Union Budget 2019: Updated Income Tax Slabs and Rates for F.Y. 2019-20

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  • Last Updated on 8 April, 2021

1. Income tax slab rates for Individuals for FY 2019-20:

Individual (Others)

 

 

 

 

Net Income Range

Income-tax Rate*

 

2019-20

2018-19

1

Upto Rs. 2,50,000

2

Rs. 2,50,000 to Rs. 5,00,000

5%

5%

3

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

20%

20%

4

Above Rs. 10,00,000

30%

30%

 

Income Tax Calculator

2. Income tax slab rates for Senior Citizens for FY 2019-20:

Senior Citizen

      (who is 60 years or more at any time during the previous year)

Net Income Range

Income-tax Rate*

 

2019-20

2018-19

1

Upto Rs. 3,00,000

2

Rs. 3,00,000 to Rs. 5,00,000

5%

5%

3

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

20%

20%

4

Above Rs. 10,00,000

30%

30%

3. Income tax slab rates for Super Senior Citizens:

Super Senior Citizen

      (who is 80 years or more at any time during the previous year)

Net Income Range

Income-tax Rate*

2019-20

2018-19

1

Upto Rs. 5,00,000

2

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

20%

20%

3

Above Rs. 10,00,000

30%

30%

 

Income Tax Updates

Sample Tax Calculations for Income Tax Liability:

TAX TABLE (including surcharge & cess)

 

 

(Resident Individual)

(Resident Senior Citizen)

(Resident Super Senior Citizen)

 

Taxable Income

Tax Payable

Tax Payable

Tax Payable

 

 

2019-20

 2018-19

2019-20

 2018-19

2019-20

 2018-19

1

250,000

 –

 –

 –

 –

 –

 –

2

300,000

 –

                 –   

 –

 –

 –

 –

3

350,000

 –

           2,500

 –

                 –   

 –

 –

4

400,000

 –

           7,500

 –

           5,000

 –

 –

5

450,000

 –

         10,000

 –

           7,500

 –

 –

6

500,000

 –

         12,500

 –

         10,000

 –

 –

7

1,000,000

         112,500

       112,500

       110,000

       110,000

       100,000

       100,000

8

1,500,000

         262,500

       262,500

       260,000

       260,000

       250,000

       250,000

9

2,000,000

         412,500

       412,500

       410,000

       410,000

       400,000

       400,000

10

3,000,000

         712,500

       712,500

       710,000

       710,000

       700,000

       700,000

11

5,000,000

      1,312,500

    1,312,500

    1,310,000

    1,310,000

    1,300,000

    1,300,000

12

10,000,000

      3,093,750

    3,093,750

    3,091,000

    3,091,000

    3,080,000

    3,080,000

13

20,000,000

      6,684,375

    6,684,375

    6,681,500

    6,681,500

    6,670,000

    6,670,000

14

50,000,000

    18,515,625

  17,034,375

  18,512,500

  17,031,500

  18,500,000

  17,020,000

15

70,000,000

    28,513,125

  23,934,375

  28,509,700

  23,931,500

  28,496,000

  23,920,000 

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

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