Income Tax Slab for FY 2019-20 (AY 2020-21), FY 2018-19 (AY 2019-20)

Up-to-date income tax rates 2019-20 | Income Tax Slab for Salaried Employees

Tax Slabs for previous years

 

There is greater tax liability with the increase of income level in the Indian taxation system. As per the Budget provisions, income levels are categorized into four slabs. Each level of income has different income tax rates for the assessment of tax.

 Besides, there are mainly three different groups in taxpayers according to their ages.

1.  Individuals below 60 years.
2.  Senior citizens (From 60 years to below 80 years).
3.  Super senior citizens (80 years above).

 Each group of taxpayers has different income tax slab. Every year in budget session, income tax rates and tax slabs get modified.

Find here guide on How to file Income Tax Return online

Income tax slab for AY 2020-21 (Income tax slab for FY 2019-20)

Income tax slab rate for individuals below 60 years.

(As per Budget provision, if you are a salaried person, there is a deduction of Rs.50000 from the gross salary before applying the following tax rates.)

Taxable Income	Tax Rate
Up to Rs.250000	Nil
Rs.250001 to Rs.500000	5%
Rs.500001 to Rs.1000000	20%
Above Rs.1000000	30%

 Notes:
 Income tax basic exemption limit is rupees 250000.
 If Taxable Income is less equal to rupees 500000, there is a tax rebate under section 87A up to rupees 12500.
 In addition to the above tax slab, there is an Education Cess @4% on total tax.
 Besides, there is also a surcharge @10% for total income more than Rs.50 Lakh to Rs.1 crore.
 The surcharge is 15% for income of more than Rs.1 crore.

Income tax slab for senior citizens below 80 years but more than 60 years

(As per Budget provision, if you are a salaried person/ pensioners, there is a deduction of Rs.50000 from the gross salary/ pension before applying the following tax rates.)

Taxable Income	Tax Rate
Up to Rs.300000	Nil
Rs.300001 to Rs.500000	5%
Rs.500001 to Rs.1000000	20%
Above Rs.1000000	30%

 Notes:
 Income tax basic exemption limit is rupees 300000.
 If Taxable Income is less equal to rupees 500000, there is a tax rebate under section 87A up to rupees 12500.
 In addition to the above tax slab, there is an Education Cess @4% on total tax.
 Besides, there is also a surcharge @10% for total income more than Rs.50 Lakh to Rs.1 crore.
 The surcharge is 15% for income of more than Rs.1 crore.

 

Income tax slab for super senior citizens above 80 years

(As per Budget provision, if you are a salaried person/ pensioners, there is a deduction of Rs.50000 from the gross salary/ pension before applying the following tax rates.)

Taxable Income	Tax Rate
Up to Rs.500000	Nil
Rs.500001 to Rs.1000000	20%
Above Rs.1000000	30%

 Notes:
 Income tax basic exemption limit is rupees 500000.
 In addition to the above tax slab, there is an Education Cess @4% on total tax.
 Besides, there is also a surcharge @10% for total income more than Rs.50 Lakh to Rs.1 crore.
 The surcharge is 15% for income of more than Rs.1 crore.

Income tax slab for AY 2019-20 (Income tax slab for FY 2018-19)

Income tax slab rate for individuals below 60 years

(As per Budget provision, if you are a salaried person, there is a deduction of Rs.40000 from the gross salary before applying the following tax rates.)

Taxable Income	Tax Rate
Up to Rs.250000	Nil
Rs.250001 to Rs.500000	5%
Rs.500001 to Rs.1000000	20%
Above Rs.1000000	30%

 Notes:
 Income tax basic exemption limit is rupees 250000.
 If Taxable Income is less equal to rupees 350000, there is a tax rebate under section 87A up to rupees 2500.
 In addition to the above tax slab, there is an Education Cess @4% on total tax.
 Besides, there is also a surcharge @10% for total income more than Rs.50 Lakh to Rs.1 crore.
 The surcharge is 15% for income of more than Rs.1 crore.

 

Income tax slab for senior citizens below 80 years but more than 60 years

(As per Budget provision, if you are a salaried person/ pensioners, there is a deduction of Rs.40000 from the gross salary/ pension before applying the following tax rates.)

Taxable Income	Tax Rate
Up to Rs.300000	Nil
Rs.300001 to Rs.500000	5%
Rs.500001 to Rs.1000000	20%
Above Rs.1000000	30%

 Notes:
 Income tax basic exemption limit is rupees 300000.
 If Taxable Income is less equal to rupees 350000, there is a tax rebate under section 87A up to rupees 2500.
 In addition to the above tax slab, there is an Education Cess @4% on total tax.
 Besides, there is also a surcharge @10% for total income more than Rs.50 Lakh to Rs.1 crore.
 The surcharge is 15% for income of more than Rs.1 crore.

 

Income tax slab for super senior citizens above 80 years

(As per Budget provision, if you are a salaried person/ pensioners, there is a deduction of Rs.40000 from the gross salary/ pension before applying the following tax rates.)

Taxable Income	Tax Rate
Up to Rs.500000	Nil
Rs.500001 to Rs.1000000	20%
Above Rs.1000000	30%

 Notes:
 Income tax basic exemption limit is rupees 500000.
 In addition to the above tax slab, there is an Education Cess @4% on total tax.
 Besides, there is also a surcharge @10% for total income more than Rs.50 Lakh to Rs.1 crore.
 The surcharge is 15% for income of more than Rs.1 crore.