Income Tax Slabs & Rates for FY 2019-20 (AY 2020–21)
Interim Budget 2019 has made
no changes in the Income Tax Slabs & Rates for FY 2019-20 (AY 2020-21). However,
a rebate of Rs 12,500 will be
available for the individuals with taxable income of up to Rs 5 lakh through
Section 87A of the income tax Act. Therefore, the applicable tax slabs &
rates will be as below.
Income Tax Slabs & Rates for FY 2019-20 (AY 2020–21)
The income tax slabs are determined on the basis of the age of person. At
present, there are 3 income tax slabs on the basis of the age. As of today, there
is no separate tax slabs for men and women.
1.
Individual (Below
60 years of age)
2.
Senior
Citizens (60 years and above but less than 80 years of age)
3.
Super Senior
Citizens (Above 80 years of age)
Income Tax Slabs for
Individual TaxPayers (Below 60 years of age)
|
|
Income Tax Slab
|
Income Tax Rate
|
Income up to Rs. 2,50,000
|
Nil
|
Income from Rs. 2,50,001 to Rs. 500,000
|
5%
|
Income from Rs. 500,001 to Rs. 10,00,000
|
20%
|
Income above Rs. 10,00,000
|
30%
|
Income Tax Slabs for
Senior Citizens (60 years and above but less than 80 years of age)
|
|
Income Tax Slab
|
Income Tax Rate
|
Income up to Rs. 3,00,000
|
Nil
|
Income from Rs. 3,00,001 to Rs. 500,000
|
5%
|
Income from Rs. 500,001 to Rs. 10,00,000
|
20%
|
Income above Rs. 10,00,000
|
30%
|
Income Tax Slabs for
Super Senior Citizens (Above 80 years of age)
|
|
Income Tax Slab
|
Income Tax Rate
|
Income up to Rs. 5,00,000
|
Nil
|
Income from Rs. 500,001 to Rs. 10,00,000
|
20%
|
Income above Rs. 10,00,000
|
30%
|
Surcharges and Cess
·
10% surcharge is applicable on income tax if
the total income exceeds Rs. 50 lakhs but below 1 crore.
·
15% surcharge is applicable on income tax if
the total income exceeds Rs 1 crore.
·
4% Health and Education Cess is applicable on
the income tax and applicable surcharge.
** For individuals whose taxable
income is equal to or less than Rs 5 lakh, a tax
rebate of Rs. 12,500 is available under section 87A of income tax Act.
** As of today, there
is no separate tax slabs for men and women.
Also read: 10 Tax saving options other than Section 80C
Also read: How to file income tax return online?
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Income Tax Slabs & Rates for FY 2019-20 (AY 2020-21)
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