Budget 2018-19: Tax Rates for AY 2019-20

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  • Last Updated on 28 January, 2021

New Income Tax Slab Rate for AY 2019-20:

1. Tax Rates for an Individuals for the AY 2019-20:

 

Tax Rates for Individuals

 

 

Income

 

Rates of Income Tax

 

 

Individual (Age less than 60 Years)

 

Senior Citizen (Age above 60 Years)

 

Super Senior Citizen (Age above 80 Years)

1.

Up to Rs. 2,50,000

Nil

Nil

Nil

2.

Rs. 2,50,000 to Rs. 3,00,000

5%

Nil

Nil

3.

Rs. 3,00,000 to Rs. 5,00,000

5%

5%

Nil

4.

Rs. 5,00,000 to Rs. 10,00,000

20%

20%

20%

5.

Above Rs. 10,00,000

30%

30%

30%

*The above rates are exclusive of surcharge and cess. 

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2. Tax Rates for Corporate Assessee for the A.Y. 2019-20:

 

Tax Rates* for Corporate Assessee for the A.Y. 2019-20

 

 

Status of Taxpayer

 

 

Rates of income-tax

 

1.

 

Firms/Local Authority

 

 

30%

 

2.

 

Domestic Company

 

30%/25% #

 

3

 

Foreign Company

 

 

40%

 

 # Tax rate is 25% if turnover or gross receipts of the domestic company in the previous year 2016-17 doesn’t exceed Rs. 250 crore

*The above rates are exclusive of surcharge and cess.

3. Tax Rates* for Co-operatives Societies for the A.Y. 2019-20:

 

Tax Rates* for Co-operatives Societies for the A.Y. 2019-20

 

 

Income

 

 

Rates of income-tax

1.

Up to Rs. 10,000

 

10%

2.

Rs.10,000 – Rs.20,000

 

20%

3

Above Rs. 20,000

 

30%

 

*The above rates are exclusive of surcharge and cess.

4. Rates of Surcharge:

 

Rates of Surcharge

 

 

Particulars

 

Taxable Income

 

 

50 Lacs to 1 Crore

 

1 Crore to 10 Crores

 

Exceeding 10 Crores

1.

Individuals/HUF

 

10%

15%

15%

2.

Firm/ Local Authority/ Co-operative Society

 

Nil

12%

12%

3.

Domestic Company

 

Nil

7%

12%

4.

Foreign Company

 

Nil

2%

5%

5.

Co-operative Societies

 

Nil

12%

12%

 * The health &education cess at the rate of 4% shall be computed on aggregate of Income-Tax and Surcharge.

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