Rate of Surcharge for Financial Year 2020-21
Finance bill 2020 has made some amendment in rate of surcharge for various classes of tax payers. Here is the list of taxpayers and corresponding rate of surcharge applicable for financial year 2020-21(assessment year 2021-22) which are as follow:
- Rate of Surcharge for individual or HUF or association of persons or body of individuals or artificial juridical person will be as follows:
| Particular | Rate of Surcharge |
| Total income does not exceeds 50 Lakh | Nil |
| Total income exceeds 50 Lakh but does not exceeds 1 Crore | 10% |
| Total income exceeds 1 Crore but does not exceeds 2 Crore | 15% |
| Total income* exceeds 2 Crore but not exceeds 5 Crore | 25% |
| Total income* exceeds 5 Crore | 37% |
*excluding the income under the provisions of section 111A and 112A of the Act, However where total income includes any income chargeable under section 111A and 112A of the Act, the rate of surcharge on the amount of income-tax computed in respect of that part of income shall not exceed 15%;
- Rate of Surcharge for co-operative society or firm or local authority will be 12% of such income-tax if total income exceeds from INR 1 Crore
- Rate of Surcharge for Domestic Company:
| Particular | Rate of Surcharge |
| Total income exceeds 1 Crore | Nil |
| Total income exceeds 1 Crore but does not exceeds 10 Crore | 7% |
| Total income exceeds 10 Crore | 12% |
- Rate of Surcharge for Foreign Company:
| Particular | Rate of Surcharge |
| Total income exceeds 1 Crore | Nil |
| Total income exceeds 1 Crore but does not exceeds 10 Crore | 2% |
| Total income exceeds 10 Crore | 5 % |