Income Tax Slab for Resident Individuals aged less than 60 Years(Both Male & Female)
Budget 2020 has given the individuals options to choose from FY 2020-21 onwards. Either opt for the same tax rates which were applicable last year or the new tax regime.
| OPTION 1 | OPTION 2 | ||
|---|---|---|---|
| Old Income Tax Slab | New Tax Regime | ||
| Upto Rs 2,50,000 | NIL | Upto Rs 2,50,000 | NIL |
| Rs 2,50,001 – Rs 5,00,000 | 5% | Rs 2,50,001 – Rs 5,00,000 | 5% |
| Rs 5,00,001 – Rs 10,00,000 | 20% | Rs 5,00,001 – Rs 7,50,000 | 10% |
| Rs 7,50,001 – Rs 10,00,000 | 15% | ||
| Above Rs 10,00,000 | 30% | Rs 10,00,001 – Rs 12,50,000 | 20% |
| Rs 12,50,001 – Rs 15,00,000 | 25% | ||
| Above Rs 15,00,000 | 30% | ||
Both these tax rates will apply for FY 2020-21 (AY 2021-22), the option to choose has been given to the taxpayer.
Income Tax Rates for Individuals more than or equal to 60 years but less than 80 years known as Senior Citizens (Both Male& Female)
The resident senior citizens will have an option to choose an income tax slab for the FY 2020-21(AY 2021-22) amongst
| OPTION 1 | OPTION 2 | ||
|---|---|---|---|
| Old Income Tax Slab | New Tax Regime | ||
| Upto Rs 3,00,000 | NIL | Upto Rs 2,50,000 | NIL |
| Rs 3,00,001 – Rs 5,00,000 | 5% | Rs 2,50,001 – Rs 5,00,000 | 5% |
| Rs 5,00,001 – Rs 10,00,000 | 20% | Rs 5,00,001 – Rs 7,50,000 | 10% |
| Rs 7,50,001 – Rs 10,00,000 | 15% | ||
| Above Rs 10,00,000 | 30% | Rs 10,00,001 – Rs 12,50,000 | 20% |
| Rs 12,50,001 – Rs 15,00,000 | 25% | ||
| Above Rs 15,00,000 | 30% | ||
Income Tax Rates for Individuals more than or equal to 80 years known as Super Senior Citizens (Both Male and Female)
The resident super senior citizens will have an option to choose an income tax slab for the FY 2020-21(AY 2021-22) amongst
| OPTION 1 | OPTION 2 | ||
|---|---|---|---|
| Old Income Tax Slab | New Tax Regime | ||
| Upto Rs 5,00,000 | NIL | Upto Rs 2,50,000 | NIL |
| Rs 2,50,001 – Rs 5,00,000 | 5% | ||
| Rs 5,00,001 – Rs 10,00,000 | 20% | Rs 5,00,001 – Rs 7,50,000 | 10% |
| Rs 7,50,001 – Rs 10,00,000 | 15% | ||
| Above Rs 10,00,000 | 30% | Rs 10,00,001 – Rs 12,50,000 | 20% |
| Rs 12,50,001 – Rs 15,00,000 | 25% | ||
| Above Rs 15,00,000 | 30% | ||
Income Tax Rates for Non-Resident Individuals (For Male & Female both)
The non-resident will have an option to choose an income tax slab for the FY 2020-21(AY 2021-22) amongst
Also read: Taxability of Income from House Property in case of Non-Resident Individual
| OPTION 1 | OPTION 2 | ||
|---|---|---|---|
| Old Income Tax Slab | New Tax Regime | ||
| Upto Rs 2,50,000 | NIL | Upto Rs 2,50,000 | NIL |
| Rs 2,50,001 – Rs 5,00,000 | 5% | Rs 2,50,001 – Rs 5,00,000 | 5% |
| Rs 5,00,001 – Rs 10,00,000 | 20% | Rs 5,00,001 – Rs 7,50,000 | 10% |
| Rs 7,50,001 – Rs 10,00,000 | 15% | ||
| Above Rs 10,00,000 | 30% | Rs 10,00,001 – Rs 12,50,000 | 20% |
| Rs 12,50,001 – Rs 15,00,000 | 25% | ||
| Above Rs 15,00,000 | 30% | ||
Income Tax Rates for Hindu Undivided Family (HUF)
The Hindu Undivided Family (HUF) will have an option to choose an income tax slab for the FY 2020-21(AY 2021-22) amongst
|
OPTION 1 |
OPTION 2 |
||
|---|---|---|---|
|
Old Income Tax Slab |
New Tax Regime |
||
|
Upto Rs 2,50,000 |
NIL |
Upto Rs 2,50,000 |
NIL |
|
Rs 2,50,001 – Rs 5,00,000 |
5% |
Rs 2,50,001 – Rs 5,00,000 |
5% |
|
Rs 5,00,001 – Rs 10,00,000 |
20% |
Rs 5,00,001 – Rs 7,50,000 |
10% |
|
Rs 7,50,001 – Rs 10,00,000 |
15% |
||
|
Above Rs 10,00,000 |
30% |
Rs 10,00,001 – Rs 12,50,000 |
20% |
|
Rs 12,50,001 – Rs 15,00,000 |
25% |
||
|
Above Rs 15,00,000 |
30% |
||
Income Tax Rates for AOP, BOI, Artificial Juridical Person
There has been no change in the income tax slab limits for FY 2020-21 in the case of AOP, BOI, Artificial Juridical Person as compared to last year(FY 2019-20).
| Net Taxable Income | Tax Rate |
|---|---|
| Up to Rs 2,50,000 | NIL |
| Rs 2,50,001 – Rs 5,00,000 | 5% |
| Rs 5,00,001 – Rs 10,00,000 | 20% |
Income Tax Rates for Co-operative Society
The Co-operative Society will have an option to choose an income tax slab for the FY 2020-21(AY 2021-22) amongst
| OPTION 1 | OPTION 2 | ||
|---|---|---|---|
| Old Income Tax Slab | New Tax Regime | ||
| Up to Rs 10,000 | 10% | Under the new income tax regime made applicable via Budget 2020 resident Co-operative Society will have an option to choose a reduced rate of tax @ 22% under section 115BAD and shall not be allowed to avail certain specified exemptions/deductions. | |
| Rs 10,001 – Rs 20,000 | 20% | ||
| Above Rs 20,000 | 30% | ||
Income Tax Rates for Indian Company
- Companies with gross receipts of more than Rs. 400 crore
Tax would be levied @30% + 4% Cess + Surcharge at applicable rates.
- Companies with gross receipts up to Rs. 400 crore
Tax would be levied @25% + 4% Cess + Surcharge at applicable rates.
Note: The domestic companies can alternatively choose to pay tax under the following reduced rates
-
- Section 115BAA (domestic companies) – tax would be levied @22% + 4% Cess + 10% Surcharge
- Section 115BAB (manufacturing companies)- tax would be levied @15% + 4% Cess + 10% Surcharge
- A Manufacturing generating company can now opt for Section 115BAB as proposed by the Budget 2020
- Certain exemptions and deductions + provisions of MAT (Minimum Alternate Tax) will not be applicable in case of these reduced rates
Income Tax Rates for Foreign Company
- In case of Royalty received from govt/Indian concern or technical fees as per agreement approved by the Central Government
Tax would be levied @50% + 4% Cess + Surcharge at applicable rates.
- Any other Income
Tax would be levied @40% + 4% Cess + Surcharge at applicable rates.
Notes:
- There is no change introduced in the OLD and NEW tax regime in
- Rates of Surcharge
- Health & Education Cess @4%
- Rebate u/s 87A ( no tax will be payable on total income up to Rs.5 lakh in both regimes)
- Certain income tax exemptions and deductions like section 80C, 80D, HRA, etc will not be available under the new tax regime.
