- Income Tax rates for FY 2019-20 (Financial Year 2019-20)and AY (Assessment Year)2020-21
A. Individuals/HUFs/AOPs/BOI/Artificial Judicial Person
A1. FOR RESIDENT MEN and WOMEN (Age less than or equal to 60 Years) , any non- resident individual,every HUF/AOP/BOI/artificial juridical person –
| Income Slab Rates (INR) | Percentage | Remarks |
| Upto 2,50,000 | NIL | |
| 2,50,001 to 5,00,000 | 5% | Rebate (Tax Credit) U/S 87A is available up to Rs.12,500 or 100% of tax whichever is less in case of resident individual whose total income doesn’t exceed Rs.5,00,000 |
| 5,00,001 to 10,00,000 | 20% | |
| Above 10,00,000 | 30% |
Refer Note 1 to 2
A2.FOR SENIOR CITIZENS (Age 60-80 Years)
| Income Slab Rates (INR) | Percentage | Remarks |
| Upto Rs. 3,00,000 | NIL | |
| 3,00,001 to 5,00,000 | 5% | Rebate (Tax Credit) U/S 87A is available up to Rs.12,500 or 100% of tax whichever is less in case of resident individual whose total income doesn’t exceed Rs.5,00,000 |
| 5,00,001 to 10,00,000 | 20% | |
| Above 10,00,000 | 30% |
Refer Note 1 to 2
A3.FOR VERY SENIOR CITIZENS (Age Above 80 Years)
| Income Slab Rates (INR) | Percentage |
| Upto 5,00,000 | NIL |
| 5,00,001 to 10,00,000 | 20% |
| Above 10,00,000 | 30% |
Refer Note 1 to 2
Note:
1.Surcharge of 10% on Income tax where taxable income exceeds Rs. 50,00,000 but does not exceeds one crores rupees. Surcharge of 15% on Income-tax where taxable income exceeds Rs.1 crore however margin relief in surcharge is available , if applicable in both cases .
2. Health and Education Cess is 4% on income-tax and surcharge.
B.Co-operative Societies
| Income Slab Rates (INR) | Percentage |
| Upto 10,000 | 10% |
| 10,000 to 20,000 | 20% |
| Above 20,000 | 30% |
Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief in surcharge is available , if applicable.
Health and Education Cess is 4% on income-tax and surcharge.
C.Partnership Firms including LLP
Income Tax 30%
Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief in surcharge is available , if applicable.
Health and Education Cess is 4% on income-tax and surcharge.
D. Domestic Company
Income Tax – 25% if turnover or gross receipt of the company does not exceed Rs.250 crore in previous year 2017-18 . In case of other domestic company,Income Tax rate is 30%
Surcharge of 7% of Income Tax if total income exceeds Rs.1 crore but does not exceeding Rs.10 crores and Surcharge of 12% of Income Tax if total income exceeds Rs.10 crores on Income-tax however margin relief in surcharge is available , if applicable.
Health and Education Cess is 4 % on income-tax and surcharge.
E.Local Authority
Income Tax 30%
Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief in surcharge is available , if applicable.
Health and Education Cess is 4% on income-tax and surcharge.
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