Tax Rates: Income Tax Slab for A.Y. 2020-21

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  • Last Updated on 1 March, 2022

Latest: Income Tax Slab Rates for AY 2022-23

1. Income Tax Slab Rate for AY 2020-21 for Individuals

1.1 Individual (resident or non-resident), who is of the age of fewer than 60 years on the last day of the relevant previous year:

 

Net income range

Income-Tax rate

Up to Rs. 2,50,000

Nil

Rs. 2,50,000- Rs. 5,00,000

5%

Rs. 5,00,000- Rs. 10,00,000

20%

Above Rs. 10,00,000

30% 

1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year: 

Net income range

Income-Tax rate

Up to Rs. 3,00,000

Nil

Rs. 3,00,000 – Rs. 5,00,000

5%

Rs. 5,00,000- Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:

 

Net income range

Income-Tax rate

Up to Rs. 5,00,000

Nil

Rs. 5,00,000- Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Plus: – 

Surcharge: – 10% of income tax where total income exceeds Rs. 50,00,000.
 
                          15% of income tax where total income exceeds Rs. 1,00,00,000.
 
Health and Education cess: – 4% of income tax and surcharge.
 
Note: – A resident individual is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.
 

2. Income Tax Rate for Partnership Firm

A partnership firm (including LLP) is taxable at 30%. Plus: Surcharge:- 12% of tax where total income exceeds Rs. 1 crore. Health and Education cess: 4% of income tax plus a surcharge.

3. Tax Rate for Companies

Tax rates for domestic companies:

 

Particulars

Tax rates

Total turnover or gross receipts during the previous year 2017-18 doesn’t exceed Rs. 250 Crore

25%

Other domestic companies

30%

Tax rates for foreign companies:

 

The tax rate for foreign companies is 40%. Plus: –  Surcharge:-

Company

Net income is between Rs. 1Cr. – 10 Cr.

Net income exceeds Rs. 10Cr.

Domestic company

7%

12%

Foreign company

2%

5%

Health and Education cess: 4% of income tax plus a surcharge.

 
 

4. Income Tax Rates For HUF/AOP/BOI/Any other Artificial Juridical Person

Net income range

Income-Tax rate

Up to Rs. 2,50,000

Nil

Rs. 2,50,000- Rs. 5,00,000

5%

Rs. 5,00,000- Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Plus: – 

Surcharge: – 10% of income tax where total income exceeds Rs. 50,00,000.
 
                            15% of income tax where total income exceeds Rs. 1,00,00,000.
 
Health and Education cess: – 4% of income tax and surcharge.
 

5. Income Tax Slab Rate for Co-operative Society

Net income range

Income-Tax rate

Up to Rs. 10,000

10%

Rs. 10,000 to Rs. 20,000

20%

Above Rs. 20,000

30%

Plus:

Surcharge:- 12% of tax where total income exceeds Rs. 1 crore.
 
Health and Education cess: 4% of income tax plus surcharge.
 

6. Income Tax Slab Rate for Local Authority

A local authority is taxable at 30%. Plus: Surcharge:- 12% of tax where total income exceeds Rs. 1 crore. Health and Education cess: 4% of income tax plus surcharge.

Also Read: Income Tax Slab Rate for AY 2021-22

Also Read: Income Tax Slab for AY 2018-19

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

One thought on “Tax Rates: Income Tax Slab for A.Y. 2020-21”

  1. Very Important information presented in a precise way.
    Keep doing the nice work.
    Congratulations.

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