Tax Rates
1. In
case of an Individual (resident or non-resident) or HUF or Association of
Person or Body of Individual or any other artificial juridical person
Assessment
Year 2019-20
|
Taxable
Income
|
Tax Rate
|
|
Up to 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%
|
|
Above Rs.
10,00,000
|
30%
|
Less:
Rebate under Section 87A [see Note]
Add: Health
and Education Cess [see Note]
Assessment
Year 2020-21
|
Taxable
Income
|
Tax Rate
|
|
Up to 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%
|
|
Above Rs.
10,00,000
|
30%
|
Less:
Rebate under Section 87A [see Note]
Add:
Surcharge and Health & Education Cess [see Note]
2. In
case of a resident senior citizen (who is 60 years or more at any time during
the previous year but less than 80 years on the last day of the previous year)
Assessment
Year 2019-20
|
Taxable
Income
|
Tax Rate
|
|
Up to 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%
|
|
Above Rs.
10,00,000
|
30%
|
Less:
Rebate under Section 87A [see Note]
Add: Health
and Education Cess [see Note]
Assessment
Year 2020-21
|
Taxable
Income
|
Tax Rate
|
|
Up to 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%
|
|
Above Rs.
10,00,000
|
30%
|
Less:
Rebate under Section 87A [see Note]
Add:
Surcharge and Health & Education Cess [see Note]
3. In
case of a resident super senior citizen (who is 80 years or more at any time
during the previous year)
Assessment
Year 2019-20
|
Taxable
Income
|
Tax Rate
|
|
Up to Rs.
5,00,000
|
Nil
|
|
Rs.
5,00,000 to Rs. 10,00,000
|
20%
|
|
Above Rs.
10,00,000
|
30%
|
Add:
Surcharge and Education Cess [see Note]
Assessment
Year 2020-21
|
Taxable
Income
|
Tax Rate
|
|
Up to Rs.
5,00,000
|
Nil
|
|
Rs.
5,00,000 to Rs. 10,00,000
|
20%
|
|
Above Rs.
10,00,000
|
30%
|
Add:
Surcharge and Health & Education Cess [see Note]
Assessment
Year 2019-20
a)
Surcharge:
i) The amount of income-tax shall be increased by a surcharge at
the rate of 10% of such tax, where total income exceeds fifty lakh rupees but
does not exceed one crore rupees. However, the surcharge shall be subject to
marginal relief (where income exceeds fifty lakh rupees, the total amount
payable as income-tax and surcharge shall not exceed total amount payable as
income-tax on total income of fifty lakh rupees by more than the amount of
income that exceeds fifty lakh rupees).
ii)
The amount of income-tax shall be increased by a surcharge at the rate of 15%
of such tax, where total income exceeds one crore rupees. However, the
surcharge shall be subject to marginal relief (where income one crore rupees,
the total amount payable as income-tax and surcharge shall not exceed total
amount payable as income-tax on total income of one crore rupees by more than
the amount of income that exceeds one crore rupees).
b)
Health and Education Cess: The amount of income-tax and the applicable
surcharge, shall be further increased by health and education cess calculated
at the rate of four percent of such income-tax and surcharge.
c)
Rebate under Section 87A: The rebate is available to a resident individual if
his total income does not exceed Rs. 3, 50,000. The amount of rebate shall be
100% of income-tax or Rs. 2,500, whichever is less.
Assessment
Year 2020-21
a)
Surcharge:
i) The amount of income-tax shall be increased by a surcharge at
the rate of 10% of such tax, where total income exceeds fifty lakh rupees but
does not exceed one crore rupees. However, the surcharge shall be subject to
marginal relief (where income exceeds fifty lakh rupees, the total amount
payable as income-tax and surcharge shall not exceed total amount payable as
income-tax on total income of fifty lakh rupees by more than the amount of
income that exceeds fifty lakh rupees).
ii) The amount of income-tax shall be increased by a surcharge at the
rate of 15% of such tax, where total income exceeds one crore rupees. However,
the surcharge shall be subject to marginal relief (where income one crore
rupees, the total amount payable as income-tax and surcharge shall not exceed
total amount payable as income-tax on total income of one crore rupees by more
than the amount of income that exceeds one crore rupees).
b)
Health and Education Cess: The amount of income-tax and the applicable
surcharge, shall be further increased by health and education cess calculated
at the rate of four percent of such income-tax and surcharge.
c)
Rebate under Section 87A: The rebate is available to a resident individual 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.
4. Partnership
Firm
For the
Assessment Year 2019-20 & 2020-21, a partnership firm (including LLP) is
taxable at 30%.
Add:
a) Surcharge: The
amount of income-tax shall be increased by a surcharge at the rate of 12% of
such tax, where total income exceeds one crore rupees. However, the surcharge
shall be subject to marginal relief (where income exceeds one crore rupees, the
total amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of one crore rupees by more than the
amount of income that exceeds one crore rupees).
b) Health
and Education Cess: The amount of income-tax and the applicable
surcharge, shall be further increased by health and education cess calculated
at the rate of four percent of such income-tax and surcharge
5. Local
Authority
For the
Assessment Year 2019-20 & 2020-21, a local authority is taxable at 30%.
Add:
a)
Surcharge: The
amount of income-tax shall be increased by a surcharge at the rate of 12% of
such tax, where total income exceeds one crore rupees. However, the surcharge
shall be subject to marginal relief (where income exceeds one crore rupees, the
total amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of one crore rupees by more than the amount
of income that exceeds one crore rupees).
b)
Health and Education Cess:
The amount of income-tax and the applicable surcharge, shall be further
increased by health and education cess calculated at the rate of four percent
of such income-tax and surcharge.
6. Domestic
Company
For the
assessment year 2019-20, a domestic company is taxable at 30%. However, the tax
rate would be 25% if turnover or gross receipt of the company does not exceed
Rs. 250 crore in the previous year 2016-17.
For the
assessment year 2020-21, a domestic company is taxable at 30%. However, the tax
rate would be 25% if turnover or gross receipt of the company does not exceed
Rs. 250 crore in the previous year 2017-18.
Add:
a)
Surcharge: The amount of income-tax shall be increased by a surcharge at the
rate of 7% of such tax, where total income exceeds one crore rupees but not
exceeding ten crore rupees and at the rate of 12% of such tax, where total
income exceeds ten crore rupees. However, the surcharge shall be subject to marginal
relief, which shall be as under:
(i)
Where income exceeds one crore rupees but not exceeding ten crore rupees, the
total amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of one crore rupees by more than the
amount of income that exceeds one crore rupees.
(ii)
Where income exceeds ten crore rupees, the total amount payable as income-tax
and surcharge shall not exceed total amount payable as income-tax on total
income of ten crore rupees by more than the amount of income that exceeds ten
crore rupees.
b) Health
and Education Cess: The amount of income-tax and the applicable surcharge,
shall be further increased by health and education cess calculated at the rate
of four percent of such income-tax and surcharge.
7. Foreign
Company
Assessment
Year 2019-20 and Assessment Year 2020-21
|
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%
|
Add:
a)
Surcharge: The
amount of income-tax shall be increased by a surcharge at the rate of 2% of
such tax, where total income exceeds one crore rupees but not exceeding ten
crore rupees and at the rate of 5% of such tax, where total income exceeds ten
crore rupees. However, the surcharge shall be subject to marginal relief, which
shall be as under:
(i)
Where income exceeds one crore rupees but not exceeding ten crore rupees, the
total amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of one crore rupees by more than the
amount of income that exceeds one crore rupees.
(ii)
Where income exceeds ten crore rupees, the total amount payable as income-tax
and surcharge shall not exceed total amount payable as income-tax on total
income of ten crore rupees by more than the amount of income that exceeds ten
crore rupees.
b) Health
and Education Cess: The
amount of income-tax and the applicable surcharge, shall be further increased
by health and education cess calculated at the rate of four percent of such
income-tax and surcharge.
8. Co-operative
Society
Assessment
Year 2019-20 and Assessment Year 2020-21
|
Taxable
income
|
Tax Rate
|
|
Up to Rs.
10,000
|
10%
|
|
Rs.
10,000 to Rs. 20,000
|
20%
|
|
Above Rs.
20,000
|
30%
|
Add:
a)
Surcharge: The
amount of income-tax shall be increased by a surcharge at the rate of 12% of
such tax, where total income exceeds one crore rupees. However, the surcharge
shall be subject to marginal relief (where income exceeds one crore rupees, the
total amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of one crore rupees by more than the
amount of income that exceeds one crore rupees).
b)
Health and Education Cess:
The amount of income-tax and the applicable surcharge, shall be further
increased by health and education cess calculated at the rate of four percent
of such income-tax and surcharge.
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