GST & Income Tax Slab For The Year 2020-21: Complete Information

GST & Income Tax Slab For The Year 2020-21: Complete Information brings complete information on GST and Income Tax Slab for Individual, Company, Society & others for the year 2020-21.

Income Tax Slab Rate for AY 2020 – 21


(resident or non‐resident), who is of the age of less than 60 years on the last day of the relevant previous year:


Resident Senior Citizen: every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any me during the previous year:


Resident Super Senior Citizen:  every individual, being a resident in India, who is of the age of 80 years or more at any me during the previous year:


Income Tax Rate for Partnership Firm:

A partnership firm (including LLP) is taxable at 30%*.


12% of tax where total income exceeds Rs. 1 crore.

Tax Rate for Companies: Total turnover or gross receipts during the previous year 2017-18 doesn’t exceed Rs. 250 Crore, Tax Rate: 25%. The tax rate for foreign company is 40%.

Income Tax Rate for HUF/AOP/BOI/Any other Artificial Juridical Person:

Income Tax Slab Rate for Co-operative Society:


Income Tax Slab Rate for Local Authority:

A local authority is taxable at 30%.

Surcharge: 12% of tax where total income exceeds Rs. 1 crore.

What is Gift tax in India?  Is gift money taxable in India?

If the total amount of money received by an the fair market value individual from one or more persons during a
previous year exceeds Rs. 50,000/-, the whole of such amount will be chargeable to tax. If you receive Rs. 40,000 as gift from anybody, there is no tax liability, but if you receive another Rs. 20,000 in the same year, you have to pay tax on the entire Rs. 60,000, because you have exceeded the limit of Rs. 50,000.

The Gift Tax was introduced in India in 1958, but gift tax in India is now coming under the Income Tax Act. If you are receiving more than Rs. 50,000 in a year from anybody other than your relatives, please remember there is a
tax on that gift.

What is GST ?

GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be substitute for all indirect tax levied by state and central government. Exports and direct tax like
income tax, corporate tax and capital gain tax will not be affected by GST. GST would apply to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas. GST is dual system of taxation which is concurrently levied by central and state government.

Central GST (CGST) which will be levied by Centre
State GST (SGST) Which will be levied by State
Integrated GST (IGST) – which will be levied by Central Government on inter-State supply of goods and services.
Only Value addition will be taxed and burden is to be borne by the final consumer.

Benefits of GST implementation

Eliminates cascading effect
Higher amount of threshold for registration
Simple and easy ling procedure
Unorganized sector is regulated
GST is backed by the GSTN, which is a
fully integrated tax platform to deal with all aspects of GST


GSTR 9 form is an annual return to be filed once in a year by the registered taxpayers under GST.
It consists of details regarding the supplies made and received during the year under different tax heads
i.e. CGST, SGST and IGST. It consolidates the information furnished in the monthly or quarterly returns during the year.

Forms covered under GSTR-9

GSTR-9 due date is on or before 31st December of the subsequent financial year.  For FY 2017-18, the due date for filing GSTR 9 is 30th June 2019 as per the 31st GST council meeting held on 22nd December 2018.

Penalty for Non filing of GSTR 9

Late fees for GSTR 9 after the due date is Rs 100 under CGST & 100 under SGST, the total penalty is Rs 200 per day of default up to a maximum of an amount calculated at a 0.25% of the taxpayer turnover in the state or union territory. There is no late fee on IGST.  Interest will be paid @ of 18% per annum. It will be calculated by the
taxpayer on amount of outstanding tax to be paid.

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