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INCOME TAX RATES FOR FINANCIAL YEAR 2019-20 (ASSESSMENT YEAR 2020-21)

For Individuals, Hindu Undivided Family, Association of Persons, Body of Individuals and Artificial juridical persons
Total income Tax rates*
Up to Rs. 2,50,000 NIL
Rs. 2,50,001 up to Rs. 5,00,000 5%
Rs. 5,00,001 up to Rs. 10,00,000 20%
Rs. 10,00,001 above 30%
For resident individuals above 60 age
Total income Tax rates*
Up to Rs. 3,00,000 NIL
Rs. 3,00,001 up to Rs. 5,00,000 5%
Rs. 5,00,001 up to Rs. 10,00,000 20%
Rs. 10,00,001 above 30%
For resident individuals above 80 age
Type of transactions/incomes Tax rates*
Up to Rs. 5,00,000 NIL
Rs. 5,00,001 up to Rs. 10,00,000 20%
Rs. 10,00,001 above 30%
Special rates for resident individuals
Type of transactions/incomes Tax rates*
Above Rs. 10,00,000 dividend income from domestic companies 10%
Special rates for non-residents
Type of transactions/incomes Tax rates*
Dividend 20%
Interest received on loans given in foreign currency to Indian concern or Government of India (not being interest referred to in section 194LB or section 194LC) 20%
Income received in respect of units purchased in foreign currency of specified Mutual Funds / UTI 20%
Royalty or fees for technical services 10%
Interest income from a notified infrastructure debt fund, specified loan agreement, specified long-term bonds, rupee denominated bonds and business trust 5%
Interest on FCCB, Dividend on GDRs 10%
Taxation of Dividend Distributed by Indian Mutual Funds to Investors
  Individual/ HUF Domestic Company NRI
  Dividend
Equity oriented schemes NIL NIL NIL
Debt oriented schemes NIL NIL NIL
       
  Rate of tax on distributed income (payable by the MF scheme)
Equity oriented schemes 10% + 12% Surcharge + 4% Cess = 11.648% 10% + 12% Surcharge + 4% Cess = 11.648% 10% + 12% Surcharge + 4% Cess = 11.648%
Money market or Liquid schemes / debt schemes (other than infrastructure debt fund) 25% + 12% Surcharge + 4% Cess = 29.12% 30% + 12% Surcharge + 4% Cess = 34.944% 25% + 12% Surcharge + 4% Cess = 29.12%
Infrastructure Debt Fund 25% + 12% Surcharge + 4% Cess = 29.12% 30% + 12% Surcharge + 4% Cess = 34.944% 5% + 12% Surcharge + 4% Cess = 5.824%
Capital Gains*
  Individual/ HUF Domestic Company NRI
  Equity Oriented Schemes
Long term capital gains 10% 10% 10%
Short term capital gains 15% 15% 15%
[Long term capital gains arises when mutual fund units of Equity Oriented Schemes are held for more than 12 months.]
[Short term capital gains arises when mutual fund units of Equity Oriented Schemes are held for 12 months or less.]
  Individual/ HUF Domestic Company NRI
  Other Than Equity Oriented Schemes
Long term capital gains 20% 20% Listed schemes - 20% Unlisted schemes - 10%
Short term capital gains 30% 30% / 25% 30%
[Long term capital gains arises when mutual fund units of Other Than Equity Oriented Schemes are held for more than 36 months.]
[Short term capital gains arises when mutual fund units of Other Than Equity Oriented Schemes are held for 36 months or less.]

1. Surcharge at 15% on base tax, is applicable where income exceeds Rs. 1 crore and at 10% where income exceeds Rs 50 lakhs but does not exceed Rs. 1 crore. Marginal relief for such person is available.

# Finance Bill, 2019 has proposed a rebate of lower of actual tax liability or Rs. 12,500 (against earlier rebate of Rs. 2,500) in case of individuals having total income not exceeding Rs. 5,00,000 (against earlier income of Rs. 3,50,000).

* Plus applicable surcharge and 4% health and education cess

Source: Indiabudget.nic.in