Income Tax Rates for FY 2020-21 and AY 2021-22 in India
Income tax slabs and rates for Financial Year 2020-21 and Assessment Year 2021-22 for individuals, HUFs and other categories of taxpayers.
Historical tax-year reference: This page relates specifically to FY 2020-21 and AY 2021-22. The figures and conditions below are retained for that period and are not presented as current-year tax rates.
1. Individuals and HUF
A. Income Tax Slab for Individuals Below 60 Years and HUF
| 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% |
B. Senior Citizens - 60 Years to 80 Years
| 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% |
C. Senior Citizens - 80 Years and Above
| 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% |
2. Income Tax Rates for AOP / Body of Individuals / Artificial Persons
| 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 under Section 111A |
Long-term Capital Gain under Section 112A |
Any Other Income |
| Up to 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 up to 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 and Body of Individuals
| Income Slab |
STCG under Section 111A |
LTCG under Section 112A |
Capital Gains under Section 115AD(1)(b) |
Any Other Income |
| Up to 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 up to Rs. 10 crore | 15% | 15% | 15% | 37% |
| More than Rs. 10 crore | 15% | 15% | 15% | 37% |
Education Cess: 4% of income tax plus surcharge.
3. Partnership Firm
| Income Slab | Tax Rate |
|---|
| Income Tax Rate | 30% |
Surcharge for Partnership Firm
| Income Slab | Tax Rate |
|---|
| Up to Rs. 1 crore | Nil |
| Rs. 1 crore to Rs. 10 crore | 12% |
Education Cess: 4% of income tax plus surcharge.
4. Local Authority
| Income Slab | Tax Rate |
|---|
| Income Tax Rate | 30% |
Surcharge for Local Authority
| Income Slab | Tax Rate |
|---|
| Up to Rs. 1 crore | Nil |
| Rs. 1 crore to Rs. 10 crore | 12% |
Education Cess: 4% of income tax plus surcharge.
5. Co-operative Society
| Income Slab | Existing Scheme Tax Rate | New Regime Tax Rate |
|---|
| Income tax up to Rs. 10,000 | 10% | 10% |
| Income Rs. 10,000 to Rs. 20,000 | 20% | 22% |
| Income above Rs. 30,000 | 30% | 30% |
Surcharge for Co-operative Societies
| Income Slab | Tax Rate |
|---|
| Up to 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.
6. Domestic Companies
| Income Slab / Condition | Tax Rate |
|---|
| Where total turnover or gross receipts during previous year 2018-19 did 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 / Condition | Tax Rate |
|---|
| Up to 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.
7. Foreign Companies
| Nature of Income | Tax Rate |
|---|
| Royalty received from Government or an Indian concern under an agreement made after March 31, 1961 but before April 1, 1976, or fees for rendering technical services under an agreement made after February 29, 1964 but before April 1, 1976, where such agreement had been approved by the Central Government |
50% |
| Any other income | 40% |
Surcharge for Foreign Companies
| Income Slab | Tax Rate |
|---|
| Up to 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.
