Tax Rates – Assessment Year 2020-21

Individual (age < 60 Yrs)

Up to 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%

*Surcharge:

10% if total income exceeds Rs. 50 lacs,

15% if total income exceeds Rs. 1 Crore but doesn’t exceed Rs. 2 Crore,

25% if total income exceeds Rs. 2 Crore but doesn’t exceed Rs. 5 Crore,

37% if total income exceeds Rs. 5 Crore

* Health & Education cess at 4% of Income Tax & Surcharge

* Relief u/s 87A up to Rs. 12,500 for resident individuals having total income of up to Rs. 5,00,000

 

Senior Citizen(Age=>60 but Less than 80)

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%

*Surcharge:

10% if total income exceeds Rs. 50 lacs,

15% if total income exceeds Rs. 1 Crore but doesn’t exceed Rs. 2 Crore,

25% if total income exceeds Rs. 2 Crore but doesn’t exceed Rs. 5 Crore,

37% if total income exceeds Rs. 5 Crore

* Health & Education cess at 4% of Income Tax & Surcharge

* Relief u/s 87A up to Rs. 12,500 for resident individuals having total income of up to Rs. 5,00,000

 

Super Senior Citizen( Age =>80 Yrs)

Up to Rs. 5,00,000                                                     Nil

Rs. 5,00,001 to Rs. 10,00,000                                 20%

Above Rs. 10,00,000                                                30%

*Surcharge:

10% if total income exceeds Rs. 50 lacs,

15% if total income exceeds Rs. 1 Crore but doesn’t exceed Rs. 2 Crore,

25% if total income exceeds Rs. 2 Crore but doesn’t exceed Rs. 5 Crore,

37% if total income exceeds Rs. 5 Crore

* Health & Education cess at 4% of Income Tax & Surcharge

 

Domestic Company

Tax Rate                                                                  30% **

MAT                                                                        18.5%

*Surcharge: 7% if total income exceeds Rs. 1 Crore and 12% if total income exceeds Rs. 10 Crores

* Health & Education cess at 4% of Income Tax & Surcharge

** Tax Rate is 25% if turnover or gross receipt of the company in the previous year 2017-18 doesn’t exceed Rs. 400 crore

 

Foreign Company

Tax Rate                                                                 40%

*Surcharge: 2% if total income exceeds Rs. 1 Crore and 5% if total income exceeds Rs. 10 Crores

* Health & Education cess at 4% of Income Tax & Surcharge

 

Partnership Firm

Tax Rate                                                                        30%

*Surcharge at 12% if total income exceeds Rs. 1 Crore.

* Health & Education cess at 4% of Income Tax & Surcharge

For more details, you can check here: Taxkundali