Income Tax slabs & Rates for FY 2019-20 (AY 2020-21)

By | March 22, 2019
(Last Updated On: April 27, 2019)

Income Tax slabs for FY 2019-20 (AY 2020-21)

For Income Tax Slab Rates for AY 2019-20,AY 2020-21 There are three categories of individual taxpayers:
1.Individuals (below the age of 60 years) which includes residents as well as non-residents
2.Resident Senior citizens (60 years and above but below 80 years of age)
3.Resident Super senior citizens (above 80 years of age)

As per Finance Act 2019 : Download , following tax slabs has been notified for AY 2020-21

The Main relief to individual taxpayers is Rebate u/s 87A of Income Tax Act which increased the limit of rebate from Rs. 2,500 to Rs. 12,500 w.e.f. F.Y. 2019-20 for individual on total income upto Rs. 5 Lakh Per Annum.

Income Tax slabs for Individuals FY 2019-20 (AY 2020-21)

A) For your information below are the tax slabs on Income tax for Financial Year 2019-20 (Assessment Year 2020-21):

I. In the case of every individual other than the individual referred to in points (II) and (III) of this Paragraph ( Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year)

ParticularsTax Calculation
where the total income does not exceed Rs. 2,50,000Nil
where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,0005 per cent. of the amount by which the total income exceeds Rs. 2,50,000
where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000Rs. 12,500 plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000;
where the total income exceeds Rs. 10,00,000Rs.1,12,500 plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000

II. In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year:

ParticularsTax Calculation
where the total income does not exceed Rs. 3,00,000Nil
where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,0005 per cent. of the amount by which the total income exceeds Rs. 3,00,000
where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000Rs. 10,000 plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000;
where the total income exceeds Rs. 10,00,000Rs.1,10,000 plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000

III. In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year:

ParticularsTax Calculation
where the total income does not exceed Rs. 5,00,000Nil
where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,00020 per cent of the amount by which the total income exceeds Rs. 5,00,000
where the total income exceeds Rs. 10,00,000Rs. 1,00,000 plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000

B) Surcharge on tax: The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall be increased by a surcharge as mentioned below:

ParticularsSurcharge Applicable
having a total income exceeding fifty lakh rupees but not exceeding one crore rupeesAt the rate of 10% of such income tax
having a total income exceeding one crore rupeesAt the rate of 15% of such income tax

Provided that in the case of persons mentioned above having total income exceeding:

ParticularsMarginal Relief Applicable
fifty lakh rupees but not exceeding one crore rupeestotal amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees.
one crore rupeesthe total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

C) The amount of income-tax as mentioned in points (I) to (III) and as increased by the applicable surcharge shall be further increased by an additional surcharge name “Health and Education Cess on income-tax” calculated @ 4% i.e. calculated on Basic tax+Surcharge.

D) Income Tax Rebate :

 A resident individual is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.

 Calculation of Tax after Rebate u/s 87A

Below are the example for tax calculated and rebate u/s 87A 

Name: ABC

Age: 40 years

ParticularsF.Y. 2018-19F.Y. 2019-20
Income from Other Heads6,40,0006,40,000
Income from saving banks20,00020,000
Gross Total Income6,60,0006,60,000
Less: Deduction u/s 80C1,50,0001,50,000
(LIC Premium, PPF, ELSS etc.)
Less: Deduction u/s 80TTA for bank interest10,00010,000
Total Taxable Income5,00,0005,00,000
Income tax Payable as per slab rates12,50012,500
Less: Rebate u/s 87A(12,500)
Basic Tax:12,500
Add: Health Education Cess @4%500
Tax Payable13,000


2. Income Tax slabs for Partnership Firm for FY 2019-20 (AY 2020-21)

A partnership firm (including LLP) is taxable at 30%.

Plus:


Surcharge:-
 12% of tax where total income exceeds Rs. 1 crore.


Health and Education cess: 4% of income tax plus surcharge.

3. Income Tax slabs for Companies for FY 2019-20 (AY 2020-21)

Tax rates for domestic companies:

ParticularsTax rates
Total turnover or gross receipts during the previous year 2017-18 doesn’t exceed Rs. 250 Crore25%
Other domestic companies30%

Tax rates for foreign companies:

The tax rate for foreign company is 40%.

Plus: – 
Surcharge:-

CompanyNet income is
between
Rs. 1 Cr. – 10 Cr.
Net income exceeds
Rs. 10 Cr.
Domestic company7%12%
Foreign company2%5%

Health and Education cess: 4% of income tax plus surcharge.

4. Income Tax slabs for
HUF/AOP/BOI/Any other Artificial Juridical Person for FY 2019-20 (AY 2020-21)

Net income rangeIncome-Tax rate
Up to Rs. 2,50,000Nil
Rs. 2,50,000- Rs. 5,00,0005%
Rs. 5,00,000- Rs. 10,00,00020%
Above Rs. 10,00,00030%

Plus: – 
Surcharge: – 10% of income tax where total income exceeds Rs. 50,00,000.
               15% of income tax where total income exceeds Rs. 1,00,00,000.
Health and Education cess: – 4% of income tax and surcharge.

5  Income Tax Slab Rate for Co-operative Society for FY 2019-20 (AY 2020-21)

Net income rangeIncome-Tax rate
Up to Rs. 10,00010%
Rs. 10,000 to Rs. 20,00020%
Above Rs. 20,00030%

Plus:
Surcharge:- 12% of tax where total income exceeds Rs. 1 crore.
Health and Education cess: 4% of income tax plus surcharge.

6. Income Tax Slab Rate for Local Authority for FY 2019-20 (AY 2020-21)

A local authority is taxable at 30%.

Plus:

Surcharge:- 12% of tax where total income exceeds Rs. 1 crore.

Health and Education cess: 4% of income tax plus surcharge.

Also Read

Income Tax Slabs AY 2019-20 ( FY 2018-19 )

Income Tax Slabs  AY 2018-19 (FY 2017-18)

Income Tax Slabs AY 2017-18 ( FY 2016-17 )

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AY 2020-21 ( FY 2019-20 ) artificial juridical person Income Tax Slabs for
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