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:-

1. 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. 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:

D).Tax rates for foreign companies:

The tax rate for foreign company is 40%.

Plus: – 

Surcharge:-

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