Know Latest Income Tax Slab & Rates for AY 2019-20

  • Blog|Income Tax|
  • 3 Min Read
  • By Taxmann
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  • Last Updated on 18 June, 2022

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There are two things in the world from which a person can’t escape; Death and taxes. So, it’s better to be prepared for the same. Here is how you can calculate your taxes on income earned during the year.
Income-tax is levied on the total income of a taxpayer. Hence, it is important first to compute the total income. Under Income-tax Act, there are 5 heads of income, inter-alia, Salary, Income from House Property, Business or Profession, Capital Gain, and Income from Other Sources. The aggregate of income (after set-off of losses) from these 5 heads is called ‘Gross Total Income (GTI)’ out of which various deductions are allowed to a taxpayer on account of investments and savings made by him.
The resultant income is called ‘Total Income’, which shall be the basis for the calculation of tax liability. Total income is bifurcated into 2 parts – Normal Income and Special Income. The normal income of a taxpayer is charged to tax as per applicable tax rates (i.e., slab rates in case of an individual), whereas, special income is charged to tax at special rates.
Income Tax Calculator

Income Tax Slab for AY 2019-20:

1. Income Tax Rates for Individual ( Below the age of 60 Years ) HUF/AOP/BOI/AJP: 

Individual (below the age of 60 years)/HUF/AOP/BOI/AJP

Net Income Range

Income-tax Rate

1.

Up to Rs. 2,50,000

Nil

2.

Rs. 2,50,000 to  Rs. 5,00,000

5%

3.

Rs. 5,00,000 to Rs. 10,00,000

20%

4.

Above Rs. 10,00,000

30%

2. Income Tax Rates for Resident Senior Citizen: 

Resident Senior Citizen

(Resident individual whose age is 60 years or more but less than 80 years at any time during the previous year)

Net Income Range

Income-tax Rate

1.

Upto Rs. 3,00,000

Nil

2.

Rs. 3,00,000 to  Rs. 5,00,000

5%

3.

Rs. 5,00,000 to Rs. 10,00,000

20%

4.

Above Rs. 10,00,000

30%

 

Resident Super Senior Citizen

(Resident individual whose age is 80 years or more at any time during the previous year)

Net Income Range

Income-tax Rate

1.

Upto Rs. 5,00,000

Nil

2.

Rs. 5,00,000 to Rs. 10,00,000

20%

3.

Above Rs. 10,00,000

30%

Note: 

    1. For Assessment Year 2020-21, a resident individual, whose taxable income does not exceed Rs. 5, 00,000, can claim a tax rebate under section 87A. The amount of rebate shall be lower of 100% of income-tax or `12,500.
    2. For Assessment Year 2019-20, a resident individual, whose taxable income does not exceed Rs. 3, 50,000, can claim a tax rebate under section 87A. The amount of rebate shall be lower than 100% of income-tax or Rs. 2,500.

Computation of Income Tax: 

Particulars

Amount

Net total income

xxx

Tax at Normal rates

xxx

Tax at Special rates

xxx

Rebate on agricultural income

xxx

Tax liability

xxx

Less: – Rebate under section 87A

xxx

Tax liability after rebate

xxx

Add: – Surcharge

xxx

Tax liability after surcharge

xxx

Add: – Health and education cess

xxx

Gross tax liability

xxx

Less: – Rebate under section 86, 89

xxx

Less: – Foreign tax credit (Section 90, 90A, 91)

xxx

Net tax liability

xxx

Add: – Interest under section 234A, 234B, 234C

xxx

Aggregate tax liability

xxx

Less: – TDS deducted

 

Less: – TCS collected

 

Less: – Advance tax paid

 

Less: – Self assessment tax

 

Total tax payable/ Refund

xxx

Click here to know updated Income tax slab rates for FY 2019-20 & AY 2020-21.

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