Tax Rates: Income Tax Slab for A.Y. 2020-21 and 2021-22

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Income Tax Submission

Income Tax Salb for A.Y 2020-21 and 2021-22
Individuals/HUF

Entity type Income Tax Slabs
1. Individuals/HUF A.Y.2020-21 A.Y.2021-22
Individual (other than Senior or super senior citizen) and HUF (Including AOP, BOI and Artificial Juridical Person)
Individual -Senior Citizen (who is 60 years or more at any time during the previous year)
Individual -Super Senior Citizen (who is 80 years or more at any time during the previous year)
Tax rates if the assessee has opted for section 115BAC
Individuals and HUF     [Note: The option to pay tax at lower rates shall be available only if the total income of assessee is computed without claiming specified exemptions or deductions ]

Plus: –

Health and Education cess: – 4% of income tax and surcharge.

Note: A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 12,500, whichever is less.

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.

                     25% of income tax where total income exceeds Rs. 2,00,00,000.

                     37% of income tax where total income exceeds Rs. 5,00,00,000.

Note – Enhanced surcharge levied at the rates of 25%/37% shall not be levied in case of income chargeable to tax under sections 111A, 112A and 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%.

However, marginal relief is available from surcharge in following manner-

In case where net income Marginal relief shall be available from surcharge in such a manner that
Exceed 50 lakhs but doesn’t exceed Rs. 1 Crore The amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of Rs 50 Lakh by more than the amount of income that exceeds Rs 50 Lakhs.
Exceed 1 Crore but doesn’t exceed Rs. 2 Crore The amount payable as income tax and surcharge shall not exceed the 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.
Exceed 2 Crore but doesn’t exceed Rs. 5 Crore The amount payable as income tax and surcharge shall not exceed the 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.
Exceeds Rs. 5 crore The amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 5 crore by more than the amount of income that exceeds Rs. 5 crore

Firms/LLP

Entity type Income Tax Slabs
2. Firms A.Y.2020-21 A.Y.2021-22
Partnership Firm [including LLP] 30% 30%

Plus:-

(a) Health and Education cess: – 4% of income tax and surcharge.

(b) Surcharge : 12% of income tax where total income exceeds Rs.1 Crore.

However, the surcharge shall be subject to marginal relief

In case where total income Marginal relief shall be available from surcharge in such a manner that
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 one crore rupees by more than the amount of income that exceeds one crore rupees.

Companies

Entity type Income Tax Slabs
3. Domestic Company A.Y.2020-21 A.Y.2021-22
Where its total turnover or gross receipt during the previous year 2017-18 does not exceed Rs. 400 crore 25%
Where its total turnover or gross receipt during the previous year 2018-19 does not exceed Rs. 400 crore 25%
Any other Domestic company 30% 30%
Special Tax rates applicable to a domestic company
Where it opted for section 115BA 25% 25%
Where it opted for Section 115BAA                22% 22%
Where it opted for Section 115BAB 15% 15%

Plus:-

  • Health and Education cess: – 4% of income tax and surcharge.
  • Surcharge :

In case assessee has opted for section 115BA/ 115BAA:

Flat 10% irrespective of amount of total income

In any other case:

7% of income tax where total income exceed Rs.1 Crore but doesn’t exceed Rs.10 Crore

12% of income tax where total income exceeds Rs.10 Crore

However, the surcharge shall be subject to marginal relief for in any other case, which shall be as under:

In case where total income Marginal relief shall be available from surcharge in such a manner that
Exceed 1 Crore but doesn’t exceed Rs. 10 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.
Exceeds 10 Crore The total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of Rs. 10 crore by more than the amount of income that exceeds Rs. 10 crore
Entity type Income Tax Slabs
4. Foreign Company A.Y.2020-21 A.Y.2021-22
Irrespective of Turnover or gross receipts or income 40% 40%

Plus:-

  • Health and Education cess: – 4% of income tax and surcharge.
  • Surcharge: 2% if income exceed Rs. 1 crore but does not exceed Rs. 10 crore.

                       5% if income exceeds Rs. 10 crore.

However, the surcharge shall be subject to marginal relief for in any other case, which shall be as under:

In case where total income Marginal relief shall be available from surcharge in such a manner that
Exceed 1 Crore but doesn’t exceed Rs. 10 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.
Exceeds 10 Crore The total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of Rs. 10 crore by more than the amount of income that exceeds Rs. 10 crore

Local Authority

Entity type Income Tax Slabs
5. Local Authority A.Y.2020-21 A.Y.2021-22
Local Authority 30% 30%

Plus:-

  • Health and Education cess: – 4% of income tax and surcharge.
  • Surcharge: 12% of income tax where total income exceeds Rs. 1 Crore

However, the surcharge shall be subject to marginal relief

In case where total income Marginal relief shall be available from surcharge in such a manner that
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 one crore rupees by more than the amount of income that exceeds one crore rupees.

Co-operative Society

Entity typeIncome Tax Slabs
6. Co-operative Society A.Y.2020-21 A.Y.2021-22
Co-operative Society
Spceial tax regime under section 115BAD
If the conditions mentioned u/s.115BAD are satisfied 22% 22%

Plus:-

  • Health and Education cess: – 4% of income tax and surcharge.
  • Surcharge :

In case assessee has opted for section 115BAD:

Flat 10% irrespective of amount of total income

In any other case:

12% of income tax where total income exceeds Rs. 1 Crore

However, the surcharge in any other case shall be subject to marginal relief

In case where total income Marginal relief shall be available from surcharge in such a manner that
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 one crore rupees by more than the amount of income that exceeds one crore rupees.
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