Income Tax Slab A.Y.2020-21 (After Budget 2019-20)

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The following income tax slab belongs to assessment year 2020-21 (After Budget 2019-20) for financial year from 01-04-2019 to 31-03-2020 (2019-20).

In simple words, if you want to calculate your income tax for the income earn between 1-4-2019 to 31-03-2020 then this income tax slab will be applicable to calculate your income tax for assessment year 2020-21.

Income Tax Slab A.Y. 2019-20

Income Tax Slab A.Y. 2018-19

Check how to check financial year and assessment year.

Income Tax Slab for A.Y. 2020-21

Individual Resident Aged Below 60 Years

Income Tax Slab (A.Y.2020-21)  Individual Resident Aged Below 60 Years/Individual Resident Born on or After 1st April 1959

Income Income Tax
Income upto ₹ 2,50,000/-Nil
Income From ₹ 2,50,000/- to ₹ 5,00,000/-5% of (income – ₹  2,50,000) (Tax rebate u/s 87A: If income is upto ₹5,00,000/- [income tax or ₹ 12,500/- whichever is less]
Income from ₹5,00,000/- to 10,00,000/-₹ 12,500/- + 20% of (your income – ₹ 5,00,000)
Income over ₹ 10,00,000/- ₹ 112,500/- + 30% of (your income – ₹ 10,00,000)
Surcharge (Marginal Relief Applicable)@ 10% when total taxable income is over 50 lacs but less than 1 crore.
@ 15% if income is over 1 core
Health & Education Cess4% of (Income Tax + Surcharge)

Senior Citizens

Income Tax Slab (A.Y.2020-21) Senior Citizen/Individual Resident Born on or After 1st April 1939 but Before 1st April 1959

Income Income Tax
Income upto ₹ 3,00,000/-Nil
Income From ₹ 3,00,000/- to ₹ 5,00,000/-5% of (income – ₹  3,00,000) (Tax rebate u/s 87A: If income is upto ₹5,00,000/- [income tax or ₹ 12,500/- whichever is less]
Income from ₹5,00,000/- to 10,00,000/-₹ 10,000/- + 20% of (your income – ₹  5,00,000)
Income over ₹ 10,00,000/- ₹ 1,10,000/- + 30% of (your income – ₹ 10,00,000)
Surcharge (Marginal Relief Applicable)@ 10% when total taxable income is over ₹ 50 lacs but less than ₹ 1 crore.
@ 15% if income is over ₹ 1 core
Health & Education Cess4% of (Income Tax + Surcharge)

Very Senior Citizen

Income Tax Slab (A.Y.2020-21) – Very Senior Citizen/Individual Resident Born Before 1st April 1939

Income Income Tax
Income upto ₹ 5,00,000/-Nil
Income From ₹ 5,00,000/- to ₹ 10,00,000/-20% of (your income – ₹ 5,00,000)
Income over ₹ 10,00,000/- ₹ 100,000/- + 30% of (your income – ₹ 10,00,000)
Surcharge (Marginal Relief Applicable)@ 10% when total taxable income is over ₹  50 lacs but less than ₹ 1 crore.
@ 15% if income is over ₹ 1 core
Health & Education Cess4% of (Income Tax + Surcharge)

Co-operative Society

Income Tax Slab A.Y.2020-21 for Co-operative Society

Income Income Tax
Income upto ₹ 10,000/-10% of income
Income From ₹ 10,000/- to 20,000/-
₹ 1,000 + 20% of (income – ₹ 10,000)
Income over ₹ 20,000/-₹ 3,000 + 30% of (income – ₹ 20,000)
Surcharge (Marginal Relief Applicable)@ 12% if income is over ₹ 1 crore
Health & Education Cess4% of (Income Tax + Surcharge)

Firm

Income Tax Slab A.Y. 2020-21 for Firms

Income Income Tax
Any Income
30% of taxable income
Surcharge (Marginal Relief Applicable)@ 12% if income is over ₹ 1 crore
Health & Education Cess4% of (Income Tax + Surcharge)

Local Authority

Income Tax Slab A.Y. 2020-21 for Local Authorities

Income Income Tax
Any Income
30% of taxable income
Surcharge (Marginal Relief Applicable)@ 12% if income is over ₹ 1 crore
Health & Education Cess4% of (Income Tax + Surcharge)

Domestic Company (1) – Turnover upto ₹ 250 Crores

Income Tax Slab A.Y.2020-21 for Domestic Company (1) – Turnover upto 250 Crores

Income Income Tax
Any Income
25% of taxable income
Surcharge (Marginal Relief Applicable)@ 7% when total taxable income is over ₹ 1 crore
@ 12% when total taxable income is over ₹ 10 crores
Health & Education Cess4% of (Income Tax + Surcharge)

Domestic Company (2) – Turnover exceeding ₹ 250 Crores

Income Tax Slab A.Y.2020-21 for Domestic Company (2) – Turnover exceeding ₹ 250 crores

Income Income Tax
Any Income
30% of taxable income
Surcharge (Marginal Relief Applicable)@ 7% when total taxable income is over ₹ 1 crore
@ 12% when total taxable income is over ₹ 10 crores
Health & Education Cess4% of (Income Tax + Surcharge)

Company other than a Domestic Company

Income Tax Slab A.Y.2020-21 (Company other than a Domestic Company)

Income Income Tax
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government50%
Any other income40%
Surcharge (Marginal Relief Applicable)@ 2% when total taxable income is over ₹ 1 crore
@ 5% when total taxable income is over ₹ 10 crores
Health & Education Cess4% of (Income Tax + Surcharge)

NRI/HUF/AOP/BOI/AJP

Income Tax Slab A.Y.2020-21 (NRI/HUF/AOP/BOI/AJP)

Income Income Tax
Income upto ₹ 2,50,000/-Nil
Income From ₹ 2,50,000/- to ₹ 5,00,000/-5% of (income – ₹ 2,50,000)
Income from ₹5,00,000/- to 10,00,000/-₹ 12,500/- + 20% of (your income – ₹ 5,00,000)
Income over ₹ 10,00,000/- ₹ 1,12,500/- + 30% of (your income – ₹ 10,00,000)
Surcharge (Marginal Relief Applicable)@ 10% when total taxable income is over ₹ 50 lacs but less than ₹ 1 crore.
@ 15% if income is over ₹ 1 core
Health & Education Cess4% of (Income Tax + Surcharge)

As you all know income tax slab in India is different for each category of tax payers. So to calculate correct income tax you must know that in which category you are belong. Suppose if your age is less 60 years then you must check income tax slab for ” Individual Resident Aged Below 60 Years/Individual Resident Born” and so on.

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