TAX SLAB FOR F.Y 19-20

Income Tax SlabTax Rate for Individual & HUF Below the Age Of 60 s
Up to ₹2,50,000*Nil
₹2,50,001 to ₹5,00,0005% 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

Tax Rates for Senior Tax Payers between the age of 60 years to 80 years old

Income Tax Slab
Senior Citizens (between 60 years – 80 years)
Up to 3,00,000
Nil
 3,00,001 to 5,00,000
5% of income exceeding 3,00,000
 5,00,001 to 10,00,000
Tax Amount of 10,000 for the income up to 5,00,000
+ 20% of total income exceeding 5,00,000
Above 10,00,000
Tax Amount of 1,10,000 for the income up to 10,00,000
+ 30% of total income exceeding 10,00,000

Tax Rates for Super Senior Tax payers above the age of 80 years

Income Tax Slab
Very Senior Citizens of and above 80 years of age
Up to 5,00,000
Nil
 5,00,001 to 10,00,000
20% of income exceeding 5,00,000
Above 10,00,000
Tax Amount of 1,00,000for the income up to 10,00,000
+ 30% of total income exceeding 10,00,000
SOME IMPORTANT POINTS:
  • The income tax rates are applied to the annual income calculated. Thereafter Surcharge and Cess is added to the tax payable.
    • A surcharge is also applicable slab wise. The surcharge is calculated on the Tax amount. If the income is:
  1. Above Rs.50,00,000 and up to Rs.1 crore – then 10% surcharge is applicable
  2. Above Rs.1 crore and up to Rs.2 crore – then 15% surcharge is applicable.
In the Union Budget 2019-20, a new surcharge on income tax for super-rich individuals has been levied. So, individuals earning:
  1. Between Rs.2 crores and up to Rs.5 crore –then 25% surcharge is applicable;
  2. For Above Rs. 5 crore – then 37% surcharge is applicable.
  • An additional Cess of 4% for Health & Education is applicable to the income tax plus surcharge.
Investments under Section 80C can be made up to the tune of Rs.1,50,000 in different investments such as PPF, NSC, etc. and an additional Rs.50,000/- under Section 80 CCD(1B) in NPS can be made.
  • Section 87A allows tax rebate to Individuals whose total annual income falls below Rs.5,00,000. This rebate is limited to Rs.12,500/- and essentially acquits people from having to pay taxes under Rs.5,00,000/-, However, the return of income has to be filed if income is over Rs.2,50,000/-. Individuals with income exceeding Rs.5,00,000/- do not get the benefit of any rebate under section 87A

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