Income Tax rates for AY 2020-21 ( F. Y.2019-20)
According to Income Tax Act 1961 Total income is taxable at prescribed rate in financial budget 2019. Income Tax rates are announced in financial budget presented in the parliament every year. Income Tax rates and Income Tax Slab are same thing. Income Tax slab are different for different tax payer like Individual, Senior Citizen, Firm, HUF, Company, Foreign Company, AOP/BOI, Artificial person etc.
Income Tax Rates/Slab for AY 2020-21( F.Y.2019-20) are following.