FY 19-20, FY 20-21 Income tax rate slabs for Individual, HUF, senior citizen, super senior citizen and Surcharge

Important Notice:

Last date of ITR filing for FY 2019-20 or AY 2020-21 is extended to 31st Dec, 2020 (31.12.2020) : click here for order.

Major Contents in the Post: (Jump to the Section)

  1. For FY 2020-21, comparison of tax slabs: New vs Existing
  2. Income tax rate slab for people below 60 years of age
  3. Income tax rate slab for Senior citizen, aged 60 to 80 years old
  4. Income tax rate slab for Super Senior citizen, above 80 years old
  5. Surcharge rate slabs of income tax for additional income
  6. Income tax rate slabs for Domestic companies
  7. Income tax rates for Partnership firms
  8. Income tax rates for Local Authority
  9. Income tax rates for Foreign companies
  10. Income tax rates for Co-operative societies

Every year in the General budget, the main focus of people remains on the income tax slabs. So, for FY 20-21 onward, Finance minister has introduced one new option for income tax calculation along with the existing one. In new option, FM has reduced the income tax in some slab. Income tax rate slab for Individual, HUF, senior citizen, super senior citizen, domestic company, Co-operative Society and Surcharge on higher incomes are given below.

Income tax rate slabs for FY 19-20 and FY 20-21
Income tax rate slabs for FY 19-20 and FY 20-21

For FY 20-21, taxpayer can choose between two options: New vs Existing:

  1. Existing one with no change in income tax rate slabs in comparison to FY 19-20. Here you can claim deductions on savings like LIC, Post office deposits, provident funds, deduction on home loan interest etc.
  2. New reduced income tax rate, but without claiming any deductions.

So, which one is beneficial to choose from both income tax rate slab? The option once exercised under new option cannot be subsequently withdrawn for the old or last option. In Excel, you can calculate both tax and find the difference. This will help you in deciding the tax rate slab.

Excel Income tax calculator for FY 19-20 and FY 20-21

Income tax table for the resident Indian has 3 parts:

  1. Individual less than 60 years of age or HUF.
  2. Senior citizen, between 60 to 80 years of age.
  3. Super senior citizen, 80 years or more.

Also Read: Year 2021 Govt., Bank, State Govts., PSUs, Supreme court, NSE-BSE-MCX Public, Restricted, commercial holidays list

Income tax rate slabs for FY 19-20 (AY 20-21) and FY 20-21 (AY 21-22), for resident Individuals below 60 years of age and HUF:

For individuals (resident or non-resident) below 60 years of age and for Hindu Undivided Family (Including AOP, BOI and Artificial Juridical Person), the tax slabs table is presented below. On the tax amount with surcharge, additional ‘Health and Education Cess’ at 4% will be added for all the taxpayers.

Income EarnedIncome Tax rate (%) – NEW Option (FY 20-21 onward)Income Tax rate (%) Existing Option
Up to 2.5 Lakh0 %0 %
2.5 Lakh – 5 Lakh5 %5 %
5 Lakh – 7.5 Lakh10 %20 %
7.5 Lakh – 10 Lakh15 %20 %
10 Lakh – 12.5 Lakh20 %30 %
12.5 Lakh – 15 Lakh25 %30 %
more than 15 Lakh30 %30 %
Income tax rate slab for FY 19-20 (AY 20-21) and FY 20-21 (AY 21-22), for resident Indian below 60 years of age:

‘Senior citizen’ Income tax rate slabs for FY 19-20 (AY 20-21) and FY 20-21 (AY 21-22), between 60 and 80 years of age:

For Senior citizen (resident or non-resident), between 60 years and 80 years of age the tax slabs table is presented below. Here, the exemption of Rs. 3 lakh is given. On the tax amount with surcharge, additional ‘Health and Education Cess’ at 4% will be added for all the taxpayers.

Income EarnedIncome Tax rate (%) – NEW Option (FY 20-21 onward)Income Tax rate (%) Existing Option
Up to 2.5 Lakh0 %0 %
2.5 Lakh – 3 Lakh5 %0 %
3 Lakh – 5 Lakh5 %5 %
5 Lakh – 7.5 Lakh10 %20 %
7.5 Lakh – 10 Lakh15 %20 %
10 Lakh – 12.5 Lakh20 %30 %
12.5 Lakh – 15 Lakh25 %30 %
more than 15 Lakh30 %30 %
Senior citizen Income tax rate slab for FY 19-20 (AY 20-21)and FY 20-21 (AY 21-22), between 60 and 80 years of age:

‘Super senior citizen’ Income tax rate slabs for FY 19-20 (AY 20-21) and FY 20-21 (AY 21-22), for 80 years of age or more:

For Super senior citizen (resident or non-resident), 80 years of age or more, the tax slabs table is presented below. Here, the exemption of Rs. 5 lakh is given. On the tax amount with surcharge, additional ‘Health and Education Cess’ at 4% will be added for all the taxpayers.

Income EarnedIncome Tax rate (%) – NEW Option (FY 20-21 onward)Income Tax rate (%) Existing Option
Up to 2.5 Lakh0 %0 %
2.5 Lakh – 5 Lakh5 %0 %
5 Lakh – 7.5 Lakh10 %20 %
7.5 Lakh – 10 Lakh15 %20 %
10 Lakh – 12.5 Lakh20 %30 %
12.5 Lakh – 15 Lakh25 %30 %
more than 15 Lakh30 %30 %
Super senior citizen Income tax rate slab for FY 19-20 (AY 20-21)and FY 20-21 (AY 21-22), for 80 years of age or more:

Also read: FY 19-20 Income tax return e-filing, exemptions, deductions, e-payment, refund and excel calculator

Surcharge rate slabs on additional income for FY 19-20 (AY 20-21) and FY 20-21 (AY 21-22):

Surcharge is levied on the amount of income-tax at following rates if total income of a taxpayer exceeds specified limits. There is no change in the surcharge from last year.

Range of IncomeFY 20-21 (Surcharge rate (%)FY 19-20 (Surcharge rate (%)
Rs. 50 Lakhs to Rs. 1 Crore10 %10 %
Rs. 1 Crore to Rs. 2 Crores15 %15 %
Rs. 2 Crores to Rs. 5 Crores25 %25 %
Rs. 5 crores to Rs. 10 Crores37 %37 %
Exceeding Rs. 10 Crores37 %37 %
Surcharge rate slabs on additional income for FY 19-20 (AY 20-21)and FY 20-21 (AY 21-22):

Domestic company’ Income tax rate slabs for FY 19-20 (AY 20-21) and FY 20-21 (AY 21-22):

Income tax rates for domestic companies are as follows:

Range of IncomeIncome Tax rate (%) for FY 19-20 (AY 20-21)Income Tax rate (%) FY 20-21 (AY 21-22)
If total turnover or gross receipt during the previous year 2017-18 does not exceed Rs. 400 crore25 %NA
If total turnover or gross receipt during the previous year 2018-19 does not exceed Rs. 400 croreNA25 %
Any other domestic company30 %30 %
Where it opted for section 115BA25 %25 %
Where it opted for Section 115BAA
22 %22 %
Where it opted for Section 115BAB
15 %15 %
Domestic company’ Income tax rate slabs for FY 19-20 (AY 20-21) and FY 20-21 (AY 21-22):

Partnership Firm Income tax rate:

  1. For the Assessment Year 2020-21 & 2021-22, a partnership firm (including LLP) is taxable at 30%.
  2. Surcharge : 12% of income tax, where total income exceeds one crore rupees.

Local Authority Income tax rate:

  1. For the Assessment Year 2020-21 & 2021-22, a local authority is taxable at 30%.
  2. Surcharge : 12% of income tax, where total income exceeds one crore rupees.

Foreign Company Income tax rate:

  1. For the Assessment Year 2020-21 & 2021-22, a Foreign Company is taxable at 50 % and 40 % respectively.
  2. Surcharge : 2 % of income tax, where total income exceeds one crore rupees.
  3. Surcharge : 5 % of income tax, where total income exceeds ten crore rupees.

Co-operative Society Income tax rate:

Range of IncomeIncome Tax rate (%) – NEW Option (FY 20-21 onward)Income Tax rate (%) Existing Option
Up to Rs. 10,00022 %10 %
Rs. 10,000 to Rs. 20,00022 %20 %
Above Rs. 20,000
22 %30 %
Surcharge10 %12 %, if total income exceeds 1 crore
Domestic company’ Income tax rate slabs for FY 19-20 (AY 20-21) and FY 20-21 (AY 21-22):

Disclaimer: Kindly consult Income tax official website https://www.incometaxindiaefiling.gov.in/home or financial consultant for any clarity.

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