Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2019-20 – Part I
| Income Tax Slab |
Tax Rate for Individual & HUF Below the Age Of 60 Years |
| Up to ? 2,50,000* |
Nil |
| ? 2,50,001 to ? 5,00,000 |
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 |
| Above ? 10,00,000 |
? 1,12,500 + 30% of total income exceeding ? 10,00,000 |
-
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
-
A tax rebate under section 87A is allowed to individual taxpayers a maximum amount of:
– Rs 2,500 for total income up to Rs 3.5 lakh for FY 2018-19
– Rs 12,500 for total income up to Rs 5 lakh for FY 2019-20
-
Investments upto ? 1.5 lacs under Sec 80C can save ? 46,800 in taxes.
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
Let’s understand the tax calculation for rebate with the help of an example:
| Source of income (FY 2019-20) |
Income (Rs) |
| Salary (6,50,000) |
|
| Less: Standard deduction ( 50,000) |
6,00,000 |
| Interest on fixed deposit |
50,000 |
| Gross total income |
6,50,000 |
| Less: Deduction under section 80C |
1,50,000 |
| Total income |
5,00,000 |
| Income-tax (@ 5% from Rs 2.5 to 5 lakh) |
12,500 |
| Less: Rebate u/s 87A |
12,500 |
|
NIL |
Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2019-20 – Part II
| Income Tax Slabs |
Tax Rate for Senior cetizens aged 60 Years But Less than 80 Years |
| Income up to Rs 3,00,000* |
No tax |
| Income from Rs 3,00,000 – Rs 5,00,000 |
5% |
| Income from Rs 5,00,000 – 10,00,000 |
20% |
| Income more than Rs 10,00,000 |
30% |
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
Let’s understand the tax calculation for rebate with the help of an example:
| Source of income (FY 2019-20) |
Income (Rs) |
| Salary (4,00,000) |
|
| Less: Standard deduction ( 50,000) |
3,50,000 |
| Income from house property |
2,50,000 |
| Interest on fixed deposit |
50,000 |
| Gross total income |
6,50,000 |
| Less: Deduction under section 80C |
1,50,000 |
| Total income |
5,00,000 |
| Income-tax (@ 5% from Rs 3 to 5 lakh) |
10,000 |
| Less: Rebate u/s 87A |
10,000 |
|
NIL |
Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20 – Part III
| Income Tax Slabs |
Tax Rate for Super Senior Citizens (Aged 80 Years And Above) |
| Income up to Rs 5,00,000* |
No tax |
| Income from Rs 5,00,000 – 10,00,000 |
20% |
| Income more than Rs 10,00,000 |
30% |
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
Let’s understand the tax calculation for a rebate with the help of an example:
| Source of income (FY 2019-20) |
Income (Rs) |
| Salary (3,50,000) |
|
| Less: Standard deduction ( 50,000) |
3,00,000 |
| Income from house property |
2,50,000 |
| Interest on fixed deposit |
1,00,000 |
| Gross total income |
6,50,000 |
| Less: Deduction under section 80C |
1,50,000 |
| Total income |
5,00,000 |
| Income-tax (nil below Rs 5 lakh) |
NIL |
| Less: Rebate u/s 87A |
NIL |
|
NIL |
Surcharge applicable to the individuals covered in Part I, II and III:
| Income limit |
Surcharge Rate on the amount of income tax |
| Net income exceeds Rs 50 lakh but doesn’t exceed Rs 1 crore |
10% |
| Net income above Rs 1 crore but doesn’t exceed Rs 2 crore |
15% |
| Net income exceeds Rs 2 crore but doesn’t exceed Rs 5 crore |
25% |
| Net income exceeds Rs 5 crore |
37% |
Income Tax Slabs for Domestic Companies for FY 2019-20 – Part IV
| Turnover Particulars |
Tax Rate |
| Gross turnover upto 400 Cr. in the FY 2017-18 |
25% |
| Gross turnover exceeding 400 Cr. in the FY 2017-18 |
30% |
| Where the company opted for Section 115BA |
25% |
| GWhere the company opted for Section 115BAA |
22% |
| Where the company opted for Section 115BAB |
15% |
In addition cess and surcharge is levied as follows:
Cess: 4% of corporate tax
Surcharge applicable:
| Income Limit |
Surcharge Rate on the amount of income tax |
| Net income exceeds Rs.1 Crore but doesn’t exceed Rs.10 Crore |
7% |
| Net income exceeds Rs.10 Crore |
12% |
However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income.