Income Tax Rate A Y 2020 21

2019 20 for individual resident aged below 60 years or any nri or huf or aop or boi or ajp for senior citizen aged 60 years or more but less than 80 years for very senior citizen aged 80 years or more for co operative society for firm for local authority for domestic company claiming.

Income tax rate a y 2020 21. You also need to pay health and education cess. 2019 20 according to income tax act 1961 total taxable income is tax as per prescribed rate of income in financial budget presented in parliament every year. Income tax rates are different for every assessee like. Enhanced surcharged levied at the rates of 25 37 shall not be levied in case of income assessable under sections 111a 112a or 115ad.

Income tax slab for a y 2020 21 and 2021 22 for individuals huf. 12 of taxable income if net income exceed 1 crore. Tax rate for local authority for the a y 2020 21 income tax at 30 in addition to income tax they have to pay surcharches if total income exeedes rs 1 crore then a surcharge will be 12 of the income tax. Company not covered in section 115ba and 115baa is registered on or after october 1 2019 and commenced manufacturing on or before 31st march 2023.

However the surcharge shall be subject to marginal relief where income exceeds one crore rupees the total amount payable as income tax and surcharge shall not exceed total amount payable as income. You and your employer clients can use the 2020 21 tax tables at ato gov au taxtables to withhold the right amount of tax for. These tax cuts bring forward legislated personal income tax cuts from 1 july 2022 to 1 july 2020. New income tax rate for ay 2020 21 for individual huf.

Income tax rate for ay 2020 21 for partnership firm llp. 25 of income tax where total income exceeds rs. 4 of income tax and surcharge. Income tax rates slab for a y 2020 21 f y.

Income tax slab rates for a y. I hope this article will be useful to you. Slab rates for individuals hindu undivided family huf association of persons aop body of individuals boi artificial judicial persons is fixed as follows. The fm has announced new income tax slab for ay 2020 21 giving taxpayers an option to pay taxes as per the new tax slabs.

The union budget for the year 2019 was presented by the finance minister nirmala sitharaman on the 5th of july 2019. 37 of income tax where total income exceeds rs. 2019 20 income tax slab rates for a y 2020 21 f y. Income tax slab rates for a y.

Section 115bab total income of a company is taxable at the rate of 15 from a y 2020 21 if the following conditions are satisfied.