Income Tax Slabs & Tax Rates in India for AY 2020-21

1-Rate of Income Tax for Individual for Assessment year 2020-21

I- In case of Individual other than II & III

   

Income	Rate
Upto Rs.250000	Nil
Next Rs. 250000	5%
Next Rs. 500000	20%
Balance	30%

II- In case of a resident individual of age 60 years or more but less than 80 years at any time during the previous year

Income	Rate
Upto Rs.300000	Nil
Next Rs. 200000	5%
Next Rs. 500000	20%
Balance	30%

III- In case of a resident individual of age 80 years or more at any time during the previous year

Income	Rate
Upto Rs.500000	Nil
-	-
Next Rs. 500000	20%
Balance	30%

2- In case of domestic company

Domestic company	Rate of Income-tax
I) If turnover or gross receipt in the p.y. 2017-18 upto Rs. 400 crore.	25%
II) In any other case	30%

A surcharge of income tax

If total income exceeds Rs. 1crore but does not exceed Rs. 10 crore. - 7%

If total income exceeds Rs. 10 crore - 12%

3- In the case of the foreign company

Rate of income tax	40%
Surcharge on Income tax If total income exceeds rs 1crore but below Rs 10crore If total income exceeds Rs 10 crore	2% 5%

4- In case of a partnership                                                                

                                                                                                                                                                                           

Rate of tax

30%