Income Tax Slabs & Rates in India: FY 2019-20, AY 2020-21
Income tax rates and slabs for Financial Year 2019-20 and Assessment Year 2020-21 are set out below for individuals, HUFs, senior citizens, Association of Persons, Body of Individuals, partnership firms, local authorities, co-operative societies, domestic companies and foreign companies.
Historical tax-year reference: This page relates specifically to FY 2019-20 and AY 2020-21. The figures are presented for that period and are not current-year tax rates.
1. Individuals and HUF
Income tax slabs for individuals below 60 years of age and Hindu Undivided Families (HUF) for FY 2019-20:
Income slab
Tax rate
Income up to ₹2,50,000
Nil
₹2,50,000 to ₹5,00,000
5%
₹5,00,000 to ₹10,00,000
20%
Above ₹10,00,000
30%
2. Senior Citizens: 60 Years to 80 Years
Income tax slabs for senior citizens aged 60 years to 80 years for FY 2019-20:
Income slab
Tax rate
Income up to ₹3,00,000
Nil
₹3,00,000 to ₹5,00,000
5%
₹5,00,000 to ₹10,00,000
20%
Above ₹10,00,000
30%
3. Senior Citizens: 80 Years and Above
Income slab
Tax rate
Up to ₹5,00,000
Nil
₹5,00,000 to ₹10,00,000
20%
Above ₹10,00,000
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 ₹50 lakh
Nil
Nil
Nil
₹50 lakh to ₹1 crore
10%
10%
10%
₹1 crore to ₹2 crore
15%
15%
15%
₹2 crore to ₹5 crore
15%
15%
25%
₹5 crore up to ₹10 crore
15%
15%
37%
More than ₹10 crore
15%
15%
37%
Surcharge for Association of Persons and Body of Individuals
Income slab
Short-term capital gain under Section 111A
Long-term capital gain under Section 112A
Certain securities gains under Section 115AD(1)(b)
Any other income
Up to ₹50 lakh
Nil
Nil
—
Nil
₹50 lakh to ₹1 crore
10%
10%
10%
10%
₹1 crore to ₹2 crore
15%
15%
15%
15%
₹2 crore to ₹5 crore
15%
15%
15%
25%
₹5 crore up to ₹10 crore
15%
15%
15%
37%
More than ₹10 crore
15%
15%
15%
37%
Education Cess: 4%
4. Partnership Firm
Income slab
Tax rate
Income tax rate
30%
Surcharge for Partnership Firm
Income slab
Tax rate
Up to ₹1 crore
Nil
₹1 crore to ₹10 crore
12%
5. Local Authority
Income slab
Tax rate
Income tax rate
30%
Surcharge for Local Authority
Income slab
Tax rate
Up to ₹1 crore
Nil
₹1 crore to ₹10 crore
12%
6. Co-operative Society
Income slab
Tax rate
Income tax up to ₹10,000
10%
Income ₹10,000 to ₹20,000
20%
Income above ₹30,000
30%
Surcharge for Co-operative Societies
Income slab
Tax rate
Up to ₹1 crore
Nil
₹1 crore to ₹10 crore
12%
7. Domestic Companies
Condition
Tax rate
Where total turnover or gross receipts during previous year 2017-18 do not exceed ₹400 crore
25%
Where the company opted for Section 115BA
25%
Where the company opted for Section 115BAA
22%
Where the company opted for Section 115BAB
15%
Any other domestic company
30%
Surcharge for Domestic Companies
Income slab / category
Tax rate
Up to ₹1 crore
Nil
₹1 crore to ₹10 crore
7%
₹10 crore and above
12%
Company opting for taxability under Section 115BAA or Section 115BAB
10%
8. 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 technical services under an agreement made after February 29, 1964 but before April 1, 1976, where such agreement was approved by the Central Government
