Know About TAX RATES FOR ASSESSMENT YEAR 20-21

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Hello guy’s

In this blog, we will see in detail the rates of tax for the assessment year 2020-2021.

1. In the case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person

Assessment Year 2020-21

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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2. In the case of a 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)

Assessment Year 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%

3. In the case of a resident super senior citizen (who is 80 years or more at any time during the previous year)

Assessment Year 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%

4. Partnership Firm

For the Assessment Year 2019-20 & 2020-21, a partnership firm (including LLP) is taxable at 30%.

5. Local Authority

For the Assessment Year 2019-20 & 2020-21, a local authority is taxable at 30%.

6.Domestic Company

Income-tax rates applicable in the case of companies for Assessment Year 2019-20 and 2020-21 are as follows:

Domestic Company Assessment Year 2019-20 Assessment Year 2020-21

Where its total turnover or gross receipt during the previous year 2016-17 does not exceed Rs. 250 crore

25%

NA

Where its total turnover or gross receipt during the previous year 2017-18 does not exceed Rs. 400 crore

NA

25%

Where it opted for Section 115BA

25%

25%

Where it opted for Section 115BAA

NA

22%

Where it opted for Section 115BAB

NA

15%

Any other domestic company

30%

30%

7. Foreign Company

Assessment Year 2019-20 and Assessment Year 2020-21

Nature of IncomeTax Rate
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964, but before April 1, 1976, and where such agreement has, in either case, been approved by the Central Government50%
Any other income40%

In the next blog, we will discuss surcharge in detail. If Any query related to this post you can contact us below

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