Income tax Slab rates

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What is an Income Tax Slab?

Income tax is levied on the income earned by an entity or an individual. The government has set the tax rates for various categories of taxpayers depending on their annual income and the source of income. The income tax slab specifies the tax rates for different annual income thresholds.

The income tax in India is governed by the Income Tax department under the Income Tax Act 1961. The IT department keeps changing the tax slabs from year to year. The rates are usually revised during the Budget sessions by the Finance Ministry.

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Income Tax Slab for the Assessment Year (2019-20 and 2020-21)

1. Individuals

1.1 Individual (Resident Or Non-Resident), Who Is Below 60 Years Of Age On The Last Day Of The Relevant Previous Year:

Net income rangeIncome tax rate
Up to Rs. 2,50,000Nil
Rs. 2,50,000- Rs. 5,00,0005%
Rs. 5,00,000- Rs. 10,00,00020%
Above Rs. 10,00,00030%

1.2 Resident Senior Citizen, I.E., Every Individual, Being A Resident Of India, Who Is 60 Years Of Age Or Higher But Less Than 80 Years At Any Time During The Previous Year:

Net income rangeIncome tax rate
Up to Rs. 3,00,000Nil
Rs. 3,00,000 – Rs. 5,00,0005%
Rs. 5,00,000- Rs. 10,00,00020%
Above Rs. 10,00,00030%

1.3 Resident Super Senior Citizen, I.E., Every Individual, Being A Resident Of India, Who Is 80 Years Of Age Or Higher At Any Time During The Previous Year:

Net income rangeIncome tax rate
Up to Rs. 5,00,000Nil
Rs. 5,00,000- Rs. 10,00,00020%
Above Rs. 10,00,00030%

1.3 Resident super senior citizen, i.e., every individual, being a resident of India, who is 80 years of age or higher at any time during the previous year:

Plus:

  • Surcharge: 10% of income tax where total income exceeds Rs. 50,00,000. 15% of income tax where total income exceeds Rs. 1,00,00,000.
  • Health and Education cess: 4% of income tax and surcharge.
  • Note: A resident individual is entitled to rebate under section 87A 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.

    2. Income Tax Rate for Partnership Firm:

    A partnership firm (including LLP) is taxable at 30%.

    Plus:

  • Surcharge: 12% of tax where total income exceeds Rs. 1 crore.
  • Health and Education cess: 4% of income tax plus a surcharge.
  • 3. Tax Rate for Companies:

    (A) Tax Rates For Domestic Companies:

    ParticularsTax rates
    Total turnover or gross receipts during the previous year 2017-18 doesn’t exceed Rs. 250 Crore25%
    Other domestic companies30%

    (b) Tax rates for foreign companies:

    The tax rate for a foreign company is 40%.

    Plus:

  • Surcharge:
    Company Net income is between Rs. 1Cr. – 10Cr. Net income exceeds Rs. 10Cr.
    Domestic company 7% 12%
    Foreign company 2% 5%
    Health and Education cess: 4% of income tax plus a surcharge.
  • 4. Income Tax Rates for HUF/AOP/BOI/any other Artificial Juridical Person:

    Plus:

    Net income rangeIncome tax rate
    Up to Rs. 2,50,000Nil
    Rs. 2,50,000 – Rs. 5,00,0005%
    Rs. 5,00,000- Rs. 10,00,00020%
    Above Rs. 10,00,00030%

  • Surcharge: 10% of income tax where total income exceeds Rs. 50,00,000. 15% of income tax where total income exceeds Rs. 1,00,00,000.
  • Health and Education cess: 4% of income tax and surcharge.
  • 5. Income Tax Slab Rate for Co-operative Society:

    Plus:

    Net income rangeIncome tax rate
    Up to Rs. 10,00010%
    Rs. 10,000 to Rs. 20,00020%
    Above Rs. 20,00030%

  • Surcharge: 12% of tax where total income exceeds Rs. 1 crore.
  • Health and Education cess: 4% of income tax plus a surcharge.
  • 6. Income Tax Slab Rate for Local Authority:

    A local authority is taxable at 30%.

    Plus:

  • Surcharge: 12% of tax where total income exceeds Rs. 1 crore.
  • Health and Education cess: 4% of income tax plus a surcharge.
  • Discover The E-Filing Of Income Tax Returns In India

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