Tax Rates: Income Tax Slab for A.Y. 2020-21
- Blog|Income Tax|
- 3 Min Read
- By Taxmann
- |
- Last Updated on 1 March, 2022
Latest from Taxmann
1. Income Tax Slab Rate for AY 2020-21 for Individuals
1.1 Individual (resident or non-resident), who is of the age of fewer than 60 years on the last day of the relevant previous year:
|
Net income range |
Income-Tax rate |
|
Up to Rs. 2,50,000 |
Nil |
|
Rs. 2,50,000- Rs. 5,00,000 |
5% |
|
Rs. 5,00,000- Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
|
Net income range |
Income-Tax rate |
|
Up to Rs. 3,00,000 |
Nil |
|
Rs. 3,00,000 – Rs. 5,00,000 |
5% |
|
Rs. 5,00,000- Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:
|
Net income range |
Income-Tax rate |
|
Up to Rs. 5,00,000 |
Nil |
|
Rs. 5,00,000- Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
Plus: –
2. Income Tax Rate for Partnership Firm
A partnership firm (including LLP) is taxable at 30%. Plus: Surcharge:- 12% of tax where total income exceeds Rs. 1 crore. Health and Education cess: 4% of income tax plus a surcharge.
3. Tax Rate for Companies
Tax rates for domestic companies:
|
Particulars |
Tax rates |
|
Total turnover or gross receipts during the previous year 2017-18 doesn’t exceed Rs. 250 Crore |
25% |
|
Other domestic companies |
30% |
Tax rates for foreign companies:
The tax rate for foreign companies is 40%. Plus: – Surcharge:-
|
Company |
Net income is between Rs. 1Cr. – 10 Cr. |
Net income exceeds Rs. 10Cr. |
|
Domestic company |
7% |
12% |
|
Foreign company |
2% |
5% |
Health and Education cess: 4% of income tax plus a surcharge.
4. Income Tax Rates For HUF/AOP/BOI/Any other Artificial Juridical Person
|
Net income range |
Income-Tax rate |
|
Up to Rs. 2,50,000 |
Nil |
|
Rs. 2,50,000- Rs. 5,00,000 |
5% |
|
Rs. 5,00,000- Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
Plus: –
5. Income Tax Slab Rate for Co-operative Society
|
Net income range |
Income-Tax rate |
|
Up to Rs. 10,000 |
10% |
|
Rs. 10,000 to Rs. 20,000 |
20% |
|
Above Rs. 20,000 |
30% |
Plus:
6. Income Tax Slab Rate for Local Authority
A local authority is taxable at 30%. Plus: Surcharge:- 12% of tax where total income exceeds Rs. 1 crore. Health and Education cess: 4% of income tax plus surcharge.
Also Read: Income Tax Slab Rate for AY 2021-22
Also Read: Income Tax Slab for AY 2018-19
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