Tax Rates
1. In case of
an Individual (resident or non-resident) or HUF or Association of Person or
Body of Individual or any other artificial juridical person
Assessment Year 2019-20
|
Taxable Income
|
Tax Rate
|
|
Up to Rs. 2,50,000
|
Nil
|
|
Rs. 2,50,000 to Rs
5,00,000
|
5%
|
|
Rs. 5,00,000 to Rs.
10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
Less: Rebate under
Section 87A [see Note]
Add: Health and
Education Cess [see Note]
Assessment Year 2020-21
|
Taxable Income
|
Tax Rate
|
|
Up to Rs. 2,50,000
|
Nil
|
|
Rs. 2,50,000 to Rs
5,00,000
|
5%
|
|
Rs. 5,00,000 to Rs.
10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
Less: Rebate under
Section 87A [see Note]
Add: Surcharge and
Health & Education Cess [see Note]
2. In case of
a resident senior citizen (who is 60 years or more at any time during the
previous year but less than 80 years on the last day of the previous year)
Assessment Year 2019-20
|
Taxable Income
|
Tax Rate
|
|
Up to Rs. 3,00,000
|
Nil
|
|
Rs. 3,00,000 to Rs
5,00,000
|
5%
|
|
Rs. 5,00,000 to Rs.
10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
Less: Rebate under
Section 87A [see Note]
Add: Health and
Education Cess [see Note]
Assessment Year 2020-21
|
Taxable Income
|
Tax Rate
|
|
Up to Rs. 3,00,000
|
Nil
|
|
Rs. 3,00,000 to Rs
5,00,000
|
5%
|
|
Rs. 5,00,000 to Rs.
10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
Less: Rebate under
Section 87A [see Note]
Add: Surcharge and
Health & Education Cess [see Note]
3. In case of
a resident super senior citizen (who is 80 years or more at any time during the
previous year)
Assessment Year 2019-20
|
Taxable Income
|
Tax Rate
|
|
Up to Rs. 5,00,000
|
Nil
|
|
Rs. 5,00,000 to Rs.
10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
Add: Surcharge and
Education Cess [see Note]
Assessment Year 2020-21
|
Taxable Income
|
Tax Rate
|
|
Up to Rs. 5,00,000
|
Nil
|
|
Rs. 5,00,000 to Rs.
10,00,000
|
20%
|
|
Above Rs. 10,00,000
|
30%
|
Add: Surcharge and
Health & Education Cess [see Note]
Assessment Year 2019-20
a)
Surcharge:
Surcharge
is levied on the amount of income-tax at the following rates if total income of
an assessee exceeds specified limits:
|
Nature of Income
|
Range of income
|
||
|
Up to Rs. 50 lakh
|
More than Rs. 50 lakh but up to Rs. 1 crore
|
More than Rs. 1 crore
|
|
|
Any Income
|
Nil
|
10%
|
15%
|
The
surcharge shall be subject to marginal relief:
i) Where income exceeds Rs. 50 lakhs, the total
amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of Rs. 50 lakhs by more than the amount
of income that exceeds Rs. 50 lakhs.
ii) Where income exceeds Rs. 1 crore, the total
amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of Rs. 1 crore by more than the amount of
income that exceeds Rs. 1 crore.
b) Health
and Education Cess: The amount of income-tax and the applicable surcharge,
shall be further increased by health and education cess calculated at the rate
of four percent of such income-tax and surcharge.
c) Rebate
under Section 87A: The rebate is available to a resident individual if his
total income does not exceed Rs. 3, 50,000. The amount of rebate shall be 100%
of income-tax or Rs. 2,500, whichever is less.
Assessment Year 2020-21
a)
Surcharge:
Surcharge is
levied on the amount of income-tax at following rates if the total income of an
assessee exceeds specified limits:
|
Nature of Income
|
Range of Total Income
|
|||||
|
Up to Rs. 50 lakh
|
More than Rs. 50 lakh but up to Rs. 1 crore
|
More than Rs. 1 crore but up to Rs. 2 crore
|
More than Rs. 2 crore but up to Rs. 5 crore
|
More than Rs. 5 crore but up to Rs. 10 crore
|
More than Rs. 10 crore
|
|
|
Individual, HUF or Artificial Judicial Person
|
||||||
|
Short-term capital
gain covered under Section 111A
|
Nil
|
10%
|
15%
|
15%
|
15%
|
15%
|
|
Long-term capital
gain covered under Section 112A
|
Nil
|
10%
|
15%
|
15%
|
15%
|
15%
|
|
Any other income*
|
Nil
|
10%
|
15%
|
25%
|
37%
|
37%
|
|
* The Finance (No.
2) Act, 2019 has been amended to withdraw the enhanced surcharge, i.e., 25%
or 37%, as the case may be, from income chargeable to tax under section 111A
and 112A. Hence, the maximum rate of surcharge on tax payable on such incomes
shall be 15%. However, where other income of a person does not exceed Rs. 2
crores but after including the incomes as referred to in section 111A and
112A, the total income exceeds Rs. 2 crores then irrespective of the amount
of other income, surcharge shall be levied at the rate of 15% on the amount
of tax payable on both normal income as well as income referred to in section
111A and 112A.
|
||||||
|
AOP or BOI
|
||||||
|
Short-term capital
gain covered under Section 111A
|
Nil
|
10%
|
15%
|
15%
|
15%
|
15%
|
|
Long-term capital
gain covered under Section 112A
|
Nil
|
10%
|
15%
|
15%
|
15%
|
15%
|
|
Short term or Long
term capital gains on transfer of certain securities under section
115AD(1)(b)
|
Nil
|
10%
|
15%
|
15%
|
15%
|
15%
|
|
Any other Income*
|
Nil
|
10%
|
15%
|
25%
|
37%
|
37%
|
|
* The Finance (No.
2) Act, 2019 has been amended to withdraw the enhanced surcharge, i.e., 25%
or 37%, as the case may be, from income chargeable to tax under section 111A,
112A and 115AD. Hence, the maximum rate of surcharge on tax payable on such
incomes shall be 15%. However, where other income of a person does not exceed
Rs. 2 crores but after including the incomes as referred to in section 111A,
112A and 115AD, the total income exceeds Rs. 2 crores then irrespective of
the amount of other income, surcharge shall be levied at the rate of 15% on
the amount of tax payable on both normal income as well as income referred to
in section 111A, 112A and 115AD.
|
||||||
The
surcharge shall be subject to marginal relief:
i) Where income exceeds Rs. 50 lakhs, the total
amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of Rs. 50 lakhs by more than the amount
of income that exceeds Rs. 50 lakhs.
ii) where income exceeds Rs. 1 crore, the total
amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of Rs. 1 crore by more than the amount of
income that exceeds Rs. 1 crore
iii) where income exceeds Rs. 2 crore, the total amount payable as
income-tax and surcharge shall not exceed total amount payable as income-tax on
total income of Rs. 2 crore by more than the amount of income that exceeds Rs.
2 crore
iv) where income exceeds Rs. 5 crore rupees, the
total amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of Rs. 5 crore rupees by more than the
amount of income that exceeds Rs. 5 crore rupees
b) Health and Education Cess: The amount of
income-tax and the applicable surcharge, shall be further increased by health
and education cess calculated at the rate of 4% of such income-tax and
surcharge.
c) Rebate
under Section 87A: The rebate is available to a resident individual if his
total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100%
of income-tax or Rs. 12,500, whichever is less.
4. Partnership
Firm
For the Assessment
Year 2019-20 & 2020-21, a partnership firm (including LLP) is taxable at
30%.
Add:
a) Surcharge: The
amount of income-tax shall be increased by a surcharge at the rate of 12% of
such tax, where total income exceeds one crore rupees. However, the surcharge
shall be subject to marginal relief (where income exceeds one crore rupees, the
total amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of one crore rupees by more than the
amount of income that exceeds one crore rupees).
b) Health
and Education Cess: The amount of income-tax and the applicable
surcharge, shall be further increased by health and education cess calculated
at the rate of four percent of such income-tax and surcharge
5. Local
Authority
For the Assessment
Year 2019-20 & 2020-21, a local authority is taxable at 30%.
Add:
a)
Surcharge: The amount of
income-tax shall be increased by a surcharge at the rate of 12% of such tax,
where total income exceeds one crore rupees. However, the surcharge shall be
subject to marginal relief (where income exceeds one crore rupees, the total
amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of one crore rupees by more than the
amount of income that exceeds one crore rupees).
b) Health
and Education Cess: The amount of
income-tax and the applicable surcharge, shall be further increased by health
and education cess calculated at the rate of four percent of such income-tax
and surcharge.
6. Domestic
Company
Income-tax
rates applicable in case of companies for Assessment Year 2019-20 and 2020-21
are as follows:
|
Domestic Company
|
|
|
|
Assessment Year 2019-20
|
Assessment Year 2020-21
|
|
|
|
|
|
|
- Where its total turnover or gross receipt
during the previous year 2016-17 does not exceed Rs. 250 crore
|
25%
|
NA
|
|
- Where its total turnover or gross receipt
during the previous year 2017-18 does not exceed Rs. 400 crore
|
NA
|
25%
|
|
- Where it opted for Section 115BA
|
25%
|
25%
|
|
- Where it opted for Section 115BAA
|
NA
|
22%
|
|
- Where it opted for Section 115BAB
|
NA
|
15%
|
|
- Any other domestic company
|
30%
|
30%
|
Add:
a)
Surcharge: The amount of income-tax shall be increased by a surcharge at the
rate of 7% of such tax, where total income exceeds one crore rupees but not
exceeding ten crore rupees and at the rate of 12% of such tax, where total
income exceeds ten crore rupees. However, the rate of surcharge in case of a
company opting for taxability under Section 115BAA or Section 115BAB shall be
10% irrespective of amount of total income.
The
surcharge shall be subject to marginal relief, which shall be as under:
i) Where income exceeds Rs. 1 crore but not
exceeding Rs. 10 crore, the total amount payable as income-tax and surcharge
shall not exceed total amount payable as income-tax on total income of Rs. 1
crore by more than the amount of income that exceeds Rs. 1 crore.
ii) Where income exceeds Rs. 10 crore, the total
amount payable as income-tax and surcharge shall not exceed total amount
payable as income-tax on total income of Rs. 10 crore by more than the amount
of income that exceeds Rs. 10 crore
b) Health
and Education Cess: The amount of income-tax and the applicable surcharge,
shall be further increased by health and education cess calculated at the rate
of four percent of such income-tax and surcharge.
7. Foreign
Company
Assessment Year 2019-20 and Assessment Year 2020-21
|
Nature of Income
|
Tax Rate
|
|
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
|
50%
|
|
Any other income
|
40%
|
Add:
a) Surcharge: The amount of income-tax shall be
increased by a surcharge at the rate of 2% of such tax, where total income
exceeds one crore rupees but not exceeding ten crore rupees and at the rate of
5% of such tax, where total income exceeds ten crore rupees. However, the
surcharge shall be subject to marginal relief, which shall be as under:
(i) Where income
exceeds one crore rupees but not exceeding ten crore rupees, the total amount
payable as income-tax and surcharge shall not exceed total amount payable as
income-tax on total income of one crore rupees by more than the amount of
income that exceeds one crore rupees.
(ii) Where
income exceeds ten crore rupees, the total amount payable as income-tax and
surcharge shall not exceed total amount payable as income-tax on total income
of ten crore rupees by more than the amount of income that exceeds ten crore
rupees.
b) Health and
Education Cess: The amount of
income-tax and the applicable surcharge, shall be further increased by health
and education cess calculated at the rate of four percent of such income-tax
and surcharge.
8. Co-operative
Society
Assessment Year 2019-20 and Assessment Year 2020-21
|
Taxable income
|
Tax Rate
|
|
Up to Rs. 10,000
|
10%
|
|
Rs. 10,000 to Rs.
20,000
|
20%
|
|
Above Rs. 20,000
|
30%
|
Add:
a) Surcharge: The amount of income-tax shall be
increased by a surcharge at the rate of 12% of such tax, where total income
exceeds one crore rupees. However, the surcharge shall be subject to marginal
relief (where income exceeds one crore rupees, the total amount payable as
income-tax and surcharge shall not exceed total amount payable as income-tax on
total income of one crore rupees by more than the amount of income that exceeds
one crore rupees).
b) Health and
Education Cess: The amount of
income-tax and the applicable surcharge, shall be further increased by health
and education cess calculated at the rate of four percent of such income-tax
and surcharge.
