Income Tax Slab Rate for AY 2020-21

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Income Tax Slab Rate for AY 2020-21

Overview : Income Tax Slab Rate for AY 2020-21 & FY 2019-20

Income Tax Slab Rate for AY 2020-21 for Individuals

Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:

 

Net income range

Income-Tax rate

Up to Rs. 2,50,000

Nil

Rs. 2,50,000- Rs. 5,00,000

5%

Rs. 5,00,000- Rs. 10,00,000

20%

Above Rs. 10,00,000

30% 

 

Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:

 

Net income range

Income-Tax rate

Up to Rs. 3,00,000

Nil

Rs. 3,00,000 – Rs. 5,00,000

5%

Rs. 5,00,000- Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

 

Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:

 

Net income range

Income-Tax rate

Up to Rs. 5,00,000

Nil

Rs. 5,00,000- Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

 

Plus: - 

 

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.

 

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

 

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.

 

Income Tax Slab Rate for Co-operative Society:

Net income range

Income-Tax rate

Up to Rs. 10,000

10%

Rs. 10,000 to Rs. 20,000

20%

Above Rs. 20,000

30%

 

For More Information

Email : [email protected]

Phone : 01141623205, 9990061912

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