Income Tax Rates 2020-21

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Income Tax Rates For Resident Super Senior Citizen

Income tax rates 2020-21 for resident super senior citizen who is 80 years or more at any time during the previous year. For Assessment Year 2020-21, you will became super senior citizen if you are born before 1st April, 1939.

Or you can just use our Super Senior Citizen tax calculator for AY 2020-21

Taxable IncomeTax Rate
Up to Rs. 5,00,000Nil
Rs. 5,00,000 to Rs. 10,00,00020%
Above Rs. 10,00,00030%

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Tax Rates For Resident Senior Citizen

Income tax rates 2020-21 for resident senior citizen, who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year.

This rates will be applicable to you if you are born between 1st April, 1939 and 31st March, 1959.

You can also try our Senior Citizen Tax Calculator for AY 2020-21

Taxable IncomeTax Rate
Up to Rs. 3,00,000Nil
Rs. 3,00,000 to Rs 5,00,0005%
Rs. 5,00,000 to Rs. 10,00,00020%
Above Rs. 10,00,00030%

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Income Tax Rates 2020-2021 For others

Income tax rates for,

  • Resident Individual,
  • Non-Resident Individual,
  • HUF,
  • Association of Person,
  • Body of Individual, or
  • any other artificial juridical person.

Use the tax calculator to know tax amount, surcharge and educational cess.

Taxable IncomeTax Rate
Up to Rs. 2,50,000Nil
Rs. 2,50,000 to Rs 5,00,0005%
Rs. 5,00,000 to Rs. 10,00,00020%
Above Rs. 10,00,00030%

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Income Tax Rates AY 2020-21

for Domestic Companies

Taxable IncomeTax Rates
If the total turnover or gross receipt of the company during the previous year 2016-17 does not exceed Rs. 250 croreNot Applicable
If the total turnover or gross receipt of the company during the previous year 2017-18 does not exceed Rs. 400 crore25%
If the company opted for Section 115BA25%
If the company opted for Section 115BAA22%
If the company opted for Section 115BAB15%
For all other domestic companies30%

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Tax Rates For Foreign Companies

Taxable IncomeTax Rates
1) Royalty received from,
i) Government,
ii) Indian Concern for agreement made after March 31, 1961, but before April 1, 1976

2) Fees for technical services where an agreement made after February 29, 1964 but before April 1, 1976 & approved by Central Government.
50%
Any other Taxable Income of a foreign company.40%

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Tax Rates For Firms And Local Authorities

For the Assessment Year 2020-21, a partnership firms, LLPs and Local Authorities are taxable at 30%.

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Tax Rates For Co – Operative Society

Taxable IncomeTax Rates
Up to Rs.1000010%
Rs. 10,000 to Rs. 20,00020%
Above Rs. 20,00030%

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