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Rates
of Income Tax
Assessment
year : 2020 -21
Previous year : 2019 - 20 |
| 1.
For resident Senior Citizens. (Age above 60 Years) |
| Up
to Rs 3,00,000 |
Nil |
| Rs.
3,00,001 to Rs. 5,00,000 |
5% |
| Rs.
5,00,001 to Rs. 10,00,000 |
20% |
| Above
Rs. 10,00,000 |
30% |
|
| 2.
For resident Super Senior Citizens. (Age above 80 Years) |
| Up
to Rs 5,00,000 |
Nil |
| Rs.
5,00,001 to Rs. 10,00,000 |
20% |
| Above
Rs. 10,00,000 |
30% |
|
| 3.
Individuals, [other than those mentioned above, HUF, AOP/BOI (other than
co-operative societies). |
| Upto
Rs. 2,50,000 |
Nil |
| Rs.
2,50,001 to Rs. 5,00,000 |
5% |
| Rs.
5,00,001 to Rs 10,00,000 |
20% |
| Above
Rs. 10,00,000 |
30% |
|
| Note:
Rebate u/s 87A, in which resident individuals are allowed rebate *(if
their taxable income does not exceed Rs. 5 lakh) equal to 100% of income
tax or Rs. 12,500 whichever less.
*( by Finance Act 2019)
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Surcharge :
10% for Individual having taxable Income exceeding 50 Lacs
upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore but
doesn’t exceed two crore rupees
25% for Individual having taxable
Income exceeding 2 Crore but doesn’t exceed five crore rupees
37% for Individual having taxable
Income exceeding 5 Crore
Health and Education Cess: 4% on the
amount of Tax plus surcharge
Short-Term Capital Gains u/s 111A:15% on
income-tax plus surcharge.
|
| Firms |
|
Income tax : 30%.
Surcharge : 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the
amount of Tax plus surcharge.
|
| Companies |
|
(A) Domestic Companies
Income tax : 30%
(25% if turnover or gross receipt does not exceed Rs.400 Crore in the
Financial Year 2017-18)
Surcharge: 7%
if the taxable income exceeds Rs. 1 crore & 12% if the taxable
income exceeds 10 crores
Health and Education Cess: 4% on the
amount of Tax plus surcharge
|
| (B)
Foreign Companies |
| Income
tax : |
40%
(in general )
50%
(Royalty received from Government or an Indian concern in
pursuance of an agreement made with the Indian concern after
March 31, 1961, but before April 1, 1976, or fees for rendering
technical services in pursuance of an agreement made after
February 29, 1964 but before April 1, 1976 and where such
agreement has, in either case, been approved by the Central
Government) |
| Surcharge
: |
2%
if the taxable income exceeds Rs. 1 crore & 5%
if the taxable income exceeds 10 crores |
Health
and Education Cess: 4% on the amount of Tax plus surcharge |
|
| Cooperative
Societies |
| Upto
Rs. 10,000 |
10% |
| Rs.
10,001 to Rs. 20,000 |
20% |
| Rs.
20,001 to Above |
30% |
|
|
Surcharge : 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the
amount of Tax
|
| Local
Authorities |
|
Income tax : 30%.
Surcharge : 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore
Health and Education Cess: 4% on the
amount of Tax
|
Assessment
year : 2019 -20
Previous year : 2018 - 19 |
| 1.
For resident Senior Citizens. (Age above 60 Years) |
| Up
to Rs 3,00,000 |
Nil |
| Rs.
3,00,001 to Rs. 5,00,000 |
5% |
| Rs.
5,00,001 to Rs. 10,00,000 |
20% |
| Above
Rs. 10,00,000 |
30% |
|
| 2.
For resident Super Senior Citizens. (Age above 80 Years) |
| Up
to Rs 5,00,000 |
Nil |
| Rs.
5,00,001 to Rs. 10,00,000 |
20% |
| Above
Rs. 10,00,000 |
30% |
|
| 3.
Individuals, [other than those mentioned above, HUF, AOP/BOI (other than
co-operative societies). |
| Upto
Rs. 2,50,000 |
Nil |
| Rs.
2,50,001 to Rs. 5,00,000 |
5% |
| Rs.
5,00,001 to Rs 10,00,000 |
20% |
| Above
Rs. 10,00,000 |
30% |
|
| Note:
Rebate u/s 87A is added from Finance Act 2017, in which resident
individuals are allowed rebate (if their taxable income does not exceed
Rs. 3.5 lakh) equal to 100% of income tax or Rs. 2,500 whichever less. |
|
Surcharge :
10% for Individual having taxable Income exceeding 50 Lacs
upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore
Health and Education Cess: 4% on the
amount of Tax plus surcharge
Short-Term Capital Gains u/s 111A:15% on
income-tax plus surcharge.
|
| Firms |
|
Income tax : 30%.
Surcharge : 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the
amount of Tax plus surcharge.
|
| Companies |
|
(A) Domestic Companies
Income tax : 30%
(25% if turnover or gross receipt does not exceed Rs.250 Crore in the
Financial Year 2016-17)
Surcharge: 7%
if the taxable income exceeds Rs. 1 crore & 12% if the taxable
income exceeds 10 crores
Health and Education Cess: 4% on the
amount of Tax plus surcharge
|
| (B)
Foreign Companies |
| Income
tax : |
40%
(in general)
50%
(Royalty received from Government or an Indian concern in
pursuance of an agreement made with the Indian concern after
March 31, 1961, but before April 1, 1976, or fees for rendering
technical services in pursuance of an agreement made after
February 29, 1964 but before April 1, 1976 and where such
agreement has, in either case, been approved by the Central
Government) |
| Surcharge
: |
2%
if the taxable income exceeds Rs. 1 crore & 5%
if the taxable income exceeds 10 crores |
| Health
and Education Cess: 4% on the amount of Tax plus surcharge |
|
| Cooperative
Societies |
| Upto
Rs. 10,000 |
10% |
| Rs.
10,001 to Rs. 20,000 |
20% |
| Rs.
20,001 to Above |
30% |
|
|
Surcharge : 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore.
Health and Education Cess: 4% on the
amount of Tax
|
| Local
Authorities |
|
Income tax : 30%.
Surcharge : 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore
Health and Education Cess: 4% on the
amount of Tax
|
Assessment
year : 2018 -19
Previous year : 2017 - 18 |
| 1.
For resident Senior Citizens. (Age above 60 Years) |
| Up
to Rs 3,00,000 |
Nil |
| Rs.
3,00,001 to Rs. 5,00,000 |
5% |
| Rs.
5,00,001 to Rs. 10,00,000 |
20% |
| Above
Rs. 10,00,000 |
30% |
|
| 2.
For resident Super Senior Citizens. (Age above 80 Years) |
| Up
to Rs 5,00,000 |
Nil |
| Rs.
5,00,001 to Rs. 10,00,000 |
20% |
| Above
Rs. 10,00,000 |
30% |
|
| 3.
Individuals, [other than those mentioned above, HUF, AOP/BOI (other than
co-operative societies). |
| Upto
Rs. 2,50,000 |
Nil |
| Rs.
2,50,001 to Rs. 5,00,000 |
5% |
| Rs.
5,00,001 to Rs 10,00,000 |
20% |
| Above
Rs. 10,00,000 |
30% |
|
| Note:
Rebate u/s 87A is added from Finance Act 2017, in which resident
individuals are allowed rebate (if their taxable income does not exceed
Rs. 3.5 lakh) equal to 100% of income tax or Rs. 2500 whichever less. |
|
Surcharge :
10% for Individual having taxable Income
exceeding 50 Lacs upto 1 Crore
15% for Individual having
taxable Income exceeding 1 Crore
Education Cess : 2%
on income-tax plus surcharge.
Secondary and Higher Education
cess : 1% on income-tax plus surcharge
Long-Term Capital Gains: 20%
on income-tax plus surcharge.
Short-Term Capital Gains u/s 111A:15% on
income-tax plus surcharge.
|
| Firms |
|
Income tax : 30%.
Surcharge : 12%
of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess : 2%
on income-tax plus surcharge
Secondary and Higher Education
cess : 1% on income-tax plus surcharge
|
| Companies |
|
(A) Domestic Companies
Income tax : 30%
(25% if turnover or gross receipt does not exceed Rs.50 Crore in the
Financial Year 2015-16)
Surcharge: 7% if
the taxable income exceeds Rs. 1 crore & 12% if the taxable income
exceeds 10 crores
Education Cess: 2%
on income-tax plus surcharge.
Secondary and Higher Education
cess : 1% on income-tax plus surcharge
|
| (B)
Foreign Companies |
| Income
tax : |
40%
(in general ) |
| Surcharge
: |
2%
if the taxable income exceeds Rs. 1 crore & 5%
if the taxable income exceeds 10 crores |
| Education
Cess : |
2%
on income-tax plus surcharge |
| Secondary
and Higher Education cess : |
1%
on income-tax plus surcharge |
|
| Cooperative
Societies |
| Upto
Rs. 10,000 |
10% |
| Rs.
10,001 to Rs. 20,000 |
20% |
| Rs.
20,001 to Above |
30% |
|
|
Surcharge : 12% of
the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess : 2%
on income-tax.
Secondary And Higher
EducationCess : 1% on income tax plus surcharge
|
| Local
Authorities |
|
Income tax : 30%.
Surcharge : 12% of
the Income Tax, where total taxable income is more than Rs. 1 crore
Education Cess : 2%
on income-tax plus surcharge.
Secondary and Higher Education
cess : 1% on income-tax plus surcharge
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