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)
Particulars | Tax Calculation |
where the total income does not exceed Rs. 2,50,000 | Nil |
where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 | 5 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. 10,00,000 | Rs. 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. 10,00,000 | Rs.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:
Particulars | Tax Calculation |
where the total income does not exceed Rs. 3,00,000 | Nil |
where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 | 5 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. 10,00,000 | Rs. 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. 10,00,000 | Rs.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:
Particulars | Tax Calculation |
where the total income does not exceed Rs. 5,00,000 | Nil |
where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 | 20 per cent of the amount by which the total income exceeds Rs. 5,00,000 |
where the total income exceeds Rs. 10,00,000 | Rs. 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:
Particulars | Surcharge Applicable |
having a total income exceeding fifty lakh rupees but not exceeding one crore rupees | At the rate of 10% of such income tax |
having a total income exceeding one crore rupees | At the rate of 15% of such income tax |
Provided that in the case of persons mentioned above having total income exceeding:
Particulars | Marginal Relief Applicable |
fifty lakh rupees but not exceeding one crore rupees | total 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 rupees | the 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
Particulars | F.Y. 2018-19 | F.Y. 2019-20 |
Income from Other Heads | 6,40,000 | 6,40,000 |
Income from saving banks | 20,000 | 20,000 |
Gross Total Income | 6,60,000 | 6,60,000 |
Less: Deduction u/s 80C | 1,50,000 | 1,50,000 |
(LIC Premium, PPF, ELSS etc.) | ||
Less: Deduction u/s 80TTA for bank interest | 10,000 | 10,000 |
Total Taxable Income | 5,00,000 | 5,00,000 |
Income tax Payable as per slab rates | 12,500 | 12,500 |
Less: Rebate u/s 87A | – | (12,500) |
Basic Tax: | 12,500 | – |
Add: Health Education Cess @4% | 500 | |
Tax Payable | 13,000 | – |
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:
Particulars | Tax rates |
Total turnover or gross receipts during the previous year 2017-18 doesn’t exceed Rs. 250 Crore | 25% |
Other domestic companies | 30% |
Tax rates for foreign companies:
The tax rate for foreign company is 40%.
Plus: –
Surcharge:-
Company | Net income is between Rs. 1 Cr. – 10 Cr. | Net income exceeds Rs. 10 Cr. |
Domestic company | 7% | 12% |
Foreign company | 2% | 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 range | Income-Tax rate |
Up to Rs. 2,50,000 | Nil |
Rs. 2,50,000- Rs. 5,00,000 | 5% |
Rs. 5,00,000- Rs. 10,00,000 | 20% |
Above Rs. 10,00,000 | 30% |
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 range | Income-Tax rate |
Up to Rs. 10,000 | 10% |
Rs. 10,000 to Rs. 20,000 | 20% |
Above Rs. 20,000 | 30% |
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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