Income Tax Slabs for FY 2019-2020 AY 2020-2021

Income Tax Slabs For Financial Year 2019-2020​

For ascertaining income tax, as a matter of first importance, actual yearly taxable income is determined and taxed as per Income Tax Slabs.

Income Tax Slab For Individuals Aged Less Than 60 Years

Income Tax Slab Below 60 years
Up to ₹2,50,000 NIL
₹2,50,001 - ₹3,00,000 5%
₹3,00,001 - ₹5,00,000 5%
₹5,00,001 - ₹7,50,000 20%
₹7,50,001 - ₹10,00,000 20%
₹10,00,001 - ₹12,50,000 30%
₹12,50,001 - ₹15,00,000 30%
Above ₹ 15,00,000 30%

NOTE:
– The enhanced surcharge rates – 25% and 37% is not applicable to certain specified incomes i.e., Short Term Capital Gains under Section 111A, Long Term Capital Gain under Section 112A, Short Term or Long Term Capital Gain under Section 115AD(1)(b).
– Taxpayers will be entitled to rebate under Section 87A, if the total income does not exceed Rs. 5 lacs. The amount of rebate is 100% or Rs. 12,500, whichever is less.

Also Read: How to treat income from transfer of shares?

Tax Slab For Individuals Aged More Than 60 Years But Less Than 80 Years

Income Tax Slab 60 - 80 years
Up to ₹2,50,000 NIL
₹2,50,001 - ₹3,00,000 NIL
₹3,00,001 - ₹5,00,000 5%
₹5,00,001 - ₹7,50,000 20%
₹7,50,001 - ₹10,00,000 20%
₹10,00,001 - ₹12,50,000 30%
₹12,50,001 - ₹15,00,000 30%
Above ₹ 15,00,000 30%

NOTE:
– The enhanced surcharge rates – 25% and 37% is not applicable to certain specified incomes i.e., Short Term Capital Gains under Section 111A, Long Term Capital Gain under Section 112A, Short Term or Long Term Capital Gain under Section 115AD(1)(b).
– Taxpayers will be entitled to rebate under Section 87A, if the total income does not exceed Rs. 5 lacs. The amount of rebate is 100% or Rs. 12,500, whichever is less.

Tax Slab For Individuals Aged More Than 80 Years

Income Tax Slab Above 80 years
Up to ₹2,50,000 NIL
₹2,50,001 - ₹3,00,000 NIL
₹3,00,001 - ₹5,00,000 NIL
₹5,00,001 - ₹7,50,000 20%
₹7,50,001 - ₹10,00,000 20%
₹10,00,001 - ₹12,50,000 30%
₹12,50,001 - ₹15,00,000 30%
Above ₹ 15,00,000 30%

NOTE:The enhanced surcharge rates – 25% and 37% is not applicable to certain specified incomes i.e., Short Term Capital Gains under Section 111A, Long Term Capital Gain under Section 112A, Short Term or Long Term Capital Gain under Section 115AD(1)(b).

Income Tax Slab Rates For HUF/AOP/BOI/Any Other Artificial Juridical Person:
Net income range Income-tax Rates
Up to Rs. 2,50,000 Nil
Rs. 2,50,001- Rs. 5,00,000 5%
Rs. 5,00,001- Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
income tax slabs for domestic companies

A domestic company is taxable at 30%. However, the tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 400 crore in the previous year.

Particulars Section Basic Tax Rate Surcharge MAT
Domestic company engaged in manufacturing / production Section 115BA 25% 7% / 12% 15%
All Domestic companies Section 115BAA 22% 10% N/A
Domestic company engaged in manufacturing/ production Section 115BAB 15% 10% N/A
Any Domestic company Others 25% / 30% 7% / 12% 15%

Income Tax Slabs for partnership firm

The partnership firms are taxed at a flat rate of 30%.

Income Tax Slabs for Local Authority

Net income range Income-tax Rates
Up to Rs. 2,50,000 Nil
Rs. 2,50,001- Rs. 5,00,000 5%
Rs. 5,00,001- Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Extension In Filing Of Income Tax Return​

As per  the Income Tax Act, the last date for filing TDS returns for an employer is May 31 of each financial year and Form 16 has to be issued latest by June 15 of that financial year, unless the date is extended by the government.

Due to the current situation of the economy and lockdown caused due to the pandemic COVID-19, the Government of India on 13th May, 2020 announced the extension of period in filing of income tax return. The date of filing income tax returns for the Financial Year 2019-2020 has been extended from #1st July, 2020 to 1st November, 2020

Before the extension of deadlines for Financial Year 2019-2020, the deadline for filing TDS returns for employers was May 31, 2020 and the date of issuing Form 16 was June 15, 2020.

1 thought on “Income Tax Slabs For Financial Year 2019-2020​”

  1. Pingback: Form 16: Relevance, overview & parts of form 16 | TaxHelpdesk

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