Page 7 - Budget_2020

Union Budget 2020
Rates of Income Tax

TAX RATES ASSESSEE/INCOME SLAB
Resident Senior Resident Super Any other Artificial
Citizen aged Senior Individual, AOP & BOI Juridical
between 60 to 79 Citizen - 80 years or
years more HUF Person
Upto 2.5
Nil Upto 3 lakhs Upto 5 lakhs Upto 2.5 lakhs Upto 2.5 lakhs
lakhs
2.5 to 5 2.5 to 5
5% 3 to 5 lakhs Nil 2.5 to 5 lakhs
lakhs lakhs
5 to 10 5 to 10
20% 5 to 10 lakhs 5 to 10 lakhs 5 to 10 lakhs
lakhs lakhs
Above 10 Above 10
30% Above 10 lakhs Above 10 lakhs Above 10 lakhs
lakhs lakhs
Income upto 10,000 Tax @ 10%
Co-operative Society Income from 10,001 to 20,000 Tax @ 20%
Income above 20,000 Tax @ 30%
Particulars Firms Foreign Companies Local Authority
Tax Rate 30% 40% 30%
Total turnover upto 400 crores in F Y 2017-18 Tax @ 25%
Domestic Company
Other cases Tax @ 30%
Type of assessee Total Income Rate
Exceeding 50 lakhs
but not 1 crore 10%

Exceeding 1 crore but not 15%
Resident and Non-Resident exceeding 2 crores
Individual/HUF/AOP/BOI/ Exceeding 2 crores but 25%
Artificial Juridical Person not exceeding 5 crores
Exceeding 5 crores
37%
Surcharge Restricted to 15% in case of Capital Gains
Resident and Non-Resident Co-
operative Society Exceeding 1 crore 12%
Resident and Non-Resident Firm Exceeding 1 crore 12%
Resident Local Authority Exceeding 1 crore 12%
Exceeding 1 crore
Foreign Company but not Rs.10 crore 2%
Exceeding 10 crores 5%
Exceeding 1 crore 7%
Domestic Company but not 10 crores
Exceeding 10 crores 12%
Health and Education Cess 4% on the (tax amount + surcharge if applicable)

Optional Rates – Incentives/Deductions, Carry forward and set off of loss will not be available
Individuals and HUFs Companies
Nil Upto 2.5 lakhs All Domestic Companies 22%
New Domestic Manufacturing Companies (includes
5% 2.5 to 5 lakhs 15%
electricity generation companies)
10% 5 to 7.5 lakhs Surcharge Income Exceeding 1 crore 10%
15% 7.5 to 10 lakhs Minimum Alternate Tax Not Applicable
20% 10 to 12.5 lakhs
25% 12.5 to 15 lakhs Resident Co-operative society 22%
30% Above 15 lakhs Alternative Minimum Tax Not Applicable

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