AY 2020-21: Income Tax Slab For Individual, HUF, Partnership Firm, Local Authority, Co-operative Society and companies

Indian income tax system follows income tax slabs for levying the tax on the income of an individual or non-individual. In India, the income tax applies to the range of income, which is called Income Tax Slabs. The income tax slabs keep changing from year to year. Each year the finance ministry announces the slab rates of Income Tax in the Union Budget each year. Now here in this post, here we show the Income Tax Slab for AY 2020-21

Income Tax Slab For AY 2020-21

Here are the Income Tax Slabs for AY 2020-21 or says for FY 2019-20 for all categories of the Income Tax assessee.

Individual and HUF Assessee

Here you find the chart of Income Tax Slab for AY 2020-21 in case of Individual and HUF assessee.

Also Read- Income Tax Slab For Assessment Year 2022-23

Income Tax Slab For AY 2020-21 in case of Individual and HUF

Income Tax Slab for AY 2020-21Income Tax rate for individual (Age below 60 years) & HUF
upto Rs. 2,50,000NIL- No Tax
Rs. 2,50,000 to Rs. 5,00,0005 % of total income exceeding Rs. 2,50,000
Rs. 5,00,001 to Rs. 10,00,000Rs. 12,500 + 20% of total income exceeding Rs. 5,00,000
Above Rs. 10,00,000Rs. 1,12,500 + 30% of total income exceeding Rs. 10,00,000

Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.

Note 2:- A tax rebate under section 87A is allowed to individual taxpayers for a maximum amount of Rs. 12,500 if his total income is up to Rs. 5,00,000 for AY 2020-21

Note 3:- Surcharge is additional on the amount of Income tax

Income Tax rates for Senior Citizen (Age 60 years to 80 years)
Income Tax Slab for AY 2020-21Income Tax rate for Senior Citizen (Age 60 years to 80 years)
upto Rs. 3,00,000NIL- No Tax
Rs. 3,00,000 to Rs. 5,00,0005 % of total income exceeding Rs. 3,00,000
Rs. 5,00,001 to Rs. 10,00,000Rs. 10,000 + 20% of total income exceeding Rs. 5,00,000
Above Rs. 10,00,000Rs. 1,10,000 + 30% of total income exceeding Rs. 10,00,000

Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.

Note 2:- A tax rebate under section 87A is allowed to individual taxpayers (Age 60 or 60+ but below 80 years) for a maximum amount of Rs. 10,000 if the total income is up to Rs. 5,00,000 for AY 2020-21.

Note 3:- Surcharge is additional on the amount of Income tax.

Income Tax rates for Super Senior Citizen (Age above 80 years of age)
Income Tax Slab for AY 2020-21Income Tax rate for Super Senior Citizen (Age above 80 years of age)
upto Rs. 5,00,000NIL- No Tax
Rs. 5,00,001 to Rs. 10,00,00020% of total income exceeding Rs. 5,00,000
Above Rs. 10,00,000Rs. 1,00,000 + 30% of total income exceeding Rs. 10,00,000

Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.

Note 2:- Surcharge is additional on the amount of Income tax

Surcharge applicable to the individual covered above

Income LimitSurcharge rate on amount of Income Tax
Net income exceeds Rs. 50 Lakhs but does not exceed Rs. 1 Crore10%
Net Income exceeds Rs. 1 Crore but does not exceed Rs. 2 Crore15%
Net Income exceeds Rs. 2 Crore but does not exceed Rs. 5 Crore25%
Net Income exceeds Rs. 5 Crore37%

Know More About-

🎯 Current Tax Slab For Individual Taxpayer AY 2020-21

🎯 Current Tax Slab For Individual Taxpayer AY 2020-21: Senior Citizens

🎯 Current Tax Slab For Individual Taxpayer AY 2020-21: Women Assessee

Partnership Firm

Tax rate:- For Partnership firm (Including LLP) Income tax rate is flat 30%

Surcharge:- It will be 12% of the tax if net income exceeds Rs. 1 crore. (Surcharge will be subject to marginal relief)

Health and Education cess:- It will be 4% of Income Tax + Surcharge

Local Authority

For Local Authority Income tax rate is flat 30%

Health and Education cess:- It will be 4% of Income Tax + Surcharge

Surcharge:- It will be 12% of the tax if net income exceeds Rs. 1 crore. (Surcharge will be subject to marginal relief)

Co-operative society

Income Tax Slab for AY 2020-21: Taxable IncomeTax Rate
Up to Rs. 10,00010%
Rs. 10,000 to Rs. 20,00020%
Above Rs. 20,00030%

Health and Education cess:- It will be 4 % of Income Tax + Surcharge

Surcharge:- It will be 12% of Tax, if net income exceed Rs. 1 crore. (Surcharge will be subject to marginal relief)

Domestic Companies

Particulars – Income Tax Slab For AY 2020-21 Tax Rates
where companies total turnover or gross receipts during the previous year 2018-19 does not exceed Rs. 400 crore25%
Where company opt for section 115BA25%
Where company opt for section 115BAA22%
Where company opt for section 115BAB15%
All other domestic company30%

Health and Education cess:- It will be 4% of Income Tax + Surcharge

Surcharge:- It will be 7% of the tax if net income exceeds Rs. 1 crore but below Rs. 10 crores and if income exceeds Rs. 10 crore, a surcharge will be 12%. (Surcharge will be subject to marginal relief)

Foreign Company

Particulars – Income Tax Slab For AY 2020-21Tax Rates
Royalty received from government or an Indian concern or fees for rendering technical services where such agreement has, in either case, been approved by the central government 50%
Any other income40%

Health and Education cess:- It will be 4% of Income Tax + Surcharge

Surcharge:- It will be 2% of the tax if net income exceeds Rs. 1 crore but below Rs. 10 crores and if income exceeds Rs. 10 crores, a surcharge will be 5%. (Surcharge will be subject to marginal relief)

Frequently Asked Questions- FAQs

  1. What is the Income Tax Slab For FY 2020-21?

    As per the new tax regime for FY 2020-21 following income tax slab is applicable for all individuals and HUF assessee-

    🎯 up to Rs. 2,50,000 NIL ▶️ No Tax

    🎯 Rs. 2,50,001 to Rs. 5,00,000 ▶️ 5 % (Tax Rebate u/s 87a is available)

    🎯 Rs. 5,00,001 to Rs. 7,50,000 ▶️ 10%

    🎯 Rs. 7,50,001 to Rs. 10,00,000 ▶️ 15%

    🎯 Rs. 10,00,001 to Rs. 12,50,000 ▶️ 20%

    🎯 Rs. 12,50,001 to Rs. 15,00,000 ▶️ 25%

    🎯 Above Rs. 15,00,000 ▶️ 30%

    Note- The taxpayer opting for concessional rates in the New Tax Regime will have to forgo certain exemptions and deductions available in the existing old tax regime.

    Note 2:- A tax rebate under section 87A is allowed to individual taxpayers for a maximum amount of Rs. 12,500 if the total income is up to Rs. 5,00,000 for FY 2020-21. The amount of rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is less. (New Regime)

  2. What is the standard deduction for AY 2020-21?

    Standard deduction means a flat deduction to individuals earning a salary or pension income. It was introduced back in Budget 2018 in lieu of transport allowance and reimbursement of miscellaneous medical expenses. It is allowable from the “Income taxable under the head salary” The tax benefits can be claimed irrespective of the actual amount spent on ‘transport allowance’ and ‘medical allowance’.
    For the assessment year 2020-21, the standard deduction applicable to salaries individual and pensioners is Rs. 50,000/-. But if you are choosing to pay tax under the new tax regime then you can not avail of the standard deduction

  3. What is the Income Tax Slab For FY 2019-20?

    Income Tax Slab For FY 2019-20 in case of Individual (Age below 60 years) and HUF
    (Income Tax Slab For AY 2020-21)

    🎯 upto Rs. 2,50,000 ▶️ NIL (No Tax)

    🎯 Rs. 2,50,000 to Rs. 5,00,000 ▶️ 5 % of total income exceeding Rs. 2,50,000

    🎯 Rs. 5,00,001 to Rs. 10,00,000 ▶️ Rs. 12,500 + 20% of total income exceeding Rs. 5,00,000

    🎯 Above Rs. 10,00,000 ▶️ Rs. 1,12,500 + 30% of total income exceeding Rs. 10,00,000

  4. How do you calculate income tax for the financial year 2020-21?

    For the purpose of calculating Income Tax for the financial year 2020-21, you have to choose a new tax regime or o;d tax regime. As per the new tax regime for FY 2020-21 following income tax slab is applicable for all individuals and HUF assessee-

    🎯 up to Rs. 2,50,000 NIL ▶️ No Tax

    🎯 Rs. 2,50,001 to Rs. 5,00,000 ▶️ 5 % (Tax Rebate u/s 87a is available)

    🎯 Rs. 5,00,001 to Rs. 7,50,000 ▶️ 10%

    🎯 Rs. 7,50,001 to Rs. 10,00,000 ▶️ 15%

    🎯 Rs. 10,00,001 to Rs. 12,50,000 ▶️ 20%

    🎯 Rs. 12,50,001 to Rs. 15,00,000 ▶️ 25%

    🎯 Above Rs. 15,00,000 ▶️ 30%

    Note- The taxpayer opting for concessional rates in the New Tax Regime will have to forgo certain exemptions and deductions available in the existing old tax regime.

    Note 2:- A tax rebate under section 87A is allowed to individual taxpayers for a maximum amount of Rs. 12,500 if the total income is up to Rs. 5,00,000 for FY 2020-21. The amount of rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is less. (New Regime)

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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.

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