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Income Tax Rates / Slabs - Individuals and HUFs

FY 2019-20, FY 2018-19 and FY 2017-18

Income Tax Calculator FY 19-20, FY 18-19, FY 2017-18 & FY 2016-17

NPS - 1↦ Features / Taxability & Tax Treatment on withdrawal    2↦ Partial Withdrawal Norms


Income Tax Rates / Slabs FY 2019-20 (AY 2020-21)

A. Individuals

Income Tax - The Income tax rates / slabs for FY 19-20 ( AY 20-21) are given hereunder in tabular format applicable for - individula age below 60, above 60 and less 80 years and age above 80 years. However, the major changes related with Tax Calculations of Individuals are:-

Standard Deduction :- A deduction of fifty thousand rupees (50000/-) or the amount of the salary, whichever is less available under Section 16(ia) w.e.f. 1st April 2019.

I. In case of individual Upto the Age of 60 years:-

 Income Level / SlabsIncome Tax Rate
i. Where the total income does not exceed Rs.250,000/-. NIL
ii. Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-. 5% of amount by which the total income exceeds Rs. 2,50,000/-
Less (Tax Credit u/s 87A - 5% of taxable income upto Rs. 500,000. Maximum relief - Rs. 12500/-.)
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-. Rs. 12,500/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.10,00,000/-. Rs. 112,500/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

Surcharge :

  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

    Health & Education Cess : 4% of the total of Income Tax and Surcharge


    II. Senior Citizen - In case of an individual resident who is of the age of 60 years or more but less than 80 years at any time during the previous year:-

     Income Level / SlabsIncome Tax Rate
    i. Where the total income does not exceed Rs.3,00,000/-. NIL
    ii. Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/- 5% of the amount by which the total income exceeds Rs.3,00,000/-.
    Less (Tax Credit u/s 87A - 5% of taxable income upto Rs. 500,000. Maximum relief - Rs. 12500/-.)
    iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- Rs.10,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
    iv. Where the total income exceeds Rs.10,00,000/- Rs.110,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

    Surcharge :

  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

    Health & Education Cess : 4% of the total of Income Tax and Surcharge

    III. Super Senior Citizen - In case of an individual resident who is of the age of 80 years or more at any time during the previous year:-

     Income Level / SlabsIncome Tax Rate
    i. Where the total income does not exceed Rs.5,00,000/-. NIL
    ii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- 20% of the amount by which the total income exceeds Rs.5,00,000/-.
    iv. Where the total income exceeds Rs.10,00,000/- Rs.100,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

    Surcharge :

  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

    Health & Education Cess : 4% of the total of Income Tax and Surcharge

    Any NRI or HUF or AOP or BOI or AJP

    Income Tax :

    Surcharge :

    • 10% of the Income Tax, where taxable income is more thanRs. 50 lacs and uptoRs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income ofRs. 50 lacs by more than the amount of increase in taxable income.
    • 15% of the Income Tax, where taxable income is more thanRs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income ofRs. 1 crore by more than the amount of increase in taxable income.

    Health & Education Cess : 4% of the total of Income Tax and Surcharge.

    * Abbreviations used :
       NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

    Co-operative Society

    Income Tax :

    Surcharge : 12% of the Income Tax, where taxable income is more thanRs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income ofRs. 1 crore by more than the amount of increase in taxable income.

    Health & Education Cess : 4% of the total of Income Tax and Surcharge.

    Firm

    Income Tax : 30% of taxable income.

    Surcharge : 12% of the Income Tax, where taxable income is more thanRs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income ofRs. 1 crore by more than the amount of increase in taxable income.

    Health & Education Cess : 4% of the total of Income Tax and Surcharge.

    Local Authority

    Income Tax : 30% of taxable income.

    Surcharge : 12% of the Income Tax, where taxable income is more thanRs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income ofRs. 1 crore by more than the amount of increase in taxable income.

    Health & Education Cess : 4% of the total of Income Tax and Surcharge.

    Domestic Company - Turnover uptoRs. 250 crores

    Income Tax : 25% of taxable income.

    Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

    • At the rate of 7% of such income tax, provided that the taxable income exceedsRs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income ofRs. 1 crore by more than the amount of increase in taxable income.
    • At the rate of 12% of such income tax, provided that the taxable income exceedsRs. 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income ofRs. 10 crores by more than the amount of increase in taxable income.

    Health & Education Cess : 4% of the total of Income Tax and Surcharge.

    Domestic Company - Turnover exceedingRs. 250 crores

    Income Tax : 30% of taxable income.

    Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

    • At the rate of 7% of such income tax, provided that the taxable income exceedsRs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income ofRs. 1 crore by more than the amount of increase in taxable income.
    • At the rate of 12% of such income tax, provided that the taxable income exceedsRs. 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income ofRs. 10 crores by more than the amount of increase in taxable income.

    Health & Education Cess : 4% of the total of Income Tax and Surcharge.

    Company other than a Domestic Company

    Income Tax :

    • @ 50% of on so much of the taxable income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
    • @ 40% of the balance

    Surcharge :

    The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under

    • At the rate of 2% of such income tax, provided that the taxable income exceedsRs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income ofRs. 1 crore by more than the amount of increase in taxable income.
    • At the rate of 5% of such income tax, provided that the taxable income exceedsRs. 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income ofRs. 10 crore by more than the amount of increase in taxable income.

    Health & Education Cess : 4% of the total of Income Tax and Surcharge.

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