Tax Slab – AY 2019-20 (Firm/Company/Society/Authority)

Partnership Firm

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

Add:

 a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

 b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of four per cent of such income-tax and surcharge.

Local Authority

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

Add:

 a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

 b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of four per cent of such income-tax and surcharge.

Domestic Company

For the Assessment Year 2019-20, a domestic company is taxable at 30%. However, for Assessment year 2019-20, tax rate would be 25% where turnover or gross receipt of the company does not exceed Rs. 50 crore.

Add:

 a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

  (i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

  (ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of four per cent of such income-tax and surcharge.

Foreign Company

Assessment Year Assessment Year 2019-20

Tax Rate 40%

 

Add:

 a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

 (i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

 (ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

 b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of four per cent of such income-tax and surcharge.

Co-operative Society

Assessment Year Assessment Year 2019-20

Taxable income Tax Rate
Up to Rs. 10,000 10%
Rs. 10,000 to Rs. 20,000 20%
Above Rs. 20,000 30%

 

Add:

 a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

 b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of four per cent of such income-tax and surcharge.