Income Tax

Income Tax Rate Chart for the Financial Year 2019-2020 Assessment Year 2020-2021 for Individual & Companies as Proposed by Financial Bill 2019

Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2019-20  AY 2020-21 

 

Income Slabs Rate of Tax for Individual & HUF Below the age of 60 Years
Upto Rs.250,000/- NIL
250,001 – 500,000 5%
500,001-   1,000,000 20%
1,000,001 – & Above 30%

 

Income Tax Slabs & Rates for Senior Citizen aged above 60 Years but below 80 Years for FY 2019-20  AY 2020-21 

 

Income Slabs Rate of Tax for Senior Citizen aged above 60 Years but below 80 Years
Upto Rs.300,000/- NIL
300,001 – 500,000 5%
500,001-   1,000,000 20%
1,000,001 – & Above 30%

Income Tax Slabs & Rates for Super Senior Citizen aged above 80 Years old or above for FY 2019-20  AY 2020-21 

 

Income Slabs Rate of Tax for Senior Citizen aged above 60 Years but below 80 Years
Upto Rs.500,000/- NIL
500,001-   1,000,000 20%
1,000,001 – & Above 30%

 

 

Surcharge –

The surcharge is payable over and above the income tax rates tabulated above –

Particulars Surcharge Rates
Total income exceeds INR 50 Lakhs but not exceeding INR 1 Crore 10% of the income tax
Total income exceeds INR 1 Crore but not exceeding INR 2 Crore 15% of the income tax
Total income exceeds INR 2 Crore but not exceeding INR 5 Crore 25% of the income tax
Total income exceeds INR 5 Crore 37% of the income tax

 

Health and Education Cess –

Health and education cess are to be calculated on the sum total of income tax and surcharge. Health and education cess are payable @4% on income tax plus a surcharge.

 

Rebate (under section 87A) –

Tax rebate under section 87A of the Income Tax Act, 1961 has been increased / revised for the Financial Year 2019-2020, maximum tax rebate available under section 87A is INR 12,500.

Tax rebate is available only to the resident individual earning net taxable income up to INR 5 Lakhs. Tax rebate is to be applied to the total tax before adding ‘Surcharge’ and Health Education Cess.

Income Tax Slabs for Domestic Companies for FY 2019-20 – Part IV

Turnover Limit for Domestic Company Tax Rate 
Gross Turnover upto Rs. 400 Cr. In the previous year 25%
Gross Turnover exceeding Rs. 400 Cr. In the previous year 30%

 

Surcharge applicable to a domestic company –

The surcharge is payable over and above the income tax rates tabulated above –

Particulars Surcharge rate
Income between INR 1 Crore to 10 Crore 7% on the amount of the income tax
Income above INR 10 Crore 12% on the amount of the income tax

 

Health and Education Cess applicable to a domestic company –

 

Health and education cess @4% is payable on the sum total of Income Tax plus Surcharge.

 

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