| |
|
|
income tax slabs | INDIVIDUALS / HUF | | Nature | FY 2019-20 (AY 2020-2021) | FY 2020-21 (AY 2021-2022) | | Basic Tax |
Age Below 60 years
| Taxable income | Rate | | Up to 2,50,000 | NIL | | 2,50,000 -5,00,000 | 5% | | 5,00,000-10,00,000 | 20% | | More than 10,00,000 | 30% | | Option 1 | Option 2 | |
Age Below 60 years
| Taxable income | Rate | | Up to 2,50,000 | NIL | | 2,50,000 -5,00,000 | 5% | | 5,00,000-10,00,000 | 20% | | More than 10,00,000 | 30% | | | Taxable income | Rate | | Up to 2,50,000 | NIL | | 2,50,000 -5,00,000 | 5% | | 5,00,000-7,50,000 | 10% | | 7,50,000-10,00,000 | 15% | | 10,00,000-12,50,000 | 20% | | 12,50,000-15,00,000 | 25% | | More than 15,00,000 | 30% |
Conditions for exercising this option:
• Eligible only when such Individual / HUF has no business income
• Forgone of major exemptions and deductions like:
» Leave Travel Concession
» House Rent Allowance
» Standard Deduction
» Interest under House Property
» Additional Depreciation
» Family Pension Deduction
» Deduction under Chapter VI-A
| |
Age 60-80 years
| Taxable income | Rate | | Up to 3,00,000 | NIL | | 3,00,000 -5,00,000 | 5% | | 5,00,000-10,00,000 | 20% | | More than 10,00,000 | 30% | |
Age 60-80 years
| Taxable income | Rate | | Up to 3,00,000 | NIL | | 3,00,000 -5,00,000 | 5% | | 5,00,000-10,00,000 | 20% | | More than 10,00,000 | 30% | | |
Age above 80 years
| Taxable income | Rate | | Up to 5,00,000 | NIL | | 5,00,000-1,00,00,000 | 20% | | More than 10,00,000 | 30% | |
Age above 80 years
| Taxable income | Rate | | Up to 5,00,000 | NIL | | 5,00,000-10,00,000 | 20% | | More than 10,00,000 | 30% | | | Surcharge | 10% (taxable income 50 Lacs – 1 Cr) 15% (taxable income 1 Cr – 2 Cr) 25% (taxable income 2 Cr – 5 Cr) 37% (taxable income > 5 Cr) | 10% (taxable income 50 Lacs – 1 Cr) 15% (taxable income 1 Cr – 2 Cr) 25% (taxable income 2 Cr – 5 Cr) 37% (taxable income > 5 Cr) | | Education Cess | 4% | 4% | | Rebate 87A | Rs. 12,500 (if total income is upto Rs. 5 Lakhs) | Rs. 12,500 (if total income is upto Rs. 5 Lakhs) |
| DOMESTIC COMPANY | | Nature | FY 2019-20 (AY 2020-2021) | FY 2020-21 (AY 2021-2022) | | | Section 115BA | Section 115BAA | Section 115BAB | Turnover Upto Rs. 400 Crore (in AY 2018-19) | Turnover Above Rs. 400 Crore (in AY 2018-19) | Section 115BA | Section 115BAA | Section 115BAB | Turnover Upto Rs. 400 Crore (in AY 2018-19) | Turnover Above Rs. 400 Crore (in AY 2018-19) | | Basic Tax | 25% | 22% | 15% | 25% | 30% | 25% | 22% | 15% | 25% | 30% | | Surcharge | 7% (taxable income 1 Cr – 10 Cr) 12% (taxable income > 10 Cr) | 10% | 10% | 7% (taxable income 1 Cr – 10 Cr) 12% (taxable income > 10 Cr) | 7% (taxable income 1 Cr – 10 Cr) 12% (taxable income > 10 Cr) | 7% (taxable income 1 Cr – 10 Cr) 12% (taxable income > 10 Cr) | 10% | 10% | 7% (taxable income 1 Cr – 10 Cr) 12% (taxable income > 10 Cr) | 7% (taxable income 1 Cr – 10 Cr) 12% (taxable income > 10 Cr) | | MAT | 15% | N/A | N/A | 15% | 15% | 15% | N/A | N/A | 15% | 15% | | Education Cess | 4% | 4% |
| Sec.115BA | Sec.115BAA | Sec.115BAB | Turnover Upto Rs. 400 Crore (in AY 2018-19) | Turnover Above Rs. 400 Crore (in AY 2018-19) | | Applicable to | Domestic Manufacturing Company set-up & registered after Mar 01, 2016 | Domestic Company | Domestic Manufacturing Company set-up & registered after Oct 01, 2019 | Domestic Company | Domestic Company | | Conditions | • Not avail exemption/ incentives
• No set-off of c/f of losses
• No Additional Depreciation
•Engaged in Manufacturing / Research
| • Not avail exemption/ incentives
• No set-off of c/f of losses
• No Additional Depreciation
| • Not avail exemption/ incentives • No set-off of c/f of losses • No Additional Depreciation • Engaged in Manufacturing / Research •Commence manufacturing on or before Mar 31, 2023 •Not formed by splitting up or reconstruction of existing business | - | - |
| OTHERS | | Assessee | Nature | FY 2019-20 (AY 2020-2021) | FY 2020-21 (AY 2021-2022) | | Partnership Firm | Basic Tax | 30% | 30% | | Education Cess | 4% | 4% | | Surcharge | 12% (if taxable income > 1 Crore) | 12% (if taxable income > 1 Crore) | | Local Authority | Basic Tax | 30% | 30% | | Education Cess | 4% | 4% | | Surcharge | 12% (if taxable income > 1 Crore) | 12% (if taxable income > 1 Crore) | | Cooperative Society | Basic Tax |
Taxable income | Rate | Up to 10000 | 10% | 10000 to 20000 | 20% | more than 20000 | 30% |
| Option 1 | Option 2 | |
30%
|
22%
(provided it forgoes specified deductions and exemptions) | | Surcharge | 12% (if taxable income > 1 Crore) | 12% (if taxable income > 1 Crore) | 10% (if taxable income > 1 Crore) | | Education Cess | 4% | 4% |
|
|
|
|
|