A. (INDIVIDUAL & HUF TAXPAYERS)
1).Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Then 60 Years Old) for FY 2019-20. (A.Y. 2020-21)
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
Here is the Example of Income Tax payable by Salaried persons Ravi, Ramesh & Rahul to get a clear picture:-
2).Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2019-20
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
3).Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
FURTHER 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.
- 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.
B). 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 surcharge.
C). 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% |
D).Tax rates for foreign companies:
The tax rate for foreign company 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 surcharge.
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