Income Tax Slabs 2020-2021

Individual

For Individual/HUF/AOP/BOI/Artificial Judicial Person/ Non resident Individual 

0 - 250000 ... Nil

250000 - 500000 ... 5%

500000 - 1000000 ... 20%

1000000 above ... 30%

For Resident Individuals who attained age of 60 years during the Previous Year 2020-21 (including those who has celebrated their 60th birthday on 01/04/2021) 

0 - 300000 ... Nil

300000 - 500000 ... 5%

500000 - 1000000 ... 20%

1000000 above ... 30%

For Resident Individuals who attained age of 80 years during the Previous Year 2020-21 (including those who has celebrated their 80th birthday on 01/04/2021) 

0 - 500000 ... Nil

500000 - 1000000 ... 20%

1000000 above ... 30%

Surcharge on tax amount for Individual

Net Total Income more than 50,00,000 but less than 1,00,00,000 ... 10%

Net Total Income more than 1,00,00,000 but less than 2,00,00,000 ... 15%

Net Total Income more than 2,00,00,000 but less than 5,00,00,000 ... 25%

Net Total Income more than 5,00,00,000 ... 37%

Relief u/s 87A

For Resident Individual & HUF

If net total income (i.e. after deduction) is upto Rs. 5,00,000. then relief will be

100% of tax amount

or

Rs. 12,500

whichever is lower

Company

Domestic Company - 25% (if company has turnover upto Rs. 400 Crore in PY 2018-19)

Other Domestic Company - 30%

Foreign Company - 40%

Surcharge on all Domestic Company

Net Total Income more than 1,00,00,000 but less than 10,00,00,000 ... 7%

Net Total Income more than 10,00,00,000.. 12%

Surcharge on Foreign Company

Net Total Income more than 1,00,00,000 but less than 10,00,00,000 ... 2%

Net Total Income more than 10,00,00,000.. 5%

 

Partnership Firm

Partnership Firm including LLP - 30%

Surcharge on Partnership firm

Net Total Income more than 1,00,00,000 ... 12%

Health & education cess 

Always 4% always on Tax & Surcharge