Income Tax Slab Rates for Individual 1st April 2019 to 31st March 2020
- CA Brijmohan
- Jan 31, 2020
- 1 min read
Income Tax Slab Rates for Individual 1st April 2019 to 31st March 2020
Income Tax Slab Rates for Individual 1st April 2019 to 31st March 2020
A. Income Tax Slab below Age 60 years:
Sr. No. | Income | Tax rate |
1 | Up to ₹ 2,50,000/- Lakhs | Nil |
2 | From ₹ 2,50,001 to ₹ 5,00,000 | 5% on Income above ₹ 2.5 Lakhs + 4% cess on Tax |
3 | From ₹ 5,00,001 to ₹ 10,00,000 | 20% on Income above ₹ 5 Lakhs + ₹ 12,500 + 4% cess on Tax |
4 | Above ₹ 10 Lakhs | 30% on Income above ₹ 10 Lakhs + ₹ 1,12,500 + 4% cess on Tax |
B. 2. Income Tax Slab for the Age between 60-80 years:
Sr. No. | Income | Tax rate |
1 | Up to ₹ 3,00,000/- Lakhs | Nil |
2 | From ₹ 3,00,001 to ₹ 5,00,000 | 5% on Income above ₹ 3 Lakhs + 4% cess on Tax |
3 | From ₹ 5,00,001 to ₹ 10,00,000 | 20% on Income above ₹ 5 Lakhs + ₹ 10,000 + 4% cess on Tax |
4 | Above ₹ 10 Lakhs | 30% on Income above ₹ 10 Lakhs + ₹ 1,10,000 + 4% cess on Tax |
C. Income Tax Slab above Age 80 years:
Sr. No. | Income | Tax rate |
1 | Up to ₹ 5,00,000/- Lakhs | Nil |
2 | From ₹ 5,00,001 to ₹ 10,00,000 | 20% on Income above ₹ 5 Lakhs + 4% cess on Tax |
3 | Above ₹ 10 Lakhs | 30% on Income above ₹ 10 Lakhs + ₹ 1,10,000 + 4% cess on Tax |
Related Posts
See AllSection 80E of the Income Tax Act offers valuable relief by allowing taxpayers to deduct the interest paid on education loans taken for...
Sections 80C and 80D of the Income Tax Act provide significant avenues to reduce taxable income by claiming deductions for specific...
A Section 143(2) notice signifies a scrutiny assessment by the Income Tax Department, usually due to discrepancies or inconsistencies in...
留言