Know Latest Income Tax Slab & Rates for AY 2019-20
- Blog|Income Tax|
- 3 Min Read
- By Taxmann
- |
- Last Updated on 18 June, 2022
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:
-
- 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.
- 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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