Income Tax Rate Assessment Year 2020 21

In this post i am going to tell you about the income tax slab rate for the assessment year 2020 21 i e for the financial year 2019 20.
Income tax rate assessment year 2020 21. Tax on capital gain. Now the total tax levied on income calculated for the assessment year 2020 21 is calculated as per the rates mentioned above using an income tax calculator. Rate of income tax. Income tax rates for ay 2020 21 know income tax slabs for individuals senior citizens etc.
Rate of income tax. 2 crores to rs. Senior citizen who is 60 years or more at any time during the previous year net income range. 50 lakhs to rs.
Surcharge is levied on the amount of income tax at following rates if total income of an assessee exceeds specified limits rate of surcharge assessment year 2021 22 assessment year 2020 21 range of income range of income rs. Income tax rates surcharge cess for assessment year 2020 21 applicable for indiviual huf llp co operative society company. 5 crores to rs. The tax free income limit for individual taxpayer has been increased in the proposed budget for fy 2020 21.
Assessment year 2021 22. Article contains income tax rate for domestic companies for assessment year 2020 21 conditions to opt section 115baa of income tax act 1961 conditions to opt section 115bab of income tax act 1961 when 115bab of income tax act 1961 shall not be allowed and other amendments related to corporate tax rate for ay 2020 21. In this article you will get to know how much tax you need to pay for the financial year 2019 20. Option has been given to pay concessional effective tax 25 17 to existing domestic companies 17 16 to new domestic manufacturing companies without availing any tax incentives exemptions.
These new rates of tax will be applicable from fy2019 20 corresponding to assessment year 2020 21. Income tax rates applicable in case of companies for assessment year 2020 21 are as follows. 1 crore to rs. Further individuals can calculate the tax payable according to the new regime as well as the old regime.