Current Income Tax Slab For 2019-20 (Income Tax Brackets In 2019-20)
Jul 3, 2019, 11:24 IST
The income tax slabs have undergone a revision during the latest budget in India and here is a summary of different income tax slabs you must know for the financial year 2019-20.
For earnings up to 5 lakhs in a year, no income tax is applicable.
The exemption allowed on up to 5 lakhs income per year is combined with deductions on savings facilitated by Sector 80. This will imply that those that are earning till Rs. 6.5 lakhs per annum need not pay any income tax.
In case of salaried employees, a standard deduction of Rs. 50,000 is allowed. The TDS threshold on income through rents in raised to 2.4 lakhs from 1.8 lakhs. On bank and post office deposits, the threshold on interests are raised from Rs. 40,000 from Rs. 10,000.
Income tax slab for individual tax payers aged less than 60 years (FY 2018-19 AY 2019-20)
Income tax slab for senior citizens aged between 60 and 80 years (FY 2018-19 AY 2019-20)
Income tax slab for senior citizens aged above 80 years (FY 2018-19 AY 2019-20)
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For earnings up to 5 lakhs in a year, no income tax is applicable.
The exemption allowed on up to 5 lakhs income per year is combined with deductions on savings facilitated by Sector 80. This will imply that those that are earning till Rs. 6.5 lakhs per annum need not pay any income tax.
In case of salaried employees, a standard deduction of Rs. 50,000 is allowed. The TDS threshold on income through rents in raised to 2.4 lakhs from 1.8 lakhs. On bank and post office deposits, the threshold on interests are raised from Rs. 40,000 from Rs. 10,000.
Income tax slab for individual tax payers aged less than 60 years (FY 2018-19 AY 2019-20)
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| Income range per annum | Tax rate |
| Up to Rs. 2.5 lakhs | No Tax |
| From Rs. 2.5 lakhs to Rs.5 lakhs | 5% + 4% cess |
| From Rs. 5 lakhs to Rs. 10 lakhs | 20% + 4% cess |
| From Rs. 10 lakhs to Rs. 50 lakhs | 30% + 4% cess |
| From Rs. 50 lakhs to Rs. 1 crore | 30% + 10% surcharge + 4% cess |
| Above Rs.1 crore | 30% +15% surcharge + 4% cess |
| Rebate as per Section 87 (A) | 100% tax rebate is allowed for a maximum value of Rs. 2,500 in case of resident individuals whose total income is not above Rs. 3.5 lakhs |
Income tax slab for senior citizens aged between 60 and 80 years (FY 2018-19 AY 2019-20)
| Income range per annum | Tax rate |
| Up to Rs. 2.5 lakhs | No Tax |
| From Rs. 2.5 lakhs to Rs.5 lakhs | 5% + 4% cess |
| From Rs. 5 lakhs to Rs. 10 lakhs | 20% + 4% cess |
| From Rs. 10 lakhs to Rs. 50 lakhs | 30% + 4% cess |
| From Rs. 50 lakhs to Rs. 1 crore | 30% + 10% surcharge + 4% cess |
| Above Rs.1 crore | 30% +15% surcharge + 4% cess |
| Rebate as per Section 87 (A) | 100% tax rebate is allowed for a maximum value of Rs. 2,500 in case of resident individuals whose total income is not above Rs. 3.5 lakhs |
Income tax slab for senior citizens aged above 80 years (FY 2018-19 AY 2019-20)
| Income range per annum | Tax rate |
| Up to Rs. 2.5 lakhs | No Tax |
| Up to Rs. 5 lakhs | No Tax |
| From Rs. 5 lakhs to Rs. 10 lakhs | 20% + 4% cess |
| From Rs. 10 lakhs to Rs. 50 lakhs | 30% + 4% cess |
| From Rs. 50 lakhs to Rs. 1 crore | 30% + 10% surcharge + 4% cess |
| Above Rs.1 crore | 30% +15% surcharge + 4% cess |
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Income tax slab for firms and domestic companies (FY 2018-19 AY 2019-20)| Tax category | Firms | Domestic companies |
| Turnover up to Rs. 50 crores | 30% | 25% |
| Turn over above Rs. 50 crores | 30% | 30% |
| Surcharges | If the total income exceeds 1 crore, 12% of tax is applied as surcharge | 7% of tax if income exceeds 1 crore but is below 10 crore.10% of tax in case the income exceeds Rs. 10 crores |
| Cess | 3% of tax + surcharge | 3% of tax + surcharge |