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:
- Leave travel concession as contained in clause (5) of section 10;
- House rent allowance as contained in clause (13A) of section 10;
- Some of the allowance as contained in clause (14) of section 10;
- Standard deduction of Rs. 50,000 u/s 16;
- Employment/professional tax deduction as contained in section 16;
- 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);
- Any deduction under chapter VI-A ; [except 80CCD(2) – NPS Contribution by the employer]
- 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
