Saturday 23 February 2019

Income Tax Slabs & Rates for FY 2019-20 (AY 2020–21)


Income Tax Slabs & Rates for FY 2019-20 (AY 2020–21)

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.





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Income Tax Slabs & Rates for FY 2019-20 (AY 2020-21)


1 comment:

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