Rates of Income Tax
| Assessment year : 2019 -20 Previous year : 2018 - 19 | ||||||||
| 1. For resident Senior Citizens. (Age above 60 Years) | ||||||||
| ||||||||
| 2. For resident Super Senior Citizens. (Age above 80 Years) | ||||||||
| ||||||||
| 3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies). | ||||||||
| ||||||||
| Note: Rebate u/s 87A is added from Finance Act 2017, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 3.5 lakh) equal to 100% of income tax or Rs. 2,500 whichever less. | ||||||||
Surcharge : Health and Education Cess: 4% on the amount of Tax plus surcharge Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge. | ||||||||
| Firms | ||||||||
Income tax : 30%. Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Health and Education Cess: 4% on the amount of Tax plus surcharge. | ||||||||
| Companies | ||||||||
(A) Domestic Companies Income tax : 30% (25% if turnover or gross receipt does not exceed Rs.250 Crore in the Financial Year 2016-17) Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores Health and Education Cess: 4% on the amount of Tax plus surcharge | ||||||||
| ||||||||
| Cooperative Societies | ||||||||
| ||||||||
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Health and Education Cess: 4% on the amount of Tax | ||||||||
| Local Authorities | ||||||||
Income tax : 30%. Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore Health and Education Cess: 4% on the amount of Tax | ||||||||