Income Tax Slab for Individuals for Financial Year 2019-20

In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab.



Income Tax Slab for Individuals for Financial Year 2019-20

Article contains Income Tax Slab Rates for Financial Year 2019-20 / Assessment Year 2020-21 for Individuals (resident or non-resident), Senior Citizens (60 years old or more but less than 80 years old) (only Residents) and Super Senior Citizens (80 years old or more) (only Residents) with Rates of Applicable Surcharge and Education Cess Rate.

Individuals (resident or non-resident below the Age of 60 Years):

Total Income Tax Rate applicable
Upto Rs.2,50,000 Nil
Rs.2,50,001 to Rs.5,00,000 5% of Total Income exceeding Rs.2,50,000
Rs.5,00,001 to Rs.10,00,000 Rs.12,500 + 20% of Total Income exceeding Rs.5,00,000
Above Rs.10,00,001 Rs.1,12,500 + 30% of Total Income exceeding Rs.10,00,000

Senior Citizens (60 years old or more but less than 80 years old) (only Residents):

Total Income Tax Rate applicable
Upto Rs.3,00,000 Nil
Rs.3,00,001 to Rs.5,00,000 5% of Total Income exceeding Rs. 3,00,000
Rs.5,00,001 to Rs.10,00,000 Rs.10,000 + 20% of Total Income exceeding Rs. 5,00,000
Above Rs.10,00,001 Rs.1,10,000 + 30% of Total Income exceeding Rs. 10,00,000

Super Senior Citizens (80 years old or more) (only Residents):

Total Income Tax Rate applicable
Upto Rs. 5,00,000 Nil
Rs.5,00,001 to Rs.10,00,000 20% of Total Income exceeding Rs. 5,00,000
Above Rs.10,00,001 Rs.1,00,000 + 30% of Total Income exceeding Rs. 10,00,000

Surcharge applicability:

Range of Total Income Surcharge Rate on the amount of Income Tax
Rs. 50 Lakhs to Rs. 1 crore 10%
Rs. 1 crore to Rs.2 crores 15%
Rs.2 crores to Rs. 5 crores 25%
Above Rs. 5 crores 37%

Health & Education Cess (HEC):

An additional HEC @ 4% is applicable on the amount of Income Tax + Surcharge.

Tax Rebate u/s 87A:

A tax rebate u/s 87A is allowed to individual taxpayers upto a maximum amount of Rs.12,500 for Total income upto Rs. 5 lakhs.

Marginal Relief:

Marginal Relief is the relief granted to the taxpayer from the levy of surcharge, if he is liable to surcharge due to the reason that his income marginally exceeds the limits prescribed.

The purpose of marginal relief is to ensure that the amount of tax payable including surcharge does not exceed the amount of income which exceeds the prescribed threshold.

Calculation of Total Income: 

Total Income = Gross Total Income (GTI) (-) Deduction under chapter VI-A

GTI = Income from all heads including exempt income (i.e. agricultural income)

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