Current Income Tax Slab For 2019-20 (Income Tax Brackets In 2019-20)

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)



Income tax slab for firms and domestic companies (FY 2018-19 AY 2019-20)