Income Tax Slab for FY 2019-2020

A) Individuals and Hindu Undivided Family (HUF) Age < 60 years

Annual Income Income Tax Rates Health and Education Cess
Up to Rs.2.5 lakh*  Nil  Nil 
Rs.2,50,001-Rs.5 lakh  5% of (total income minus Rs.2,50,000) 4% of Income Tax 
Rs.5,00,001-Rs.10 lakh  Rs.12,500 + 20% of (total income minus Rs 5,00,000)  4% of Income Tax 
Above Rs.10 lakh  Rs.1,12,500 + 30% of (total income minus Rs.10 lakh) 4% of Income Tax 

Surcharge: 

  • Total income Upto 50 lac  —  No Surcharge
  • Total income 50 lac to less than 1 crore  —  Surcharge 10% of the income tax
  • Total income 1 crore and more  —  Surcharge 15% of the income tax

B) Senior Citizens Age >= 60 years, but Age < 80 years

Annual Income Tax Rates Health and Education Cess
Up to Rs.3 lakh*  Nil  Nil 
Rs.3,00,001-Rs.5 lakh  5% of (total income minus Rs.3 lakh) 4% of Income Tax 
Rs.5,00,001-Rs.10 lakh  Rs.10,000 + 20% of (total income minus Rs.5 lakh)  4% of Income Tax 
Above Rs.10 lakh  Rs.1,10,000 + 30% of (total income minus Rs. 10 lakh) 4% of Income Tax 

Surcharge:
Total income Upto 50 lac — No Surcharge
Total income 50 lac to less than 1 crore — Surcharge 10% of the income tax
Total income 1 crore and more — Surcharge 15% of the income tax

3) Senior Citizens who are 80 years old or more – Part (III): 

Annual Income Tax Rates Health and Education Cess
Up to Rs.5 lakh*  Nil  Nil 
Rs.5,00,001-Rs.10 lakh  20% of (total income minus Rs.5 lakh)  4% of Income Tax 
Above Rs.10 lakh  Rs.1 lakh + 30% of (total income minus Rs.10 lakh)  4% of Income Tax 

Surcharge:
Total income Upto 50 lac — No Surcharge
Total income 50 lac to less than 1 crore — Surcharge 10% of the income tax
Total income 1 crore and more — Surcharge 15% of the income tax

Tax Deducted at Source (TDS) has to be deducted at applicable rates as mentioned above along with the surcharge and Health and Education Cess. 

4) Domestic Companies – Part (IV): 

Turnover Particulars  Tax Rates
If the gross turnover in the previous year is less than Rs.250 crore  25% 
If the gross turnover in the previous year is more than Rs.250 crore  30% 

Additional rates which are applicable: 

Cess: 4% of the corporate tax 

Surcharge: When the taxable income is higher than Rs.1 crore but less than Rs.10 crore, the applicable surcharge will be 7%. 

Surcharge: When the taxable income is higher than Rs.10 crore, the applicable surcharge will be 12%. 

Comments (4)

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