Assessment Year 2020-21/Financial Year 2019-20
1. In case of an Individual (resident or non-resident) or AOP or BOI or HUF or any other artificial juridical person
Taxable Income |
Tax Rate |
Upto Rs. 2,50,000/- |
Nil |
Rs. 2,50,000/- To Rs. 5,00,000/- |
5% |
Rs. 5,00,000/- To Rs. 10,00,000/- |
20% |
Above Rs. 10,00,000/- |
30% |
2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)
Taxable Income |
Tax Rate |
Upto Rs. 3,00,000/- |
Nil |
Rs. 3,00,000/- To Rs. 5,00,000/- |
5% |
Rs. 5,00,000/- To Rs. 10,00,000/- |
20% |
Above Rs. 10,00,000/- |
30% |
3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)
Taxable Income |
Tax Rate |
Rs. 5,00,000/- To Rs. 10,00,000/- |
20% |
Above Rs. 10,00,000/- |
30% |
4. Other Important Section.
(1) U/s 87A - The rebate is available to a resident individual if his total income does not exceed
Rs. 5, 00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.
(2) Health and Education Cess - 4%
(3) Surcharge - 10% if total income exceeds fifty lakh rupees but does not exceed one crore rupees. But if total income exceeds one crore rupees than surcharge rate is 15%.
