Union Budget 2019: Updated Income Tax Slabs and Rates for F.Y. 2019-20
- Blog|Income Tax|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 8 April, 2021
Latest from Taxmann
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% |
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% |
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 |
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