Tax Rates (आयकर आगणन की दरें )
| INCOME TAX SLAB 2019-20 | |||
| COMMON TAX PAYER | |||
| INCOME RANGE | TAX % | ||
| UPTO 2.5 LAC | NIL | ||
| 2.5 TO 5 LAC | 5% | ||
| 5 TO 10 LAC | 20% | ||
| MORE THAN 10 LAC | 30% | ||
| SENIOR CITIZEN | |||
| UPTO 3 LAC | NIL | ||
| 3 TO 5 LAC | 5% | ||
| 5 TO 10 LAC | 20% | ||
| MORE THAN 10 LAC | 30% | ||
| VERY SENIOR CITIZEN | |||
| UPTO 5 LAC | NIL | ||
| 5 TO 10 LAC | 20% | ||
| MORE THAN 20 LAC | 30% | ||
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 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 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 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 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.
|
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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.
|
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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.
