1.1 Income Tax Slab Rate for AY 2020 - 21​

[1] Individuals:

1.1 Individual (resident or non‐resident), who is of the age of less 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- 5,00,000.                       5%
Rs. 5,00,000 - 10,00,000.                   20%
Above Rs. 10,00,000                          30%

1.2 Resident senior cizen, 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 me during the previous year:
Net income range                      Income-Tax Rate*
Up to Rs. 3,00,000                                Nil
Rs. 3,00,000- 5,00,000                          5%
Rs. 5,00,000 - 10,00,000                      20%
Rs. Above Rs. 10,00,000                      30%

1.3 Resident super senior cizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any me during the previous year:
Net income range                    Income-Tax Rate*
Up to Rs. 5,00,000                                Nil
Rs. 5,00,000 - 10,00,000                       20%
Rs. Above Rs. 10,00,000                       30%

Surcharge:
 10% of income tax where total income exceeds Rs. 50,00,000.
 15% of income tax where total income exceeds Rs. 1,00,00,000.

*Health and Education cess :
 4% of income tax and surcharge.

Note: - A resident individual is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less

[2] Income Tax Rate for Partnership Firm:

 A partnership firm (including LLP) is taxable at 30%*.

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

*Health and Education cess :
 4% of income tax and surcharge.

[3] Tax Rate for Companies:

Domestic Companies:
Particulars                                       Tax Rates

---

Total turnover or gross receipts
during the previous year 2017-18                                                                   25%
doesn't exceed Rs. 250 Crore

---

Other domestic companies                                                                              30%

Foreign Companies :

The tax rate for foreign company is                                                                 40%

Surcharge:
Company                                                          Net income

---

                                          between Rs. 1Cr. - 10Cr.             Exceeds Rs.10Cr.

---

Domestic                                    7%                                              12%
Foreign                                       2%                                               5%
Health and Education cess :
 4% of income tax and surcharge.

[4] Income Tax Rate for HUF/AOP/BOI/Anyother Artificial Juridical Person:

Net income range                                  Income-Tax Rate
Up to Rs. 2,50,000                                             Nil
Rs. 2,50,000- 5,00,000                                        5%
Rs. 5,00,000 - 10,00,000                                    20%
Above Rs. 10,00,000                                          30%

Surcharge:
 10% of income tax where total income exceeds Rs. 50,00,000.
 15% of income tax where total income exceeds Rs. 1,00,00,000.

Health and Education cess :
 4% of income tax and surcharge.

​Note : Rebate u/s 87A as discussed above in case of the resident individual are not available to AOP BOI & HUF whether resident or not.

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[5] Income Tax Slab Rate for Co-operative Society:

Net income range                                             Income-Tax Rate
Up to Rs. 10,000                                                          10%
Rs. 10,000 - 20,000                                                      20%
Above Rs. 20,000                                                         30%

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

Health and Education cess :
 4% of income tax and surcharge.

[6] Income Tax Slab Rate for Local Authority:

 A local authority is taxable at 30%.
​
Surcharge:
 12% of tax where total income exceeds Rs. 1 crore.

Health and Education cess :
 4% of income tax and surcharge. 

[7] Advance Tax :

Below advance tax liability is For both individual and corporate taxpayers.
Due Date Advance Tax Payable ( For Assesse other than covered u/s 44AD/44ADA)
On or before 15th June                      15% of advance tax
On or before 15th Sep.                       45% of advance tax
On or before 15th Dec.                      75% of advance tax
On or before 15th March                   100% of advance tax
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 For taxpayers who have opted for Presumptive Taxation Scheme
Business Income ( Assesse covered u/s 44AD(1) & 44ADA(1) )
 Due Date Advance Tax Payable Before 15th March 2020 100% of advance tax
  Advance tax is not payable when the tax liability does not exceed Rs 10,000/-.
  ​Senior citizen not having any business or professional income is not required to pay advance tax.