Income Tax Slab for FY 2020-2021 (AY 2021-2022) in India

Income Tax Slab for FY 2020-2021 (AY 2021-2022) in India

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 to opt for the same tax rates which were applicable in last year or the new tax regime.

            


Notes:
1. 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 upto Rs.5 lakh in both regimes)
2. Certain income tax exemptions and deductions like section 80C, 80D, HRA etc will not be available under the new tax regime.

Income Tax Slab 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

            


Note:
1. 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 upto Rs.5 lakh in both regimes)
2. Certain income tax exemptions and deductions like section 80C, 80D,80TTB, HRA etc will not be available under the new tax regime.
3. Basic exemption under the new regime is 2.5 lakhs against 3 lakhs in old regime.

Income Tax Slab 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

            


Note:
1. 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 upto Rs.5 lakh in both regimes)
2. Certain income tax exemptions and deductions like section 80C, 80D,80TTB, HRA etc will not be available under the new tax regime.
3. Basic exemption under the new regime is 2.5 lakhs against 5 lakhs in old regime.


Income Tax Slab 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

            


Note:
1. There is no change introduced in the OLD and NEW tax regime in
- Rates of Surcharge
- Health & Education Cess @4%
2. Certain income tax exemptions and deductions will not be available under the new tax regime.

Income Tax Slab 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

            


Note:
1. There is no change introduced in the OLD and NEW tax regime in
- Rates of Surcharge
- Health & Education Cess @4%
2. Certain income tax exemptions and deductions will not be available under the new tax regime.

Income Tax Slab for AOP, BOI, Artificial Juridical Person

There has been no change in the income tax slab limits for FY 2020-21 in case of AOP, BOI, Artificial Juridical Person as compared to last year(FY 2019-20).

            

Income Tax Slab 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

            


Note:
- Health & Education Cess will be available @4%
- The rate of surcharge would be 12% above Rs 1 crore

Income Tax Slab for Indian Company

Companies with Gross receipts more than Rs. 400 crore    -      Tax would be levied @30% + 4% Cess + Surcharge at applicable rates.

Companies with Gross receipts upto 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

  1. Section 115BAA (domestic companies) - tax would be levied @22% + 4% Cess + 10% Surcharge
  2. Section 115BAB (manufacturing companies)- tax would be levied @15% + 4% Cess + 10% Surcharge
  3. A Manufacturing generating company can now opt for Section 115BAB as proposed by the Budget 2020
  4. Certain exemptions and deductions + provisions of MAT (Minimum Alternate Tax) will not be applicable in case of these reduced rates

Income Tax Slab 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.


Hope this helps.
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