crore but does not exceed 5 crore.
37% of tax where total income exceeds Rs. 5 crore.
Health & Education cess: 4% of tax plus surcharge
Rebate u/s 87A is available for Rs. 12,500 if total income below Rs. 5,00,000/-.
This slab rate doesn’t applies to capital gain or winning from lottery/ horse racing/ game etc except short term capital gain other than those covered under 111A
Income Tax Slab Rate for Resident Super Senior Citizens (Age 80 years or more)
| Income Tax Slab | Income Tax Slab Rate |
| Income upto ₹ 5,00,000 | Nil |
| Income between ₹ 500,001 – ₹ 10,00,000 | 20% of Income exceeding ₹ 5,00,000 |
| Income above ₹ 10,00,000 | 30% of Income exceeding ₹ 10,00,000 |
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh.
15% of tax where total income exceeds Rs. 1 crore but does not exceed 2 crore.
25% of tax where total income exceeds Rs. 2 crore but does not exceed 5 crore.
37% of tax where total income exceeds Rs. 5 crore.
Health & Education cess: 4% of tax plus surcharge
This slab rate doesn’t applies to capital gain or winning from lottery/ horse racing/ game etc except short term capital gain other than those covered under 111A
Income Tax Slab Rate Hindu Undivided Families (HUF), Association of person, Body of individuals, Artificial Judicial Person, Non Resident Individual of any age:
| Income Tax Slab | Income Tax Slab Rate |
| Income upto ₹ 2,50,000 | Nil |
| Income between ₹ 2,50,001 – ₹ 500,000 | 5% of Income exceeding ₹ 2,50,000 |
| Income between ₹ 500,001 – ₹ 10,00,000 | 20% of Income exceeding ₹ 5,00,000 |
| Income above ₹ 10,00,000 | 30% of Income exceeding ₹ 10,00,000 |
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh.
15% of tax where total income exceeds Rs. 1 crore but does not exceed 2 crore.
25% of tax where total income exceeds Rs. 2 crore but does not exceed 5 crore.
37% of tax where total income exceeds Rs. 5 crore.
Health & Education cess: 4% of tax plus surcharge
All these persons are not eligible for Rebate u/s 87A as it’s available to only resident individuals.
This slab rate doesn’t applies to capital gain or winning from lottery/ horse racing/ game etc except short term capital gain other than those covered under 111A
For Partnership Firms/ LLP:
Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%.
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 Crore
Health & Education cess: 4% of tax plus surcharge
For Local Authorities:
Local Authorities are to be taxed at the rate of 30%.
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 Crore
Health & Education cess: 4% of tax plus surcharge.
For Domestic Companies:
Domestic Companies are to be taxed at the rate of 30%. However, tax rate will be 25% if turnover or gross receipt of the company For F.Y. 2017-18 does not exceed Rs. 400 crores.
Plus:
Surcharge: 7% of tax where total income exceeds Rs. 1 Crore
12% of tax where total income exceeds Rs. 10 Crore
Health & Education cess: 4% of tax plus surcharge
Income Tax Slab Rate of Co-operative Societies
| Income Tax Slab | Income Tax Slab Rate |
| Up to Rs.10,000 | 10% of Income |
| Rs.10,000 to Rs 20,000 | 20% of Income exceeding Rs. 10,000 |
| Over Rs. 20,000 | 30% of Income exceeding Rs. 20,000 |
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 Crore
Health & Education cess: 4% of tax plus surcharge
For Companies other than Domestic Companies i.e. Foreign companies:
Foreign Companies are to be taxed at the rate of 40%.
Plus:
Surcharge: 2% of tax where total income exceeds Rs. 1 Crore
5% of tax where total income exceeds Rs. 10 Crore
Health & Education cess: 4% of tax plus surcharge.
This site has false info.
Sir, its not false info.
The Slab rates for F.Y. 2019-20 are the one mentioned above and the new slab rates announced in budget are for F.Y. 2020-21 and same has been covered under our article: https://www.taxontips.com/2020/02/01/new-slab-rate-for-individuals-for-f-y-2020-21-a-y-2021-22-section-115bac/
Hope this satisfies you.
Regards,
Team Taxontips.com