Income Tax Slab Rates for AY 2020-21 (FY 2019-20) Below are Income Tax Slab Rates for AY 2020-21 (FY 2019-20), along with Rebate under Section 87A, and Income Tax surcharge rates applicable.The Article contains, Income Tax Slab Rates for Individuals, HUF, Local Authority and Tax Rates for Partnership Firm, and Companies. Surcharge of 37% on annual income in excess of Rs. 5 crore for FY 2019-20. Earlier surcharge on income tax was capped at 15% which is applicable for the current AY 2019-20 and the new rates will be applicable to income earned in FY 2019-20 i.e. AY 2020-21. As a result of the increased surcharge, 4. Income Tax Rate for AY 2020-21 for Partnership Firm / LLP. Income Tax Rate: 30%. Surcharge: 12% of taxable income if net income exceed 1 crore. 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-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

This write-up will provide you the information on Income Tax tax rates applicable to various taxpayers for AY 2020-21/FY 2019-20. Income Tax Rates for Assessment Year 2020-21 / Financial Year 2019-20 However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of Income Tax Slab Rate for AY 2020-21 for Individuals: 1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year: Earlier surcharge on income tax was capped at 15% which is applicable for the current AY 2019-20 and the new rates will be applicable to income earned in FY 2019-20 i.e. AY 2020-21. As a result of the increased surcharge, the effective tax rate for individuals in the Rs. 2 crore to Rs. 5 crore per annum bracket will be 39% for FY 2019-20. 4. Income Tax Rate for AY 2020-21 for Partnership Firm / LLP. Income Tax Rate: 30%. Surcharge: 12% of taxable income if net income exceed 1 crore. 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

1 Feb 2020 Detailed article on the Income tax slabs for FY 2020-21 and AY 2021-22. Contact Ebizfiling for more info at info@ebizfiling.com or call 

* The Finance (No. 2) Act, 2019 has been amended to withdraw the enhanced surcharge, i.e., 25% or 37%, as the case may be, from income chargeable to tax under section 111A, 112A and 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%. Dear All CBDT has incresed the surcharge rates for individual for AY 2019 20 Following are the new rates 10 if Total income is greater than 50 lakh and upto 1 crore 15 if Total income is greater than 1 crore and upto 2 crore 25 if Total income is greater than 2 crore and upto 5 crore 37 if. This write-up will provide you the information on Income Tax tax rates applicable to various taxpayers for AY 2020-21/FY 2019-20. Income Tax Rates for Assessment Year 2020-21 / Financial Year 2019-20 However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of Income Tax Slab Rate for AY 2020-21 for Individuals: 1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year: Earlier surcharge on income tax was capped at 15% which is applicable for the current AY 2019-20 and the new rates will be applicable to income earned in FY 2019-20 i.e. AY 2020-21. As a result of the increased surcharge, the effective tax rate for individuals in the Rs. 2 crore to Rs. 5 crore per annum bracket will be 39% for FY 2019-20. 4. Income Tax Rate for AY 2020-21 for Partnership Firm / LLP. Income Tax Rate: 30%. Surcharge: 12% of taxable income if net income exceed 1 crore. 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

Surcharge: 7% of taxable income if net income exceed 1 crore but does not exceed 10 crore and 12% of taxable income if net income exceed 10 crore. Health and Education Cess: 4% of Income Tax Plus Surcharge. Note: In AY 2019-20, Minimum Alternate Tax (MAT)will be levied @18.5% on Book profit. II) Corporate Tax Rate Applicable for AY 2020-21:

Revised Income Tax Slabs for AY 2020-21: Budget 2020 presented by the Finance Minister Nirmala Sitharaman on February 1, 2020, has proposed a major overhaul in the personal income tax structure.

The rates are applicable for the financial year 2020-21 subject to enactment of the Finance The base tax is to be further increased by surcharge at the rate of:.

Add: Surcharge and Health & Education Cess [see Note]. Assessment Year 2019 -20. a) Surcharge: Surcharge is levied on the amount of income-tax at the  22 Feb 2020 In this Article we update you about the Income tax slab rates applicable to different types of taxpayers such as Individual, HUF, Partnership  3 days ago What are the changes in new Income tax slab rates for F.Y. 2019-20(A.Y. 2020- 21)?. 1- No Tax on Taxable Annual Income up to Rs. 5 Lakh. The 

12 Jul 2019 Income tax slab: "In view of rising income levels, those in the highest from assessment year 2020-21, Income-tax Act will have three slabs for 

Revised Income Tax Slabs for AY 2020-21: Budget 2020 presented by the Finance Minister Nirmala Sitharaman on February 1, 2020, has proposed a major overhaul in the personal income tax structure. A.y 2020-21 which provides option to a domestic manufacturing company to pay tax at a lower rate of 15% (including 10% surcharge and 4% cess) if such company is set-up and registered, 2019 on or after 1st October and commences manufacturing activity upto 31st March, 2023 . * The Finance (No. 2) Act, 2019 has been amended to withdraw the enhanced surcharge, i.e., 25% or 37%, as the case may be, from income chargeable to tax under section 111A, 112A and 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%.

Income Tax Slab Rate for AY 2020-21 for Individuals: 1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year: Earlier surcharge on income tax was capped at 15% which is applicable for the current AY 2019-20 and the new rates will be applicable to income earned in FY 2019-20 i.e. AY 2020-21. As a result of the increased surcharge, the effective tax rate for individuals in the Rs. 2 crore to Rs. 5 crore per annum bracket will be 39% for FY 2019-20. 4. Income Tax Rate for AY 2020-21 for Partnership Firm / LLP. Income Tax Rate: 30%. Surcharge: 12% of taxable income if net income exceed 1 crore. 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