Income Tax Slab Rate for Financial Year 2019-2020

New Income Tax Slab & Rate in India for Financial Year 2019-2020

Dear reader, in this post we are going to update you about the latest Income Tax slab & rate for Individual applicable in financial year 2019-2020.

Income Tax Slab Rate 2019-2020

In India, Income tax is levied on individual taxpayers on the basis of a income slab system. In this system different tax rates have been prescribed for different slabs. Moreover, such tax rates keep increasing with an increase in the income slab.

Tax slabs undergo a change during every finance budget.

As per the existing Slabs & Tax  Rate there are three categories of individual taxpayers:

  1. Individuals (Both Male & Female) below 60 Years of Age
  2. Senior Citizens (Both Male & Female) above 60 Years of Age but below 80 years
  3. Super Senior Citizens (Both Male & Female) 80 Years of Age

Income Tax Slab for Individuals – Financial Year 2019-2020

Tax Slab & Rate for Individual

(Both Male & Female less than 60 years old)

Income Tax Slabs Tax Rate
Up to Rs. 2,50,000 NIL
Income above Rs. 2,50,000 – Upto Rs. 5,00,000 5% of total income exceeding Rs. 2,50,000
Income above Rs.5,00,000 – Upto Rs. 10,00,000 Rs.12,500 + 20% of the total income exceeding Rs. 500,000
Income above Rs. 10,00,000 Rs.112,500 + 30% of the total income exceeding Rs.10,00,000

In Addition, there is no tax up to the Income of Rs. 5,00,000 by deducting the Rebate under section 87A.

Income Tax Slab for Senior Citizens

(60 years old or more but Less than 80 Years Old)

Income Tax Slabs Tax Rate Health Education Cess
Income up to Rs 3,00,000 NIL
Income from Rs 3,00,000 to Rs 5,00,000 5% 4% of Income Tax
Income from Rs 5,00,000  to Rs.10,00,000 20% 4% of Income Tax
Income more than Rs 10,00,000 30% 4% of Income Tax

Income Tax Slab & Rate for Super Senior Citizens

(80 Years Old Or More)

Income Tax Slabs Tax Rate Health & Education Cess
Income up to Rs 5,00,000* NIL
Income from Rs 5,00,000 to Rs 10,00,000 20% 4% of Income Tax
Income more than Rs 10,00,000 30% 4% of Income Tax

In addition to amount of tax computed as per above mentioned slab, individuals are require to pay Health & Education Cess and Surcharge.

Health & Education [email protected]% is newly introduced during 2019 finance budget

Therefore, for F.Y 2019-2020 ( A.Y 2020-2021) Health & Education [email protected]% shall be leviable on the amount of income tax.

Surcharge would be levied:

@10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

@15% of income tax, where the total income exceeds Rs.1 crore.

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