Slab Rates of Income Tax Act for the F.Y.2020-21
1. In case of an INDIVIDUAL whether RESIDENT OR NON RESIDENT / HUF/ AOP/BOI/ANY OTHER ARTIFICIAL JURIDICAL PERSON.(OTHER THAN SENIOR CITIZEN /SUPER SENIOR CITIZEN)
For the A.Y
21-22 and F.Y. 20-21
|
INCOME |
TAX RATES |
|
Up to Rs.
2,50,000 |
NIL |
|
Rs.
2,50,000 to Rs. 5,00,000 |
5% (T.I. – Rs.2,50,000) |
|
Rs.
5,00,000 to Rs. 10,00,000 |
Rs.12,500 + 20% (T.I. – Rs.5,00,000) |
|
Rs.10,00,000
and above |
Rs. 12,500 + 30% (T.I. – Rs.10,00,000) |
2.
In case of SENIOR
CITIZEN
For the A.Y 21-22 and F.Y. 20-21
|
INCOME |
TAX RATES |
|
Up to Rs.
3,00,000 |
NIL |
|
Rs. 3,00,000
to Rs. 5,00,000 |
5% (T.I. – Rs.3,00,000) |
|
Rs.
5,00,000 to Rs. 10,00,000 |
Rs.10,000 + 20% (T.I. – Rs.5,00,000) |
|
Rs.10,00,000
and above |
Rs. 10,000 + 30% (T.I. – Rs.10,00,000) |
3. In case of SUPER SENIOR CITIZEN
For the A.Y 21-22 and F.Y. 20-21
|
INCOME |
TAX RATES |
|
Up to Rs.
5,00,000 |
NIL |
|
Rs.
5,00,000 to Rs. 10,00,000 |
20% (T.I. – Rs.5,00,000) |
|
Rs.10,00,000
and above |
Rs. 1,00,000 + 30% (T.I. – Rs.10,00,000) |
REBATE U/S 87A
This section 87A is applicable to RESIDENT INDIVIDUAL and condition is the individual or the assessee does not exceed its total income Rs. 5, 00,000.
If the assessee has a total income is exceed Rs.5, 00,000 then tax will be levied as per income tax rules.
Maximum of rebate: - least of the followings
100% of TAX LIABILTY as computed above
OR
Rs.12, 500
Surcharge slab rate on REBATE U/S 87A:-
Surcharge on tax after rebate u/s 87A
For the A.Y 21-22 and
F.Y. 20-21
|
INCOME |
TAX RATES |
|
T.I <=50Lacs |
NIL |
|
Rs.
50Lacs>=< Rs. 1Crore |
10% (TAX) |
|
Rs.1Crore>=<Rs.2
Crore |
15% (TAX) |
|
Rs.2Crore>=<Rs.5
Crore |
25% (TAX) |
|
Rs.5Crore> |
37% (TAX) |
COMPANY:-
In case of COMPANY then tax rates is:-
For the A.Y 21-22 and F.Y. 20-21
|
COMPANY |
INDIAN COMPANY |
OTHER CASE |
FOREIGN COMPANY |
|
TAX RATES |
25 % ( TOTAL T/O during the P.Y.2017-18 does not
exceed Rs. 400 crore) |
30% |
40% |
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