Friends, No doubt Corona is great problem for everyone. As per orders of Prime Minister or to safe everyone , it is best to work from home. In case you want to plan your income tax for Financial Year 2019-20 or Assessment Year 2020-21 from your house,below mentioned tax slabs may be helpful for you.
Financial Year 2019-20
| A. Tax Rates For Individuals (Men & Women), Hindu Undivided Families, Association of Persons and Body of Individuals |
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| Total Income (Rs.) | Tax Rate (%) |
|---|
| Upto Rs. 250,000* | Nil |
| 250,001 to 500,000 | 5 |
| 500,001 to 10,00,000 | 20 |
| Above Rs. 10,00,000 | 30 |
*In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is Rs. 3,00,000
*Relief for Taxpayers in the first bracket of '250000' to '500000'. A Tax credit of 12500 to every person with total taxable income upto 5,00,000 |
| * Deduction under section 16(ia) of Rs.50000. |
| The category of women below the age of 65 years has been removed |
| B. Tax Rates For Senior Citizens (80 Years Or Above) |
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| Total Income (Rs.) | Tax Rate (%) |
|---|
| Upto Rs. 500,000* | Nil |
| 500,001 to 10,00,000 | 20 |
| Above Rs. 10,00,000 | 30 |
| Surcharge is @ 15% if total taxable income is in excess of Rs. 10,000,000 |
| Education cess is applicable @ 4% on income tax |
| Marginal relief may be available |
| C. Tax Rates For For Partnership Firms |
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| Tax Rate (%) |
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| Partnership Firms are taxable @ 30% |
| Surcharge is @ 12% if total taxable income is in excess of Rs. 10,000,000 |
| Education cess is applicable @ 4% on income tax |
| D. Tax Rates For Domestic Companies |
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| Tax Rate (%) |
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| Domestic companies are taxable @ 25% where gross receipt in the previous year does not exceed fifty crore rupees |
| Domestic companies are taxable @ 30% where gross receipt in the previous year exceed fifty crore rupees |
| Surcharge is 7 % if total taxable income is in excess of Rs. 10,000,000 but not exceeding 100,000,000 |
| Surcharge is 12 % if total taxable income is in excess of Rs. 100,000,000 |
| Education cess is applicable @ 4% on income tax (inclusive of surcharge, if any) |
| E. Tax Rates For Foreign Companies |
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| Tax Rate (%) |
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| Foreign companies are taxable @ 40% |
| Surcharge is 2 % if total taxable income is in excess of Rs. 10,000,000 but not exceeding 100,000,000 |
| Surcharge is 5 % if total taxable income is in excess of Rs. 100,000,000 |
| Education cess is applicable @ 4% on income tax (inclusive of surcharge, if any) |
| F. In the case of every co-operative society | Tax Rate (%) |
|---|
| (1) where the total income does not exceed Rs. 10,000 | 10 per cent. of the total income |
| (2) where the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000 | Rs. 1,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 10,000 |
| (3) where the total income exceeds Rs. 20,000 | Rs. 3,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 20,000 |
| Surcharge is 12 % if total taxable income is in excess of Rs. 10,000,000 |
| Education cess is applicable @ 4% on income tax |