Budget 2018-19: Tax Rates for AY 2019-20
- Blog|Income Tax|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 28 January, 2021
Latest from Taxmann
New Income Tax Slab Rate for AY 2019-20:
1. Tax Rates for an Individuals for the AY 2019-20:
|
Tax Rates for Individuals
|
||||
|
Income |
Rates of Income Tax
|
|||
|
Individual (Age less than 60 Years) |
Senior Citizen (Age above 60 Years) |
Super Senior Citizen (Age above 80 Years) |
||
|
1. |
Up to Rs. 2,50,000 |
Nil |
Nil |
Nil |
|
2. |
Rs. 2,50,000 to Rs. 3,00,000 |
5% |
Nil |
Nil |
|
3. |
Rs. 3,00,000 to Rs. 5,00,000 |
5% |
5% |
Nil |
|
4. |
Rs. 5,00,000 to Rs. 10,00,000 |
20% |
20% |
20% |
|
5. |
Above Rs. 10,00,000 |
30% |
30% |
30% |
*The above rates are exclusive of surcharge and cess.
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2. Tax Rates for Corporate Assessee for the A.Y. 2019-20:
|
Tax Rates* for Corporate Assessee for the A.Y. 2019-20
|
||
|
Status of Taxpayer
|
Rates of income-tax |
|
|
1. |
Firms/Local Authority
|
30% |
|
2. |
Domestic Company
|
30%/25% # |
|
3 |
Foreign Company
|
40% |
|
# Tax rate is 25% if turnover or gross receipts of the domestic company in the previous year 2016-17 doesn’t exceed Rs. 250 crore |
||
3. Tax Rates* for Co-operatives Societies for the A.Y. 2019-20:
|
Tax Rates* for Co-operatives Societies for the A.Y. 2019-20
|
||
|
Income
|
Rates of income-tax |
|
|
1. |
Up to Rs. 10,000
|
10% |
|
2. |
Rs.10,000 – Rs.20,000
|
20% |
|
3 |
Above Rs. 20,000
|
30% |
4. Rates of Surcharge:
|
Rates of Surcharge
|
||||
|
Particulars |
Taxable Income
|
|||
|
50 Lacs to 1 Crore |
1 Crore to 10 Crores |
Exceeding 10 Crores |
||
|
1. |
Individuals/HUF
|
10% |
15% |
15% |
|
2. |
Firm/ Local Authority/ Co-operative Society
|
Nil |
12% |
12% |
|
3. |
Domestic Company
|
Nil |
7% |
12% |
|
4. |
Foreign Company
|
Nil |
2% |
5% |
|
5. |
Co-operative Societies
|
Nil |
12% |
12% |
* The health &education cess at the rate of 4% shall be computed on aggregate of Income-Tax and Surcharge.
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