Assessment year : 2019 - 20
Previous year : 2018 - 19
1. For resident Senior Citizens. (Age above 60 Years)
Up to Rs 3,00,000 Nil
Rs. 3,00,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
2. For resident Super Senior Citizens. (Age above 80 Years)
Up to Rs 5,00,000 Nil
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Upto Rs. 2,50,000 Nil
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs 10,00,000 20%
Above Rs. 10,00,000 30%
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 :
10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore

Education Cess : 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1% on income-tax plus surcharge

Long-Term Capital Gains: 20% on income-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.
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
(B) Foreign Companies

Income tax : 40% (in general )

Surcharge: 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores

Education Cess : 4% on the amount of Tax plus surcharge
Cooperative Societies
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 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 .
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.
Assessment year : 2021 - 22
Previous year : 2020 - 21
1.1. Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
Up to Rs 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
1.2. For resident Senior Citizens. (Age above 60 Years)
Up to Rs 3,00,000 Nil
Rs. 3,00,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
1.3. For Resident Super Senior Citizens. (Age above 80 Years)
Up to Rs 5,00,000 Nil
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Surcharge :
10% of income tax where total income exceeds Rs. 50,00,000.
15% of income tax where total income exceeds Rs. 1,00,00,000.
25% of income tax where total income exceeds Rs. 2,00,00,000.
37% of income tax where total income exceeds Rs. 5,00,00,000.

Health and Education cess: - 4% of income tax and surcharge.

Note: - A resident individual is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.
2. Income Tax Rates For HUF/AOP/BOI/Any other Artificial Juridical Person under the old tax regime:
Up to Rs 2,50,000 Nil
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Surcharge :
10% of income tax where total income exceeds Rs. 50,00,000.
15% of income tax where total income exceeds Rs. 1,00,00,000.
25% of income tax where total income exceeds Rs. 2,00,00,000.
37% of income tax where total income exceeds Rs. 5,00,00,000.

Health and Education cess: - 4% of income tax and surcharge.
3. Income tax applicable to Individual and HUF under new optional tax regime (Section 115BAC).

A new tax regime for Individual and HUF has been proposed by the Finance Bill, 2020 to tax the income of such assessees at lower tax rates if they agree to forego prescribed deductions and exemptions under the Income Tax Act. Special provision for calculating income of assessees opting for this section is prescribed under the said section.

Up to Rs 2,50,000 Nil
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 7,50,000 10%
Rs. 7,50,001 to Rs. 10,00,000 15%
Rs. 10,00,001 to Rs. 12,50,000 20%
Rs. 12,50,001 to Rs. 15,00,000 25%
Above Rs. 15,00,000 30%
Surcharge :
10% of income tax where total income exceeds Rs. 50,00,000.
15% of income tax where total income exceeds Rs. 1,00,00,000.
25% of income tax where total income exceeds Rs. 2,00,00,000.
37% of income tax where total income exceeds Rs. 5,00,00,000.

Health and Education cess: - 4% of income tax and surcharge.
4. Income Tax Rate for Partnership Firm:
A partnership firm (including LLP) is taxable at 30%.
Surcharge :
12% of tax where total income exceeds Rs. 1 crore.

Health and Education cess: - 4% of income tax plus surcharge.
5. Tax Rate for Companies:
5.1. Tax rates for domestic companies:
Company opting for section 115BA* 25%
Company having turnover or gross receipt of up to Rs. 400 crore in the previous year 2017-18* 30%
Company opting for section 115BAA** 22%
Company opting for section 115BAB** 15%
Any other company* 30%
MAT*** 15%
5.2. Tax rates for foreign companies:
The tax rate for foreign company is 40%.
Surcharge:
Company Net income is between Rs. 1Cr. – 10 Cr. Net income exceeds Rs. 10Cr.
Domestic company 7% 12%
Foreign company 2% 5%
Health and Education cess: 4% of income tax plus surcharge.
Income Tax Slab Rate for Co-operative Society:
6.1. Income tax rates under the old regime: -
Net income range Income-Tax rate
Up to Rs. 10,000 10%
Rs. 10,000 to Rs. 20,000 20%
Above Rs. 20,000 30%
Surcharge : 12% of tax where total income exceeds Rs. 1 crore.

Health and Education cess: - 4% of income tax plus surcharge.
6.2. Income tax applicable to co-operative society under new optional tax regime (Section 115BAC): -

Income of a co-operative society under the new regime is taxable at flat rate of 22% provided it forgoes specified deductions and exemptions and computes its income in accordance with the provisions of the new inserted section.

Surcharge : 10% of income tax.

Health and Education cess: - 4% of income tax plus surcharge.
7. Income Tax Slab Rate for Local Authority:
A local authority is taxable at 30%.
Surcharge : 12% of tax where total income exceeds Rs. 1 crore.

Health and Education cess: - 4% of income tax plus surcharge.