Tax Rates for an Individuals for the AY 2019-20:
Tax Rates for Individuals
| ||||
Income
|
Rates of Income Tax
| |||
Individual (Age less than 60 Years)
|
Senior Citizen (Age above 60 Years)
|
Super Senior Citizen (Age above 80 Years)
| ||
1.
|
Up to Rs. 2,50,000
|
Nil
|
Nil
|
Nil
|
2.
|
Rs. 2,50,000 to Rs. 3,00,000
|
5%
|
Nil
|
Nil
|
3.
|
Rs. 3,00,000 to Rs. 5,00,000
|
5%
|
5%
|
Nil
|
4.
|
Rs. 5,00,000 to Rs. 10,00,000
|
20%
|
20%
|
20%
|
5.
|
Above Rs. 10,00,000
|
30%
|
30%
|
30%
|
*The above rates are exclusive of surcharge and cess.
Tax Rates for Corporate Assessee for the A.Y. 2019-20:
Tax Rates* for Corporate Assessee for the A.Y. 2019-20
| ||
Status of Taxpayer
|
Rates of income-tax
| |
1.
|
Firms/Local Authority
|
30%
|
2.
|
Domestic Company
|
30%/25% #
|
3
|
Foreign Company
|
40%
|
*The above rates are exclusive of surcharge and cess.
3. Tax Rates* for Co-operatives Societies for the A.Y. 2019-20:
Tax Rates* for Co-operatives Societies for the A.Y. 2019-20
| ||
Income
|
Rates of income-tax
| |
1.
|
Up to Rs. 10,000
|
10%
|
2.
|
Rs.10,000 – Rs.20,000
|
20%
|
3
|
Above Rs. 20,000
|
30%
|
*The above rates are exclusive of surcharge and cess.
4. Rates of Surcharge:
Rates of Surcharge
| ||||
Particulars
|
Taxable Income
| |||
50 Lacs to 1 Crore
|
1 Crore to 10 Crores
|
Exceeding 10 Crores
| ||
1.
|
Individuals/HUF
|
10%
|
15%
|
15%
|
2.
|
Firm/ Local Authority/ Co-operative Society
|
Nil
|
12%
|
12%
|
3.
|
Domestic Company
|
Nil
|
7%
|
12%
|
4.
|
Foreign Company
|
Nil
|
2%
|
5%
|
5.
|
Co-operative Societies
|
Nil
|
12%
|
12%
|
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