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
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.
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
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
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.
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.
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.
[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.
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
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
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.