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Income tax Rates Slab for Last eleven years from FY 2010-11 (AY 2011-12) to FY 2020-21 (AY 2021-22)

Income tax Rates Slab from FY 2010-11 (AY 2011-12) to FY 2019-20 (AY 2020-21)

 

Income Tax Slabs and patterns have been changed each year. Looking for the Income Tax Slabs and rates for the last ten financial years i.e. 2010-11 to 2019-20 or Assessment years 2011-12 to 2020-21? This article might help you find out the same.

 

Important Update- Due date for Income Tax Return Filing has been extended
  • The due date for filing Income Tax Returns by taxpayers, Including their partners (who are required to get their accounts audited) for FY 2019-20 has been extended to 31st January, 2021 from October 31, 2020.
  • The due date for filing Income Tax Returns by other taxpayers (who does not require to get their accounts audited) for FY 2019-20 has been extended to December 31st, 2020 from November 30, 2020.
  • The due date for filing Income Tax Returns for the taxpayers required to furnish report in respect of international transactions has been extended to January 31, 2021 from November, 2020.
  • Also, the due date for furnishing Tax Audit Report and report in respect of international/specified domestic transaction for the FY 2019-20 has also been extended to 31st December, 2020.

What is Income Tax Slab rates in India?

Indian Income Tax System follows Income Tax Slabs for levying the tax on the income of an individual or non-individual. Various slabs are accounted for. 

 

In India, the Income Tax is charged on the income earned. This tax applies to the range of income, which is called Income Tax Slabs. The slabs of Income Tax keep changing from year to year. The Finance Minister announces the slab rates of Income Tax in the Union Budget each year. The Income Tax Slabs can be categorized into four slabs,

  • Income is chargeable to Nil rate of Tax;
  • An Income is chargeable to 10%;
  • Income is chargeable to 20%; and
  • Income is chargeable to 30%.

Surcharge (EC) and secondary and higher secondary education cess (SHEC) are also charged over and above the tax.

 Bifurcation of Income Tax Slab

The Income Tax Slab rate can be mainly bifurcated as under:

  • By Gender
    • Male; and
    • Female.
  • By Age
    • Resident; and
    • Non-resident in India.
  • For Hindu Undivided Family (HUF)/ Association Of Person (AOP)/ Body Of Individual (BOI)/ Artificial Judicial Person (AJP).
  • On Non-individuals
    • Partnership Firms or LLPs;
    • Domestic Company;
    • Foreign Company;
    • Co-operative Societies; and
    • Local Authorities.

 

Suggested read: Key Highlights of Union Budget 2020

Income Tax Rate from Assessment Year 2011-2012 to 2020-2021

Income Tax Rate for FY 2010-11 or AY 2011-12

 

Tax rate Men women Senior citizen
Nil 160000 190000 240000
10% 160001 to 500000 190001 to 500000 240001 to 500000
20% 500001 to 800000 500001 to 800000 500001 to 800000
30% Above 800000 Above 800000 Above 800000

 

Surcharge: There is no surcharge in the case of every individual, Hindu undivided family, Association of persons and body of individuals.

Education cess:  3% on Income-tax plus Surcharge.

 

Income Tax Rate for FY 2011-12 or AY 2012-13

 

Tax rate Men women Senior citizen

(age 60 to 80)

 Very senior Citizen

(Age above 80)
Nil 180000 190000 250000 500000
10% 180001 to 500000 190001 to 500000 250001 to 500000 –
20% 500001 to 800000 500001 to 800000 500001 to 800000 500001 to 800000
30% Above 800000 Above 800000 Above 800000 Above 800000

 

Surcharge: There is no surcharge in the case of every individual, Hindu undivided family, Association of persons and body of individuals.
Education cess:  3% on Income-tax plus Surcharge.

 

Income Tax Rate for FY 2012-13 or AY 2013-14

 

Tax rate Men & women Senior Citizen

(Age 60 to 80)

 Very senior Citizen

(Age above 80)
Nil 200000 250000 500000
10% 200001 to 500000 250001 to 500000 –
20% 500001 to 1000000 500001 to 1000000 500001 to 1000000
30% Above 1000000 Above 1000000 Above 1000000

 

Surcharge: There is no surcharge in the case of every individual, Hindu undivided family, Association of persons and body of individuals.
Education cess:  3% on Income-tax plus Surcharge.

 

Income Tax Rate for FY 2013-14 or AY 2014-15

 

Tax rate Men & women Senior Citizen

(Age 60 to 80)

 Very senior Citizen

(Age above 80)
Nil 200000 250000 500000
10% 200001 to 500000 250001 to 500000 –
20% 500001 to 1000000 500001 to 1000000 500001 to 1000000
30% Above 1000000 Above 1000000 Above 1000000

 

Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore
Education cess:  3% on Income-tax plus Surcharge.

 

Income Tax Rate for FY 2014-15 or AY 2015-16

 

Tax rate Men & women Senior Citizen

(Age 60 to 80)

 Very senior Citizen

(Age above 80)
Nil 250000 300000 500000
10% 250001 to 500000 300001 to 500000 –
20% 500001 to 1000000 500001 to 1000000 500001 to 1000000
30% Above 1000000 Above 1000000 Above 1000000

 

Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore
Education cess:  3% on Income-tax plus Surcharge.

 

Income Tax Rate for FY 2015-16 or AY 2016-17

 

Tax rate Men & women Senior Citizen

(Age 60 to 80)

 Very senior Citizen

(Age above 80)
Nil 250000 300000 500000
10% 250001 to 500000 300001 to 500000 –
20% 500001 to 1000000 500001 to 1000000 500001 to 1000000
30% Above 1000000 Above 1000000 Above 1000000

 

Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore
Education cess:  3% on Income-tax plus Surcharge.

 

Income Tax Rate for FY 2016-17 or AY 2017-18

 

Tax rate Men & women Senior Citizen

(Age 60 to 80)

 Very senior Citizen

(Age above 80)
Nil 250000 300000 500000
10% 250001 to 500000 300001 to 500000 –
20% 500001 to 1000000 500001 to 1000000 500001 to 1000000
30% Above 1000000 Above 1000000 Above 1000000

 

Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore
Education cess:  3% on Income-tax plus Surcharge.

 

Income Tax Rate for FY 2017-18 or AY 2018-19

 

Tax rate Men & women Senior Citizen

(Age 60 to 80)

 Very senior Citizen

(Age above 80)
Nil 250000 300000 500000
10% 250001 to 500000 300001 to 500000 –
20% 500001 to 1000000 500001 to 1000000 500001 to 1000000
30% Above 1000000 Above 1000000 Above 1000000

 

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh and 15% of tax where total income exceeds Rs. 1 crore
Education cess:  3% on Income-tax plus Surcharge.

 

Income Tax Rate for FY 2018-19 or AY 2019-20

 

Tax rate Men & women Senior Citizen

(Age 60 to 80)

 Very senior Citizen

(Age above 80)
Nil 250000 300000 500000
10% 250001 to 500000 300001 to 500000 –
20% 500001 to 1000000 500001 to 1000000 500001 to 1000000
30% Above 1000000 Above 1000000 Above 1000000

 

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh and 15% of tax where total income exceeds Rs. 1 crore
Education cess:  Health & Education cess: 4% of tax plus surcharge

 

Income Tax Rate for FY 2019-20 or AY 2020-21

 

Tax rate Men & women Senior Citizen

(Age 60 to 80)

 Very senior Citizen

(Age above 80)
Nil 250000 300000 500000
10% 250001 to 500000 300001 to 500000 –
20% 500001 to 1000000 500001 to 1000000 500001 to 1000000
30% Above 1000000 Above 1000000 Above 1000000

 

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh and 15% of tax where total income exceeds Rs. 1 crore
Education cess:  Health & Education cess: 4% of tax plus surcharge

 

Income Tax Rate for FY 2020-21 or AY 2021-22

 

Tax rate Men & women Senior Citizen

(Age 60 to 80)

 Very senior Citizen

(Age above 80)
Nil 250000 300000 500000
5% 250001 to 500000 – –
10% 500001 to 7,50000 300001 to 500000 –
15% 7,50001 to 1000000 – –
20% 1000001 to 12,50,000 500001 to 1000000 500001 to 1000000
25% 12,50,001 to 1500000 – –
30% Above 1500000 Above 1000000 Above 1000000

 

The tax calculated on the basis of such rates will be subject to health and education cess of 4%.

 

Note: Any individual opting to be taxed under the new tax regime from FY 2020-21 onwards will have to give up certain exemptions and deductions.

 

Ebizfiling recommends a read: Income Tax Slab/ rates for the FY 2020-21 or AS 2021-22

 

 

 

Categories: Articles - Income Tax
Tags: Government Of IndiaIncome tax DepartmentITR
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