Latest Update
The last date of income tax return filing for FY 2019-20 (AY 2020-21) is extended to 10th January 2021. For audit cases, the last due date is 15th February 2021.
Latest Update on Tax slab for AtmaNirbhar Bharat
- In order to provide more funds at the disposal of the taxpayers, the rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts shall be reduced by 25% of the existing rates.
- Payment for the contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS.
- This reduction shall be applicable for the remaining part of the FY 2020-21 i.e., from 14th May 2020 to 31st March 2021.
Welcome. In this post, we will discuss about the income tax rates or slab for the FY 2018-19 for different categories.
[Updated on Feb 3,2020]
As per the Budget presented for Financial Year 2020-21, the Income Tax slab rates if the individual opts for exemption:
| Income Tax slab rate | For FY 2020-21 |
|---|---|
| Up to 5 lakhs | Nil |
| 5 lakh – 7.5 lakh | 10 % |
| 7.5 lakh – 10 lakh | 15% |
| 10 lakh – 12.5 lakh | 20 % |
| 12.5 lakhs – 15 lakhs | 25 % |
| 15 lakh and above | 30% |
1: For individuals (up to 60 yrs) / HUF
This is also applicable for: – Association of People / Body of individuals / Artificial Juridical Person for FY 2018-19 (AY 2019-20)
| Range of Income (in INR) | Tax Rate (in %) |
|---|---|
| Zero – 2,50,000 | Nil |
| 2,50,000 – 5,00,000 | 5% |
| 5,00,000 – 10,00,000 | 20% |
| 10,00,000 & Above | 30% |
Less: Rebate u/s 87A – Applicable only to resident individuals with income up to Rs. 3,50,000. The Maximum allowed rebate amount is Rs. 2500.
Add: Surcharge is applicable at 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore. If total income exceeds Rs.1 crore, Surcharge is applicable at 15% of income tax.
Add: Health and Education Cess at the rate of 4%, on the amount of tax computed, inclusive of surcharge.
2: For Resident Senior Citizens
Above 60 years and below 80 years for FY 2018-19 (AY 2019-20)
| Range of Income (in INR) | Tax Rate (in %) |
|---|---|
| Zero – 3,00,000 | Nil |
| 3,00,000 – 5,00,000 | 5% |
| 5,00,000 – 10,00,000 | 20% |
| 10,00,000 & Above | 30% |
Less: Rebate u/s 87A – Applicable only to resident individuals with income up to Rs. 3,50,000. The Maximum allowed rebate amount is Rs. 2500
Add: Surcharge is applicable at 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore. If total income exceeds Rs.1 crore, Surcharge is applicable at 15% of income tax.
Add: Health and Education Cess at the rate of 4%, on the amount of tax computed, inclusive of surcharge.
3: For Resident Super Senior Citizens
Above 80 years for FY 2018-19 (AY 2019-20)
| Range of Income (in INR) | Tax Rate (in %) |
|---|---|
| Zero – 5,00,000 | Nil |
| 5,00,000 – 10,00,000 | 20% |
| 10,00,000 & Above | 30% |
Add: Surcharge is applicable at 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore. If total income exceeds Rs.1 crore, Surcharge is applicable at 15% of income tax.
Add: Health and Education Cess at the rate of 4%, on the amount of tax computed, inclusive of surcharge.
4: For Partnership Firm
Including LLP / Local Authority for FY 2018-19 (AY 2019-20)
| Tax Rate | Surcharge | Health and Education Cess |
|---|---|---|
| 30% of taxable income | 12% of income tax | 4% of the total Income Tax & Surcharge |
5: For Domestic Company
FY 2018-19 (AY 2019-20)
| Turnover | Tax Rate |
|---|---|
| Up to Rs. 250 Crores | 25% of taxable income |
| exceeding Rs. 250 crores | 30% of taxable income |
Add: Surcharge is applicable at 7% of income tax, where the total income exceeds Rs.1 Crore up to Rs.10 Crore. If total income exceeds Rs.10 crore, Surcharge is applicable at 12% of income tax.
Add: Health and Education Cess at the rate of 4%, on the amount of tax computed, inclusive of surcharge.
NOTE: The tax rate would be 25% if turnover or gross receipt of the company does not exceed Rs. 250 crore in the previous year 2016-17.
6: For Foreign Company
FY 2018-19 (AY 2019-20)
| Income Type | Tax Rate |
|---|---|
| Royalty received from government or Indian concern* | 50% of taxable income |
| Any other income | 40% of taxable income |
- Royalty received from the government or an Indian concern in pursuance of an agreement (approved by the Central government) between April 1, 1961, and March 31, 1976.
- Fees for providing technical services in pursuance of an agreement (approved by the Central government) made between February 29, 1964, and April 1, 1976.
Add: Surcharge is applicable at 2% of income tax, where the total income exceeds Rs.1 Crore up to Rs.10 Crore. If total income exceeds Rs.10 crore, Surcharge is applicable at 5% of income tax.
Add: Health and Education Cess at the rate of 4%, on the amount of tax computed, inclusive of surcharge.
7: For Co-operative Society
FY 2018-19 (AY 2019-20)
| Range of Income (in INR) | Tax Rate (in %) |
|---|---|
| Zero – 10,000 | 10% |
| 10,000 – 20,000 | 20% |
| 20,000 & Above | 30% |
Add: Surcharge is applicable at 12% of income tax, where the total income exceeds Rs.1 crore.
Add: Health and Education Cess at the rate of 4%, on the amount of tax computed, inclusive of surcharge.
That is all for this post. If you have any questions, drop them in the comment section below.
