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1.1 Individuals
| Net income range | Income-tax Rates |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001- Rs. 5,00,000 | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
1.2 Resident senior citizen who is of the age of 60 years or more but less than 80 year:
| Net income range | Income-tax Rates |
| Up to Rs. 3,00,000 | Nil |
| Rs. 3,00,001- Rs. 5,00,000 | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
1.3 Resident super senior citizen, who is of the age of 80 years or more:
| Net income range | Income-tax Rates |
| Up to Rs. 5,00,000 | Nil |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Plus:
Note: A resident individual is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.
| Net income range | Income-tax Rates |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001- Rs. 5,00,000 | 5% |
| Rs. 5,00,001- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Plus:
A new tax regime for Individual and HUF under the Income Tax Act to tax the income of such assessees at lower tax rates if they agree to forego prescribed deductions and exemptions under the Act. Special provision for calculating income of assessees opting for this section is prescribed under the said section.
| Total Income (Rs) | Rate |
| Up to 2,50,000 | Nil |
| From 2,50,001 to 5,00,000 | 5% |
| From 5,00,001 to 7,50,000 | 10% |
| From 7,50,001 to 10,00,000 | 15% |
| From 10,00,001 to 12,50,000 | 20% |
| From 12,50,001 to 15,00,000 | 25% |
| Above 15,00,000 | 30% |
Plus:
A partnership firm (including LLP) is taxable at 30%.
Plus:
5.1 Tax rates for domestic companies
| Particulars | Tax rates |
| Company opting for section 115BA | 25% |
| Company having turnover or gross receipt of up to Rs. 400 crore in the PY 2019-20 | 25% |
| Company opting for section 115BAA | 22% |
| Company opting for section 115BAB | 15% |
| Any other company | 30% |
| MAT | 15% |
Plus:
| Company | Range of Total Income† | ||
| Rs. 1 crore or less | Above Rs. 1 crore but up to Rs. 10 crore | Above Rs. 10 crore | |
| Domestic Company opting for section 115BA | Nil | 7% | 12% |
| Domestic Company opting for section 115BAA | 10% | 10% | 10% |
| Domestic Company opting for section 115BAB | 10% | 10% | 10% |
| Any other domestic company | Nil | 7% | 12% |
5.2 Tax rates for foreign companies
A foreign company is liable to pay tax at the flat rate of 40% of normal taxable income.
Plus
6.1 A co-operative society is liable to pay tax as per the following rates:
| Income range | Tax rates |
| Up to Rs. 10,000 | 10% |
| Rs. 10,001 – Rs. 20,000 | 20% |
| Above Rs. 20,000 | 30% |
Plus:
6.2 AMT
A co-op. society is liable to pay Alternative Minimum Tax, on total income computed as per normal provisions of the Act, is less than 18.5% of ‘adjusted total income’.
Plus:
6.3 Income tax applicable to Co-operative Society under new optional tax regime (Section 115BAD)
If a co-operative society opts for this regime, the income shall be taxable at the rate of 22%.
Plus
A local authority is taxable at 30%.
Plus:
b. Health and Education cess: – 4% of income tax plus surcharge.
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