New Income Slab Rate for FY 2020-21 PDF

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New Income Slab Rate for FY 2020-21

  1. Income Tax Rate & Slab for Individuals & HUF:
    1. Individual (Resident or Resident but not Ordinarily Resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year & for HUF:
      Taxable income Tax Rate
      (Existing Scheme)
      Tax Rate
      (New Scheme)
      Up to Rs. 2,50,000 Nil Nil
      Rs. 2,50,001 to Rs. 5,00,000 5% 5%
      Rs. 5,00,001 to Rs. 7,50,000 20% 10%
      Rs. 7,50,001 to Rs. 10,00,000 20% 15%
      Rs. 10,00,001 to Rs. 12,50,000 30% 20%
      Rs. 12,50,001 to Rs. 15,00,000 30% 25%
      Above Rs. 15,00,000 30% 30%
    2. Resident or Resident but not Ordinarily Resident senior citizen, i.e., every individual, being a resident or Resident but not Ordinarily Resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
      Taxable income Tax Rate
      (Existing Scheme)
      Tax Rate
      (New Scheme)
      Up to Rs. 2,50,000 Nil Nil
      Rs. 2,50,001 to Rs. 3,00,000 Nil 5%
      Rs. 3,00,001 to Rs. 5,00,000 5% 5%
      Rs. 5,00,001 to Rs. 7,50,000 20% 10%
      Rs. 7,50,001 to Rs. 10,00,000 20% 15%
      Rs. 10,00,001 to Rs. 12,50,000 30% 20%
      Rs. 12,50,001 to Rs. 15,00,000 30% 25%
      Above Rs. 15,00,000 30% 30%
    3. Resident or Resident but not Ordinarily Resident super senior citizen, i.e., every individual, being a resident or Resident but not Ordinarily Resident in India, who is of the age of 80 years or more at any time during the previous year:
      Taxable income Tax Rate
      (Existing Scheme)
      Tax Rate
      (New Scheme)
      Up to Rs. 2,50,000 Nil Nil
      Rs. 2,50,001 to Rs. 5,00,000 Nil 5%
      Rs. 5,00,001 to Rs. 7,50,000 20% 10%
      Rs. 7,50,001 to Rs. 10,00,000 20% 15%
      Rs. 10,00,001 to Rs. 12,50,000 30% 20%
      Rs. 12,50,001 to Rs. 15,00,000 30% 25%
      Above Rs. 15,00,000 30% 30%

      Surcharge:
      a) 10% of Income tax where total income exceeds Rs.50 lakh
      b) 15% of Income tax where total income exceeds Rs.1 crore
      c) 25% of Income tax where total income exceeds Rs.2 crore
      d) 37% of Income tax where total income exceeds Rs.5 crore

      Note: Enhanced Surcharge rate (25% or 37%) is not applicable in case of specified incomes I.e. short-term capital gain u/s 111A, long-term capital gain u/s 112A & short-term or long-term capital gain u/s 115AD(1)(b).

      Education cess: 4% of income tax plus surcharge

      Note:A resident or Resident but not Ordinarily 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. rebate under section 87A is available in both scheme I.e. existing scheme as well as new scheme.

      To know about this optional New Scheme which is optional for individual and HUF Click here

  2. 2.Income Tax Rates for AOP/BOI/Any other Artificial Juridical Person:
    Taxable income Tax Rate
    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:
    a) 10% of Income tax where total income exceeds Rs.50 lakh
    b) 15% of Income tax where total income exceeds Rs.1 crore
    c) 25% of Income tax where total income exceeds Rs.2 crore
    d) 37% of Income tax where total income exceeds Rs.5 crore

    Note: Enhanced Surcharge rate (25% or 37%) is not applicable in case of specified incomes I.e. short-term capital gain u/s 111A, long-term capital gain u/s 112A & short-term or long-term capital gain u/s 115AD(1)(b).

    Education cess: 4% of tax plus surcharge

  3. Tax Rate For Partnership Firm:A partnership firm (including LLP) is taxable at 30%.Surcharge: 12% of Income tax where total income exceeds Rs. 1 croreEducation cess: 4% of Income tax plus surcharge
  4. Income Tax Slab Rate for Local Authority:A local authority is Income taxable at 30%.Surcharge: 12% of Income tax where total income exceeds Rs. 1 croreEducation cess: 4% of tax plus surcharge
  5. Tax Slab Rate for Domestic Company:A domestic company is taxable at 30%. However, the tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year.
    Particulars Tax Rate(%)
    If turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year 2018-19 25%
    If company opted section 115BA (Note 1) 25%
    If company opted for section 115BAA (Note 2) 22%
    If company opted for section 115BAB (Note 3) 15%
    Any other domestic company 30%

    Note 1: Section 115BA – A domestic company which is registered on or after March 1, 2016 and engaged in the business of manufacture or production of any article or thing and research in relation to (or distribution of) such article or thing manufactured or produced by it and also It is not claiming any deduction u/s 10AA, 32AC, 32AD, 33AB, 33ABA, 35(1)(ii)/(iia)/(iii)/35(2AA)/(2AB), 35AC, 35AD, 35CCC, 35CCD, section 80H to 80TT (Other than 80JJAA) or additional depreciation, can opt section 115BA on or before the due date of return by filing Form 10-IB online. Company cannot claim any brought forwarded losses (if such loss is related to the deductions specified in above point).

    Note 2: Section 115BAA – Total income of a company is taxable at the rate of 22% (from A.Y 2020-21), if the following conditions are satisfied:
    – Company is not claiming any deduction u/s 10AA or 32(1)(iia) or 32AD or 33AB or 33ABA or 35(1)(ii)/(iia)/(iii)/35(2AA)/(2AB) or 35AD or 35CCC or 35CCD or section 80H to 80TT (Other than 80JJAA).
    – Company is not claiming any brought forwarded losses (if such loss is related to the deductions specified in above point).
    – Provisions of MAT is not applicable on such company after exercising of option. company cannot claim the MAT credit (if any available at the time of exercising of section 115BAA).

    Note 3: Section 115BAB – Total income of a company is taxable at the rate of 15% (from A.Y 2020-21), if the following conditions are satisfied:

    – Company (not covered in section 115BA and 115BAA) is registered on or after October 1, 2019 and commenced manufacturing on or before 31st March 2023.
    – Company is not formed by splitting up or reconstruction of a business already in existence.
    – Company does not use any machinery or plant previously used for any purpose.
    – Company does not use any building previously used as a hotel or a convention center, as the case may be.
    – Company is not engaged in any business other than the business of manufacture or production of any article or thing and research in relation to (or distribution of) such an article or thing manufactured or produced by it. The business of manufacture or production shall not include the business of –

    • Development of computer software;
    • Mining ;
    • Conversion of marble blocks or similar items into slabs;
    • Bottling of gas into the cylinder;
    • Printing of books or production of the cinematographic film; or
    • Any other notified by Central Govt.

    – Company is not claiming any deduction u/s 10AA or 32(1)(iia) or 32AD or 33AB or 33ABA or 35(1)(ii)/(iia)/(iii)/35(2AA)/(2AB) or 35AD or 35CCC or 35CCD or section 80H to 80TT (Other than 80JJAA and 80M).

    – The company is not claiming any brought forwarded losses (if such loss is related to the deductions specified in above point).

    – Provisions of MAT are not applicable to such a company after exercising of option. The company cannot claim the MAT credit (if any available at the time of exercising of section 115BAA).

    Surcharge:
    a) 7% of Income-tax where total income exceeds Rs.1 crore
    b) 12% of Income-tax where total income exceeds Rs.10 crore
    c) 10% of income tax where domestic company opted for section 115BAA and 115BAB

    Education cess: 4% of Income-tax plus surcharge

  6. Tax Rates for Foreign Company:A foreign company is taxable at 40%Surcharge:
    a) 2% of Income-tax where total income exceeds Rs. 1 crore
    b) 5% of Income-tax where total income exceeds Rs. 10 croreEducation cess: 4% of Income-tax plus surcharge
  7. Income Tax Slab for Co-operative Society:
    Taxable income Tax Rate
    (Existing Scheme)
    Tax Rate
    (New Scheme)
    Up to Rs. 10,000 10%
    Rs. 10,001 to Rs. 20,000 20% 22%
    Above Rs. 20,000 30%

    Surcharge:

    a) 12% of Income-tax where total income exceeds Rs. 1 crore

    b) In the case of Concessional scheme, the surcharge rate is 10%

    Education cess: 4% of Income-tax plus surcharge

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