Income tax slab rate for F.Y. 2019-20 i.e. A.Y. 2020-21 is as follows:

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.