Income Tax Slabs & Rates 2020

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Income Tax Slabs & Rates 


FINANCIAL  YEAR : 01st April 2019  to  31st  March 2020                         
ASSESSMENT YEAR : 01st April 2020  to  31st March 2021



Individual Tax Payers & HUF
(Less Than 60 Years Old)
Income Tax Slab
Tax Rate for Individual & HUF (Below the Age Of 60 Years)
Up to ₹2,50,000*
Nil
₹2,50,001 to ₹5,00,000
5% of total income exceeding ₹2,50,000
₹5,00,001 to ₹10,00,000
₹12,500 + 20% of total income exceeding ₹5,00,000
Above ₹10,00,000
₹1,12,500 + 30% of total income exceeding ₹10,00,000


Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

  
Income Tax Slabs for Senior Citizens
(60 Years Old or More but Less than 80 Years Old)
Income Tax Slabs
Tax Rate for Senior citizens (aged 60 Years But Less than 80 Years)
Income up to Rs 3,00,000*
No tax
Income from Rs 3,00,000 – Rs 5,00,000
5%
Income from Rs 5,00,000 – 10,00,000
20%
Income more than Rs 10,00,000
30%
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.



Income Tax Slabs for Super Senior Citizens
(80 Years Old Or More)
Income Tax Slabs
Tax Rate for Super Senior Citizens (Aged 80 Years And Above)
Income up to Rs 5,00,000*
No tax
Income from Rs 5,00,000 – 10,00,000
20%
Income more than Rs 10,00,000
30%
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.


Income Tax Slabs for Domestic Companies for

Turnover Particulars
Tax Rate
Gross turnover upto 400 Cr. in the FY 2017-18
25%
Gross turnover exceeding 400 Cr. in the FY 2017-18
30%
Where the company opted for Section 115BA
25%
GWhere the company opted for Section 115BAA
22%
Where the company opted for Section 115BAB
15%
In addition cess and surcharge is levied as follows:
Cess: 4% of corporate tax
  

Surcharge applicable to the individuals/HUF
Income limit
Surcharge Rate on the amount of income tax
Net income exceeds Rs 50 lakh but doesn’t exceed Rs 1 crore
10%
Net income above Rs 1 crore but doesn’t exceed Rs 2 crore
15%
Net income exceeds Rs 2 crore but doesn’t exceed Rs 5 crore
25%
Net income exceeds Rs 5 crore
37%

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