INCOME TAX RATES (F.Y. 2020-21)

 

TAX RATES FOR F.Y. 2020-21

Income Tax Rate for Individuals & HUF:

1. Individual (Resident or Resident but not Ordinarily Resident or non-resident), (who less than 60 years on the last day of the relevant previous year & for HUF:

   Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
   Up to Rs. 2,50,000	Nil	Nil
   Rs. 2,50,001 to Rs. 5,00,000	5%	5%
   Rs. 5,00,001 to Rs. 7,50,000	20%	10%
   Rs. 7,50,001 to Rs. 10,00,000	20%	15%
   Rs. 10,00,001 to Rs. 12,50,000	30%	20%
   Rs. 12,50,001 to Rs. 15,00,000	30%	25%
   Above Rs. 15,00,000	30%	30%

2.  Resident or Resident but not Ordinarily Resident senior citizen, i.e., every individual, being a resident or Resident but not Ordinarily Resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:

   Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
   Up to Rs. 2,50,000	Nil	Nil
   Rs. 2,50,001 to Rs. 3,00,000	Nil	5%
   Rs. 3,00,001 to Rs. 5,00,000	5%	5%
   Rs. 5,00,001 to Rs. 7,50,000	20%	10%
   Rs. 7,50,001 to Rs. 10,00,000	20%	15%
   Rs. 10,00,001 to Rs. 12,50,000	30%	20%
   Rs. 12,50,001 to Rs. 15,00,000	30%	25%
   Above Rs. 15,00,000	30%	30%

3. Resident or Resident but not Ordinarily Resident super senior citizen, i.e., every individual, being a resident or Resident but not Ordinarily Resident in India, who is of the age of 80 years or more at any time during the previous year:

   Taxable income	Tax Rate (Existing Scheme)	Tax Rate (New Scheme)
   Up to Rs. 2,50,000	Nil	Nil
   Rs. 2,50,001 to Rs. 5,00,000	Nil	5%
   Rs. 5,00,001 to Rs. 7,50,000	20%	10%
   Rs. 7,50,001 to Rs. 10,00,000	20%	15%
   Rs. 10,00,001 to Rs. 12,50,000	30%	20%
   Rs. 12,50,001 to Rs. 15,00,000	30%	25%
   Above Rs. 15,00,000	30%	30%

   Surcharge - 
   a) 10% of Income tax if total income exceeds Rs.50 lakh
   b) 15% of Income tax if total income exceeds Rs.1 crore
   c) 25% of Income tax if total income exceeds Rs.2 crore
   d) 37% of Income tax if total income exceeds Rs.5 crore
   

   (Enhanced Surcharge rate (25% or 37%) is not applicable in case of specified incomes i.e. short-term capital gain, long-term capital gain & short-term or long-term capital gain)
   

   Education cess - 4% of income tax + surcharge

   Note for Rebate : A resident or Resident but not Ordinarily Resident individual is entitled to rebate under section 87A 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. rebate u/s 87A is available in both scheme i.e. existing scheme as well as new scheme.