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PartnerOverview : Income Tax Slab Rate for AY 2020-21 & FY 2019-20
- Feb-26-2020
- by admin
- Income Tax
Income Tax Slab Rate for AY 2020-21
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% |
