Income Tax Slabs Rates for FY 2019-20 (AY 2020-21)
Income Tax Slabs for Individual Tax Payers & HUF (age < 60 Years )
| Income Tax Slabs | Tax Rate |
|---|---|
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 to ₹5,00,000 | 5% of total income exceeding ₹2,50,000 |
| ₹5,00,001 to ₹10,00,000 | ₹12,500 + 20% of total income exceeding ₹5,00,000 |
Above ₹10,00,000 | ₹1,12,500 + 30% of total income exceeding ₹10,00,000 |
Surcharge: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of the income tax, where the total income exceeds Rs.1 crore.
Individuals having net taxable income upto Rs. 5lakhs can claim the tax rebate under 87A and thus effectively pay zero tax.
Income Tax Slabs for Senior Citizens (age ≥ 60 Years and < 80 Years)
| Income Tax Slabs | Tax Rate |
| Income up to Rs 3,00,000* | No tax |
| Income from Rs 3,00,000 – Rs 5,00,000 | 5% |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
Income more than Rs 10,00,000 | 30% |
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore
Health and Education Cess: 4%, on the amount of tax computed, inclusive of surcharge.
Income Tax Slabs for Super Senior Citizens(age ≥ 80 Years)
| Income Tax Slabs | Tax Rate |
| Income up to Rs 5,00,000* | No tax |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
| Income more than Rs 10,00,000 | 30% |
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of the income tax, where the total income exceeds Rs.1 crore.
Health and Education Cess: 4%, on the amount of tax computed, inclusive of surcharge.
Income Tax Slabs for Domestic Companies
| Turnover Particulars | Tax Rate |
| Gross turnover upto 250 Cr. in the previous year | 25% |
| Gross turnover exceeding 250 Cr. in the previous year | 30% |
Surcharge: Taxable income is more than 1Cr. but less than 10 Cr.: 7%
Surcharge: Taxable income is more than 10Cr. :12%
Health and Education Cess: 4%, on the amount of tax computed, inclusive of surcharge.
Partnership Firms & Limited Liability Partnerships (LLP)
The applicable tax rate is flat 30%.
Surcharge: In case income is more than ₹ 1 crore, the surcharge is applicable @ 12% over income tax amount.
Health and Education Cess: 4%, on the amount of tax computed, inclusive of surcharge.
Disclaimer: Due care has been taken to draft this write-up and is intended to express the Authors understanding and to start an academic discussion on the subject discussed in above write-up. it should not be considered as professional advice. Readers are advised to refer to relevant provisions of law before applying any of the above-mentioned views. The author accepts no responsibility whatsoever and will not be liable for any losses, claims or damages which may arise because of the content of this write-up.