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Income Tax Slabs 2019-20

February 2, 2019

Income Tax (Slabs 2019-20)is the annual tax on income which every individual, corporate firm, local authority or company has to pay to the Government.

The tax is calculated on the annual income of a person or entity where the cycle starts from 1st April of the year and ends on 31st March of the next calendar year.

In India, Income Tax is levied on individual taxpayers on the basis of a slab system.

Different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab.

Such tax slabs tend to undergo a change during every budget.

Latest Income Tax Slabs FY 2019-20
There are three categories of individuals based on the age of the taxpayer.
  1. Individuals age below 60 years.
  2. Senior citizens whose age is 60 years and above but less than 80 years.
  3. Super Senior Citizens whose age is 80 years and above.

 

Any NRI or HUF or AOP or BOI or AJP
IT Slabs / Rates, Surcharge, and Cess for AY 2020-21
 Slab  Tax
Up to ₹ 2,50,000/- NIL
Above ₹ 2,50,000/- to ₹ 5,00,000/- 5% of (taxable income - 2,50,000).
Above ₹ 5,00,000/- to ₹ 10,00,000/- ₹ 12,500/- + 20% of (taxable income - 5,00,000).
Above ₹ 10,00,000/- ₹ 112,500/- + 30% (taxable income - 10,00,000)
Surcharge ( subject to Marginal Relief ) 10% of Income Tax, in case taxable income is above ₹ 50 lacs.
15% of Income Tax, in case taxable income is above ₹ 1 crore.
Health & Education Cess 4% of (Income Tax + Surcharge).
Firm
Tax Slabs / Rates, Surcharge, and Cess for AY 2020-21
Income Tax 30% of taxable income.
Surcharge ( subject to Marginal Relief ) 12% of Income Tax, in case taxable income, is above ₹ 1 crore.
Health & Education Cess 4% of (Income Tax + Surcharge).
Local Authority
IT Slabs / Rates, Surcharge, and Cess for AY 2020-21
Income Tax 30% of taxable income.
Surcharge ( subject to Marginal Relief ) 12% of Income Tax, in case taxable income, is above ₹ 1 crore.
Health & Education Cess 4% of (Income Tax + Surcharge).
Co-operative Society
Tax Slabs / Rates, Surcharge, and Cess for AY 2020-21
Income Slab Income Tax
Up to ₹ 10,000/- 10% of the income.
Above ₹ 10,000/- to ₹ 20,000/- ₹ 1,000/- + 20% of (taxable income - 10,000)
Above ₹ 20,000/- ₹ 3,000/- + 30% of (taxable income - 20,000)
Surcharge ( subject to Marginal Relief ) 12% of Income Tax, in case taxable income is above ₹ 1 crore.
Health & Education Cess 4% of (Income Tax + Surcharge).
Domestic Company (1) - Turnover up to ₹ 250 crores
Income Tax Slabs / Rates, Surcharge, and Cess for AY 2020-21
Income Tax 25% of taxable income.
Surcharge ( subject to Marginal Relief ) 7% of income tax, in case taxable income, is above ₹ 1 crore.
12% of income tax, in case taxable income, is above ₹ 10 crores.
Health & Education Cess 4% of (Income Tax + Surcharge).
Domestic Company (2) - Turnover exceeding ₹ 250 crores
Income Tax Slabs / Rates, Surcharge, and Cess for AY 2020-21
Income Tax 30% of taxable income.
Surcharge ( subject to Marginal Relief ) 7% of income tax, in case taxable income, is above ₹ 1 crore.
12% of income tax, in case taxable income, is above ₹ 10 crores.
Health & Education Cess 4% of (Income Tax + Surcharge).
The company other than a Domestic Company
Slabs / Rates, Surcharge, and Cess for AY 2020-21
Income IT Rate
Royalty received from Government 50%
Any other income 40%
Surcharge ( subject to Marginal Relief ) 2% of income tax, in case taxable income, is above ₹ 1 crore.
5% of income tax, in case taxable income, is above ₹ 10 crores.
Health & Education Cess 4% of (IT + Surcharge).

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