Income Tax Rates Financial Year 2019-2020, Assessment Year 2020-2021 in India

Income tax Rates and Slab for Financial Year 2019-2020, Assessment Year 2011-202 is as under:

Individuals & HUF Senior Citizens 60 - 80 years Senior Citizens 80 year above Partnership Firms Cooperative Society Companies

 

1. Individuals and HUF

Income tax slab for Individuals below 60 years men and women and HUF for FY 2019-20

Income Slab Tax Rate
Income upto Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Rs. 10,00,000 above 30%

 

2. Senior Citizens 60 years to 80 years

Income tax slab for Senior Citizens 60 year to 80 years men and women for FY 2019-20

Income Slab Tax Rate
Income upto Rs. 3,00,000 Nil
Rs. 3,00,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Rs. 10,00,000 above 30%

 

 

 

3. Senior Citizen 80 years and above men and women

Income Slab Tax Rate
Upto Rs. 5,00,000 Nil
Rs. 5,00,000 to Rs. 10,00,000 20%
Rs. 10,00,000 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%

 

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%

 

4. Partnership Firm

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%

 

 

5. Local Authority

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%

 

 

 

6. Cooperative Society

Income Slab Tax Rate
Income Tax Upto Rs. 10,000 10%
Income Rs. 10,000 to Rs. 20,000 20%
Income above Rs. 30,000 30%

Surcharge for Cooperative Societies

Income Slab Tax Rate
Upto Rs. 1 Crore Nil
Rs. 1 Crore to Rs. 10 Crore 12%

 

7. Domestic Companies

Income Slab Tax Rate
Where its total turnover or gross receipt during the previous year 2017-18 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%

 

8.Foreign Companies

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%

 

Note: Education Cess in all cases is 4%

 

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