income tax slabs

INDIVIDUALS / HUF

Nature

FY 2019-20 (AY 2020-2021)

FY 2020-21 (AY 2021-2022)

Basic Tax



Age Below 60 years

Taxable income

Rate

Up to 2,50,000

NIL

2,50,000 -5,00,000

5%

5,00,000-10,00,000

20%

More than 10,00,000

30%

Option 1

Option 2


Age Below 60 years

Taxable income

Rate

Up to 2,50,000

NIL

2,50,000 -5,00,000

5%

5,00,000-10,00,000

20%

More than 10,00,000

30%

  

 

Taxable income

Rate

Up to 2,50,000

NIL

2,50,000 -5,00,000

5%

5,00,000-7,50,000

10%

7,50,000-10,00,000

15%

10,00,000-12,50,000

20%

12,50,000-15,00,000

25%

More than 15,00,000

30%


Conditions for exercising this option:

Eligible only when such Individual / HUF has no business income

• Forgone of major exemptions and deductions like:
» Leave Travel Concession
» House Rent Allowance
» Standard Deduction
» Interest under House Property
» Additional Depreciation
» Family Pension Deduction
» Deduction under Chapter VI-A


Age 60-80 years

Taxable income

Rate

Up to 3,00,000     

NIL

3,00,000 -5,00,000

5%

5,00,000-10,00,000

20%

More than 10,00,000

30%

 


Age 60-80 years

Taxable income

Rate

Up to 3,00,000     

NIL

3,00,000 -5,00,000

5%

5,00,000-10,00,000

20%

More than 10,00,000

30%

 


Age above 80 years

Taxable income

Rate

Up to 5,00,000

NIL

5,00,000-1,00,00,000

20%

More than 10,00,000

30%

 


Age above 80 years

Taxable income

Rate

Up to 5,00,000

NIL

5,00,000-10,00,000

20%

More than 10,00,000

30%

  

Surcharge

10% (taxable income 50 Lacs – 1 Cr)

15% (taxable income 1 Cr – 2 Cr)

25% (taxable income 2 Cr – 5 Cr)

37% (taxable income > 5 Cr)

10% (taxable income 50 Lacs – 1 Cr)

15% (taxable income 1 Cr – 2 Cr)

25% (taxable income 2 Cr – 5 Cr)

37% (taxable income > 5 Cr)

Education Cess

4%

4%

Rebate 87A

Rs. 12,500 (if total income is upto Rs. 5 Lakhs)

Rs. 12,500 (if total income is upto Rs. 5 Lakhs)



DOMESTIC COMPANY

Nature

FY 2019-20 (AY 2020-2021)

FY 2020-21 (AY 2021-2022)

Section 115BA

Section 115BAA

Section 115BAB

Turnover Upto Rs. 400 Crore

(in AY 2018-19)

Turnover Above Rs. 400 Crore

(in AY 2018-19)

Section 115BA

Section 115BAA

Section 115BAB

Turnover Upto Rs. 400 Crore

(in AY 2018-19)

Turnover Above Rs. 400 Crore

(in AY 2018-19)

Basic Tax

25%

22%

15%

25%

30%

25%

22%

15%

25%

30%

Surcharge

7%

(taxable income

1 Cr – 10 Cr)

12%

(taxable income > 10 Cr)

10%

10%

7%

(taxable income

1 Cr – 10 Cr)

12%

(taxable income > 10 Cr)

7%

(taxable income

1 Cr – 10 Cr)

12%

(taxable income > 10 Cr)

7%

(taxable income

1 Cr – 10 Cr)

12%

(taxable income > 10 Cr)

10%

10%

7%

(taxable income

1 Cr – 10 Cr)

12%

(taxable income > 10 Cr)

7%

(taxable income

1 Cr – 10 Cr)

12%

(taxable income > 10 Cr)

MAT

15%

N/A

N/A

15%

15%

15%

N/A

N/A

15%

15%

Education Cess

4%

4%



Sec.115BA

Sec.115BAA

Sec.115BAB

Turnover Upto Rs.  400 Crore

(in AY 2018-19)

Turnover Above Rs. 400 Crore

(in AY 2018-19)

Applicable to

Domestic Manufacturing Company set-up & registered after Mar 01, 2016

Domestic Company

Domestic Manufacturing Company set-up & registered after Oct 01, 2019

Domestic Company

Domestic Company

Conditions

Not avail exemption/ incentives

No set-off of c/f of losses

No Additional Depreciation

Engaged in Manufacturing / Research

Not avail exemption/ incentives

No set-off of c/f of losses

No Additional Depreciation

Not avail exemption/ incentives
No set-off of c/f of losses
No Additional Depreciation
• Engaged in Manufacturing / Research
Commence manufacturing on or before Mar 31, 2023
Not formed by splitting up or reconstruction of existing business

-

-



OTHERS

Assessee

Nature

FY 2019-20 (AY 2020-2021)

FY 2020-21 (AY 2021-2022)

Partnership Firm

Basic Tax

30%

30%

Education Cess

4%

4%

Surcharge

12% (if taxable income > 1 Crore)

12% (if taxable income > 1 Crore)

Local Authority

Basic Tax

30%

30%

Education Cess

4%

4%

Surcharge

12% (if taxable income > 1 Crore)

12% (if taxable income > 1 Crore)

Cooperative Society

Basic Tax


Taxable income

Rate

Up to 10000

10%

10000 to 20000

20%

more than 20000

30%

 

Option 1

Option 2


30%


22%

(provided it forgoes specified deductions and exemptions)

Surcharge

12% (if taxable income > 1 Crore)

12%

(if taxable income > 1 Crore)

10%

(if taxable income > 1 Crore)

Education Cess

4%

4%



 
     
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