INCOME TAX SLAB RATES FY 2019-20, FY 2018-19

What is Income Tax Slab?

Income tax is that percentage of income paid to the government by the taxpayers for the betterment of the public at large. This income is categorized into different groups on the basis of the amount of income. Each such group is known as a Tax Slab. Tax is charged at different rates on the range of income falling under different income tax slabs. The Income Tax Act 1961 is the law that governs the provisions for our income tax in India.

The income tax slab rates are usually revised every year during the budget. Various deductions that are allowed to a taxpayer under various Sections like 80C, 80D, 80E, 80G, 80CCD etc.

Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Than 60 Years Old)

Income Tax Slabs	FY 2019-20 (AY 2020-21)	FY 2018-19 (AY 2019-20)
Up to ₹2,50,000*	Nil	Nil
₹2,50,001 to ₹5,00,000	5% of total income exceeding ₹2,50,000	5% of total income exceeding ₹2,50,000
₹5,00,001 to ₹10,00,000	₹12,500 + 20% of total income exceeding ₹5,00,000	₹12,500 + 20% of total income exceeding ₹5,00,000
Above ₹10,00,000	₹1,12,500 + 30% of total income exceeding ₹10,00,000	₹1,12,500 + 30% of total income exceeding ₹10,00,000

Read also: How to file Income tax return online

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old)

Income Tax Slabs	FY 2019-20 (AY 2020-21)	FY 2018-19 (AY 2019-20)
Income up to Rs 3,00,000*	No tax	No tax
Income from Rs 3,00,000 – Rs 5,00,000	5%	5%
Income from Rs 5,00,000 – 10,00,000	20%	20%
Income more than Rs 10,00,000	30%	30%

Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20

Income Tax Slabs	FY 2019-20 (AY 2020-21)	FY 2018-19 (AY 2019-20)
Income up to Rs 5,00,000*	No tax	No tax
Income from Rs 5,00,000 – 10,00,000	20%	20%
Income more than Rs 10,00,000	30%	30%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

· No tax for individuals with income less than ₹ 2,50,000

· 0%-5% tax with income ₹ 2.5 lacs to 5 lacs for different age groups

·  20% tax with income ₹ 5 lacs to 10 lacs

·  30% tax with income above ₹ 10 lacs

· Investments upto ₹ 1.5 lacs under Sec 80C can save ₹ 46,800 in taxes.

· Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
· Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

Read : Income Tax Slab Rates for FY 2016-17, FY 2017-18

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