If an individual opts for the new income tax regime, heshe will no more be eligible for tax exemptions. In case income is more than rs 1 crore, a surcharge of 12% is applicable on the income tax amount. Detailed article on the income tax slabs for fy 2012 and ay 2014. The amount of incometax and surcharge shall be further increased by education cess of 3% on incometax plus surcharge. Ay 202122 fy 202021 income tax january 12, 2020 understanding bsda basic services demat account demat january 11, 2020 senior citizen savings scheme retirement december 22, 2019 income tax rates. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as follows. Surcharge and education cess see note income tax slab rates 201819 pdf download. Even the lowest tax rate has gone down from 20% to 5%.
Senior citizen now include people between 60 and 80 years. Quick highlights base slab for general tax payers increased to 1. For the assessment year 2021 the local authority will be taxed at 30 percent. The income tax department never asks for your pin, passwords or similar access information for credit cards, banks or other financial accounts through email. Budget 2020 presented on february 1, 2020 has made some changes in the tax slab. Income tax rates applicable for individuals, hindu undivided family huf, association of persons aop and body of individuals boi in india is as under. Income tax rates after budget 2012 is available here income tax rate chart slabs for assessment year 201112 and earlier years has been given chart form as under in respect of individual, hufhindu undivided family,boibody of individuals so download the charts for link given below or you can read the same online as shown below. Senior citizen age reduced to 60 years from last years 65 years.
Incometax slab rates for individual for fy 201516 ay. Income tax slabs for individuals are divided into 3 slabs. Income tax rate applicable to partnership firm for ay 2021. Add surcharge surcharge is 10% of income tax rebate us 88e is not available w. Quick links to download printable income tax return forms for the assessment year 201112 in pdf format. Download income tax return forms for assessment year 201112. Income tax slabs ay 201011 fy 200910 income tax slabs ay 201112 fy 201011 income tax slabs ay 2012 fy 201112 income tax slabs ay 2014 fy 2012 income tax slabs ay 201415 fy 2014 income tax slabs ay 201516 fy 201415 income tax slabs ay 201617 fy 201516 income tax slabs ay 201718 fy 201617 income tax slabs ay 201819 fy 201718 income tax slabs ay. Highest tax rate including surcharge has come down from 56% in fy 199091 to 30. Income tax rates for assessment year 199293 income slab rs. Income tax rates for assessment year 201112 all others male individuals, nris etc. Income tax slab for ay 202021 pdf download latest hindi news, income tax slab for ay 202021 pdf download breaking news, find all income tax slab for ay 202021 pdf download at live hindustan, page1. Also health and education cess of 4% is applicable on the amount of tax computed, inclusive of surcharge. The new and revised income tax slabs and rates applicable for the financial year fy 201112 and assessment year ay 2012 are mentioned below.
Income tax income tax rates ay 201011 fy 2009 referencer. Income tax slab rates for individualhuf for fy 201819 ay 201920 income tax slab rates for individual for fy 201819 ay 201920 itr1 and itr2 ay 201920 released. Income tax slab for ay 202021 pdf download news, income. There will be no surcharge on income tax payments by individual taxpayers during fy 201112 ay 2012. The income tax slabs increase by a surcharge, which equals 12% of the tax in case the total income exceeds 1 crore rupees. For resident woman who is below 65 years of age at any time during the previous year. A partnership firm, including an llp, is taxable at the rate of 30%. Please click on the links below to view the income tax also written shortly as i.
Select, 202122, 202021, 201920, 201819, 201718, 201617, 201516, 201415, 2014, 2012, 201112, 201011. The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 5% of such income tax, provided that the total income exceeds rs. These rates are applicable on individual assessee, hindu undivided family hufs,association of persons aop and body of individuals boi. The income tax department appeals to taxpayers not to click on hyperlinks contained in such phishing mails, not to respond, and not to share information relating to their credit card. Income tax rate chart slabs for assessment year 201112 and earlier years has been given chart form as under in respect of individual. Income tax slab 201718 ay 201819 budget 2017 from fy 201718, those with annual income between rs 50 lakh to rs 1 crore will be levied a surcharge of 10 per cent. Union budget 2020 has proposed a new tax structure by slashing income tax rates and rejigging the income tax slabs to reduce total tax liability by individuals. In this budget, a full tax rebate was announced for all the tax paying assessees who have a taxable income of up to rs.
Individual resident or nonresident, who is of the age of less than 60 years on the last day of the relevant previous year. Budget 2020 new income tax rates new income tax slabs in this video, we are going to discuss new tax rates proposed by the budget 2020. Key factors based on which, income tax slabs are applicable include. Income tax slabs fy 1011 and 1112 indian insurance and. For normal category the simple calculation is as follows.
For individuals, huf, association of persons aop and body of individuals boi. Taxable income in 10% slab maximum tax will be rs 32000. Earlier women used to have slight benefit over men in terms of lower taxes. Reorganizing the different income tax slabs and simplify overall tax. Income tax slabs for fy 202021 ay 202122 old vs new tax regime income tax slabs for fy 201920 ay 202021 current fy income tax slabs for fy 201819 ay 201920 currently itr filing for only this year can be done till 310320. Income tax slabs for partnership firms there is a flat tax rate for partnership firms and llps limited liability partnerships and they are to pay income tax at the rate of 30%. The amount of income tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty.
Net income range income tax rates surcharge education cess upto rs. Income tax slab rate for ay 202122 for individuals opting for old tax regime. The exemption limit for income tax has also increased more than 10 times from rs. Income tax ratesslab for assesment year rate % 2011. New income tax slabs with reduced rates were introduced by finance minister nirmala sitharaman in her union budget 2020 speech on saturday, providing big relief to the middle class as was expected. This tax table based on the latest income tax slab is a ready reference for calculating your income tax for year 201112. In tax slabs for ay 1112, basic tax exemption limits are same as in the old tax slabs but the indian finance ministry has broadened the tax slabs. Individuals below 60 yrs income tax slab rate ay 201819 fy 201718 income tax slab income tax rate income. Rates of income tax as applicable to individuals, hindu undivided families huf and artificial jurisdictional person.
Income tax slab rates for last 25 years in india 199293. There is a proposal to hike standard deduction by rs 10,000 to rs 50,000 from rs 40,000. Net income range income tax rates health and education cess up to rs. The revised income tax slabs and rates for financial year 201920 the interim budget for 2019 was recently announced on 1 february 2019. Income tax slab rates 201819 pdf download ay 201920. Income tax slabs rate for a partnership firm for fy 201920 1.
Income tax slab rates 201920 pdf download ay 202021. As proposed in the new tax regime, 70 tax exemptions will be removed but the income between rs 5 lakh and rs 7. What are the income tax rates slabs for non resident women assessees of age less than 60 years for fy 201011 ay 201112 and fy 201112 ay 2012. The finance minister, in the budget today, changed the tax slabs for men, women and senior citizens. Budget 2020 new income tax rates new income tax slabs. The income tax slab for hindu undivided family huf is the same as the tax slabs for individuals under the age of 60 years in the year 2019 2020. Rate of tax is 30% for the assessment year 20102011. Income tax rates slabs for financial year 201112 assessment year 2012 exemptions, deduction capital gain, set off carry forward losses a small ready reckoned by. However, income tax slabs and rates for the fy 201920 remain unchanged. Tax rates as applicable for different persons for the a. Income tax slab rates for individual for fy 201718 ay 201819 income tax slab rates for individual for fy 201617 ay 201718.