IT Slabs (FY 2019-20)


Given below are the latest income tax slabs applicable for financial year 2019-20. The basic tax exemption limit for an individual depends on their age and residential status. According to age, resident individual taxpayers are divided into three categories:

  • For Individuals or Hindu Undivided Family (HUF)

Taxable Income
Tax Rate
Up to Rs. 2,50,000
Nil
Rs. 2,50,000 to Rs 5,00,000
5%
Rs. 5,00,000 to Rs. 10,00,000
20%
Above Rs. 10,00,000
30%

  • For resident senior citizen (60 years or more but less than 80 years)  

Taxable Income
Tax Rate
Up to Rs. 3,00,000
Nil
Rs. 3,00,000 to Rs 5,00,000
5%
Rs. 5,00,000 to Rs. 10,00,000
20%
Above Rs. 10,00,000
30%

  • For resident super senior citizen (who is 80 years or more) 

Taxable Income
Tax Rate
Up to Rs. 5,00,000
Nil
Rs. 5,00,000 to Rs. 10,00,000
20%
Above Rs. 10,00,000
30%

Surcharge, Cess and Rebate

  • Surcharge is levied on the amount of income-tax at the following rates if total income exceeds the below specified limits. 
Taxable Income
Surcharge
Up to Rs. 50 Lakh
Nil
More than Rs. 50 Lakh but less than Rs. 1 Cr
10%
More than Rs. 1 Cr
15%
  • Health and Education Cess is calculated at the rate of 4% of such income-tax and surcharge
  • Rebate under Section 87A is available to individuals if total income is less than Rs. 5,00,000. The rebate amount is 100% of income-tax or Rs. 12,500, whichever is less.
Please note that Financial Year 2019-20 is considered as Assessment Year 2020-21 for the income tax computation. 

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