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Download a handy guide of Income Tax Slabs (Companies and Individuals) for AY 2020-21 and 2021-22

Income Tax Slabs and Rates for FY 2020-21 (AY 2021-22) and FY 2019-20 (AY 2020-21)

Income tax rates for Indian companies:

Particulars Applicable Tax Rate
Companies with Gross receipts more than Rs. 400 crore  Tax rate would be @30% + 4% Cess + Surcharge 
Companies with Gross receipts upto Rs. 400 crore Tax rate would be @25% + 4% Cess + Surcharge 
Section 115BAA (domestic companies)

(The domestic companies can alternatively choose this reduced rate to pay taxes)

Tax would be levied @22% + 4% Cess + 10% Surcharge 
Section 115BAB (manufacturing companies) Tax would be levied @15% + 4% Cess + 10% Surcharge

Surcharge and Education Cess

Income Slab Surcharge Education Cess
Above 1 crore but upto 10 crore 7% 4%
Above 10 crore 12% 4%

Tax rates for Individual taxpayers:

As per New Tax Payers Regime, a taxpayer can now choose to opt for the new tax slab for FY 2020-21 AY 2021-22

Income Slab New Tax Rate Existing Tax Rate
Upto Rs 2.5 Lakhs Nil Nil
Rs 2.5- Rs 5 Lakhs 5% 5%
Rs 5- Rs 7.5 Lakhs 10% 20%
Rs 7.5 -Rs 10 Lakhs 15% 20%
Rs 10 – Rs 12.5 Lakhs 20% 30%
Rs 12.5 – Rs 15 Lakhs 25% 30%
Above Rs 15 Lakhs 30% 30%

Note: Individual taxpayers who want to opt for the new slab rates, will not be eligible to claim the following tax benefits:

  1. Leave travel concession as contained in clause (5) of section 10;
  2. House rent allowance as contained in clause (13A) of section 10;
  3. Some of the allowance as contained in clause (14) of section 10;
  4. Standard deduction of Rs. 50,000 u/s 16;
  5. Employment/professional tax deduction as contained in section 16;
  6. Interest under section 24 in respect of self-occupied or vacant property referred to in sub-section (2) of section 23. (Loss under the head income from house property for rented house shall not be allowed to be set off under any other head and would be allowed to be carried forward as per extant law);
  7. Any deduction under chapter VI-A ; [except 80CCD(2) – NPS Contribution by the employer]
  8. Others as prescribed

Income Tax Slab for Resident Individuals aged less than 60 Years

Alternative 1 Alternative 2
Old Income Tax Slab New Tax Regime
Upto Rs 2,50,000 NIL Upto Rs 2,50,000 NIL
Rs 2,50,001 – Rs 5,00,000 5% Rs 2,50,001 – Rs 5,00,000 5%
Rs 5,00,001 – Rs 10,00,000 20% Rs 5,00,001 – Rs 7,50,000 10%
Rs 7,50,001 – Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 – Rs 12,50,000 20%
Rs 12,50,001 – Rs 15,00,000 25%
Above Rs 15,00,000 30%

Surcharge and Education Cess

Income Slab Surcharge Education Cess
From Rs  50,00,001- Rs. 1,00,00,000 10% 4%
Above Rs. 1,00,00,000 but upto Rs. 2,00,00,000 15% 4%
Above Rs. 2,00,00,000 but upto Rs. 5,00,00,000 25% 4%
Above Rs. 5,00,00,000 37% 4%

Income Tax Slab for Individuals having age above or equal to 60 years but less than 80 years

Alternative 1 Alternative 2
Old Income Tax Slab New Tax Regime
Upto Rs 3,00,000 NIL Upto Rs 2,50,000 NIL
Rs 3,00,001 – Rs 5,00,000 5% Rs 2,50,001 – Rs 5,00,000 5%
Rs 5,00,001 – Rs 10,00,000 20% Rs 5,00,001 – Rs 7,50,000 10%
Rs 7,50,001 – Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 – Rs 12,50,000 20%
Rs 12,50,001 – Rs 15,00,000 25%
Above Rs 15,00,000 30%
 

Surcharge and Education Cess

Income Slab Surcharge Education Cess
From 50,00,001-1,00,00,000 10% 4%
Above 1,00,00,000 15% 4%
Above 2,00,00,000 but upto 5,00,00,000 25% 4%
Above 5,00,00,000  37% 4%

Income Tax Slab for Individuals having age more than or equal to 80 years

Alternative 1 Alternative 2
Old Income Tax Slab New Tax Regime
Upto Rs 5,00,000 NIL Upto Rs 2,50,000 NIL
Rs 2,50,001 – Rs 5,00,000 5%
Rs 5,00,001 – Rs 10,00,000 20% Rs 5,00,001 – Rs 7,50,000 10%
Rs 7,50,001 – Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 – Rs 12,50,000 20%
Rs 12,50,001 – Rs 15,00,000 25%
Above Rs 15,00,000 30%
 

Surcharge and Education Cess

Income Slab Surcharge Education Cess
From 50,00,001-1,00,00,000 10% 4%
Above 1,00,00,000 15% 4%
Above 2,00,00,000 but upto 5,00,00,000 25% 4%
Above 5,00,00,000 

 

37% 4%

Income Tax Slab for Non-Resident Individuals

Alternative 1 Alternative 2
Old Income Tax Slab New Tax Regime
Upto Rs 2,50,000 NIL Upto Rs 2,50,000 NIL
Rs 2,50,001 – Rs 5,00,000 5% Rs 2,50,001 – Rs 5,00,000 5%
Rs 5,00,001 – Rs 10,00,000 20% Rs 5,00,001 – Rs 7,50,000 10%
Rs 7,50,001 – Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 – Rs 12,50,000 20%
Rs 12,50,001 – Rs 15,00,000 25%
Above Rs 15,00,000 30%

Surcharge and Education Cess

Income Slab Surcharge Education Cess
From 50,00,001-1,00,00,000 10% 4%
Above 1,00,00,000 15% 4%
Above 2,00,00,000 but upto 5,00,00,000 25% 4%
Above 5,00,00,000 

 

37% 4%

Income Tax Slab for Hindu Undivided Family (HUF)

Alternative 1 Alternative 2
Old Income Tax Slab New Tax Regime
Upto Rs 2,50,000 NIL Upto Rs 2,50,000 NIL
Rs 2,50,001 – Rs 5,00,000 5% Rs 2,50,001 – Rs 5,00,000 5%
Rs 5,00,001 – Rs 10,00,000 20% Rs 5,00,001 – Rs 7,50,000 10%
Rs 7,50,001 – Rs 10,00,000 15%
Above Rs 10,00,000 30% Rs 10,00,001 – Rs 12,50,000 20%
Rs 12,50,001 – Rs 15,00,000 25%
Above Rs 15,00,000 30%

Surcharge and Education Cess

Income Slab Surcharge Education Cess
From 50,00,001-1,00,00,000 10% 4%
Above 1,00,00,000 15% 4%
Above 2,00,00,000 but upto 5,00,00,000 25% 4%
Above 5,00,00,000 

 

37% 4%

Income Tax Slab for AOP, BOI, Artificial Juridical Person

Net Taxable Income Tax Rate
Upto Rs 2,50,000 Nil
Rs 2,50,001 – Rs 5,00,000 5%
Rs 5,00,001 – Rs 10,00,000 20%
Above Rs 10,00,000 30%

Surcharge and Education Cess

Income Slab Surcharge Education Cess
From 50,00,001-1,00,00,000 10% 4%
Above 1,00,00,000 15% 4%
Above 2,00,00,000 but upto 5,00,00,000 25% 4%
Above 5,00,00,000 

 

37% 4%

Income Tax Slab for Co-operative Society

Alternative 1 Alternative 2
Old Income Tax Slab New Tax Regime
Upto Rs 10,000 10% Under the new income tax regime made applicable via Budget 2020 resident Co-operative Society will have an option to choose a reduced rate of tax @ 22% under section 115BAD and shall not be allowed to avail certain specified exemptions/deductions. 
Rs 10,001 – Rs 20,000 20%
Above Rs 20,000 30%

Surcharge and Education Cess

Income Slab Surcharge Education Cess
Above 1 crore 12% 4%

Download PDF File: Income Tax Slabs and Rates for FY 2020 – capage.in

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