Income Tax Slabs and Rates for AY 2019-20

Individual resident aged below 60 years

Taxable Income Income Tax
Upto ₹ 2,50,000/-. NIL
Above ₹ 2,50,000/- and upto ₹ 5,00,000/-. 5% of (taxable income – 2,50,000)
Tax Relief u/s 87A : In case taxable income is upto ₹ 3,50,000/-, income tax chargeable or ₹ 2,500/-, whichever is less.
Above ₹ 5,00,000/- and upto ₹ 10,00,000/-. ₹ 12,500/- + 20% of (taxable income – 5,00,000)
Above ₹ 10,00,000/-. ₹ 112,500/- + 30% of (taxable income – 10,00,000).

Surcharge :

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

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


Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years

 

Taxable Income Income Tax
Upto ₹ 3,00,000/- NIL
Above ₹ 3,00,000/- and upto ₹ 5,00,000/- 5% of (taxable income – 3,00,000)
Tax Relief u/s 87A : In case taxable income is upto ₹ 3,50,000/-, income tax chargeable or ₹ 2,500/-, whichever is less.
Above ₹ 5,00,000/- and upto ₹ 10,00,000/- ₹ 10,000/- + 20% of (taxable income – 5,00,000).
Above ₹ 10,00,000/- ₹ 110,000/- + 30% of (taxable income – 10,00,000)

Surcharge :

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

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


Very Senior Citizen (Individual resident who is of the age of 80 years or more

 

Taxable Income Income Tax
Upto ₹ 5,00,000/-. NIL
Above ₹ 5,00,000/- and upto ₹ 10,00,000/- 20% of (taxable income – 5,00,000).
Above ₹ 10,00,000/- ₹ 100,000/- + 30% of (taxable income – 10,00,000)

Surcharge :

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

Taxable Income Income Tax
Upto ₹ 2,50,000/-. NIL
Above ₹ 2,50,000/- and upto ₹ 5,00,000/-. 5% of (taxable income – 2,50,000).
Above ₹ 5,00,000/- and upto ₹ 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 :

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

Taxable Income Income Tax
Upto ₹ 10,000/-. 10% of the income.
Above ₹ 10,000/- and upto ₹ 20,000/-. ₹ 1,000/- + 20% of (taxable income – 10,000)
Above ₹ 20,000/- ₹ 3,000/- + 30% of (taxable income – 20,000)

Surcharge : 12% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 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 than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 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 than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 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 upto ₹ 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 exceeds ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 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 exceeds ₹ 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 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 exceeding ₹ 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 exceeds ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 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 exceeds ₹ 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 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

 

Nature of Income Tax Rate
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government 50%
Any other income 40%

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 exceeds ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 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 exceeds ₹ 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 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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