Income tax Slab and Rates for Financial Year 2020-2021, Assessment Year 2021-2022 is as under:
1. A. Individuals & HUFB. Senior Citizens 60 - 80 years
C. Senior Citizens 80 year above
2. Association of Persons / Body of Individuals/ Artificial Persons
A. Income tax slab for Individuals below 60 years men and women and HUF for FY 2019-20
| Income Slab | Existing Scheme Tax Rate |
New Regime Tax Rate |
| Income up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 20% | 15% |
| Rs. 1,00,001 to Rs. 12,50,000 | 30% | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 30% | 25% |
| Above Rs. 15,00,000 | 30% | 30% |
Income tax slab for Senior Citizens 60 year to 80 years men and women for FY 2020-2021
| Income Slab | Existing
Scheme Tax Rate |
New Regime Tax Rate |
| Income up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 3,00,000 | Nil | 5% |
| Rs 3,00,001 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 20% | 15% |
| Rs. 1,00,001 to Rs. 12,50,000 | 30% | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 30% | 25% |
| Above Rs. 15,00,000 | 30% | 30% |
| Income Slab | Existing
Scheme Tax Rate |
New Regime Tax Rate |
| Income up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | Nil | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 20% | 15% |
| Rs. 1,00,001 to Rs. 12,50,000 | 30% | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 30% | 25% |
| Above Rs. 15,00,000 | 30% | 30% |
| Income Slab | Tax Rate |
| Income up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Rs. 10,00,001 and above | 30% |
Surcharge for Individual, HUF or Artificial Judicial Person
| Income Slab | Short-term capital gain covered under Section 111A | Long-term capital gain covered under Section 112A | Any other Income |
| Upto Rs. 50 Lakh | Nil | Nil | Nil |
| Rs. 50 Lakh to Rs. 1 Crore | 10% | 10% | 10% |
| Rs. 1 Crore to Rs. 2 Crore | 15% | 15% | 15% |
| Rs. 2 Crore to Rs. 5 Crore | 15% | 15% | 25% |
| Rs. 5 Crore upto Rs. 10 Crore | 15% | 15% | 37% |
| More than Rs. 10 Crore | 15% | 15% | 37% |
Education Cess: 4% of Income tax Plus Surcharge
Surcharge for Association of Persons, Body of Individuals
| Income Slab | Short-term capital gain covered under Section 111A | Long-term capital gain covered under Section 112A | Short term or Long term capital gains on transfer of certain securities under section 115AD(1)(b) | Any other Income |
| Upto Rs. 50 Lakh | Nil | Nil | Nil | |
| Rs. 50 Lakh to Rs. 1 Crore | 10% | 10% | 10% | 10% |
| Rs. 1 Crore to Rs. 2 Crore | 15% | 15% | 15% | 15% |
| Rs. 2 Crore to Rs. 5 Crore | 15% | 15% | 15% | 25% |
| Rs. 5 Crore upto Rs. 10 Crore | 15% | 15% | 15% | 37% |
| More than Rs. 10 Crore | 15% | 15% | 15% | 37% |
Education Cess: 4% of Income tax Plus Surcharge
| Income Slab | Tax Rate |
| Income Tax Rate | 30% |
Surcharge for Partnership firm
| Income Slab | Tax Rate |
| Upto Rs. 1 Crore | Nil |
| Rs. 1 Crore to Rs. 10 Crore | 12% |
Education Cess: 4% of Income tax Plus Surcharge
| Income Slab | Tax Rate |
| Income Tax Rate | 30% |
Surcharge for Local Authority
| Income Slab | Tax Rate |
| Upto Rs. 1 Crore | Nil |
| Rs. 1 Crore to Rs. 10 Crore | 12% |
Education Cess: 4% of Income tax Plus Surcharge
| Income Slab | Existing Scheme Tax Rate |
New Regime Tax Rate |
| Income Tax Upto Rs. 10,000 | 10% | 10% |
| Income Rs. 10,000 to Rs. 20,000 | 20% | 22% |
| Income above Rs. 30,000 | 30% | 30% |
Surcharge for Cooperative Societies
| Income Slab | Tax Rate |
| Upto Rs. 1 Crore | Nil |
| Rs. 1 Crore to Rs. 10 Crore | 12% |
| In case of Concessional Scheme | 10% |
Education Cess: 4% of Income tax Plus Surcharge
| Income Slab | Tax Rate |
| Where its total turnover or gross receipt during the previous year 2018-19 does not exceed Rs. 400 crore | 25% |
| Where it opted for Section 115BA | 25% |
| Where it opted for Section 115BAA | 22% |
| Where it opted for Section 115BAB | 15% |
| Any other domestic company | 30% |
Surcharge for Domestic Companies
| Income Slab | Tax Rate |
| Upto Rs. 1 Crore | Nil |
| Rs. 1 Crore to Rs. 10 Crore | 7% |
| Rs. 10 Crore and above | 12% |
| Company opting for taxability under Section 115BAA or Section 115BAB | 10% |
Education Cess: 4% of Income tax Plus Surcharge
| Nature of Income | Tax Rate |
| Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government | 50% |
| Any Other Income | 40% |
Surcharge for Foreign Companies
| Income Slab | Tax Rate |
| Upto Rs. 1 Crore | Nil |
| Rs. 1 Crore to Rs. 10 Crore | 2% |
| Rs. 10 Crore and above | 5% |
Education Cess: 4% of Income tax Plus Surcharge
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