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Income Tax Slab Rate for Individual: A.Y. 2019-20

Income Tax Slab Rate for Individual – A.Y.2019-20

Dear reader, in this post we are going to update you about the latest Income Tax slab rate for Individual. Before we start to list down income tax rate applicable for F.Y.2018-19 & A.Y.2019-20, you should know:

What is Financial Year?

A financial year is a 12 month period starts from 1st April and end on 31st March next year. Thus financial year is the period in which you earn income.

What is Assessment Year?

Assessment year is the year immediately following the financial year wherein income of the financial year is assessed.

Who is required to file Income tax return (ITR)?

Every Individual whose taxable income during the financial year exceeds the maximum tax exemption limit (i.e. Rs.250,000), have to file their income tax return on or before the due date.

Tax will be computed as per Income Tax Slab Rates applicable to that individual.

For the purpose of ascertainment of the applicable Income tax rates, an individual can be classified as follows:

  • Individual (Both Male & Female) below 60 Years of Age
  • Senior Citizen (Both Male & Female) above 60 Years of Age
  • Super Senior Citizen (Both Male & Female) 80 Years of Age

income tax slab rate for individual

Income Tax Slab Rate for Individual

(Both Male & Female less than 60 years old)

Income Tax Slabs Tax Rate Health & Education Cess
Income up to Rs 250,000 NIL
Income from Rs 250,000 to Rs 500,000 5% 4% of Income Tax
Income from Rs 500,000  to Rs.10,00,000 20% 4% of Income Tax
Income more than Rs 10,00,000 30% 4% of Income Tax

 

Income Tax Slab Rates for Senior Citizen

(60 years old or more but Less than 80 Years Old)

Income Tax Slabs Tax Rate Health & Education Cess
Income up to Rs 300,000 NIL
Income from Rs 300,000 to Rs 500,000 5% 4% of Income Tax
Income from Rs 500,000  to Rs.10,00,000 20% 4% of Income Tax
Income more than Rs 10,00,000 30% 4% of Income Tax

 

Income Tax Slab for Super Senior Citizen

(80 Years Old Or More)

Income Tax Slabs Tax Rate Health & Education Cess
Income up to Rs 500,000* NIL
Income from Rs 500,000 to Rs 10,00,000 20% 4% of Income Tax
Income more than Rs 10,00,000 30% 4% of Income Tax

In addition to amount of tax computed as per above mentioned slab, individuals are require to pay Health & Education Cess and Surcharge.

Health & Education [email protected]% is newly introduced through 2018 finance budget

Therefore, for A.Y.2019-20, Health & Education [email protected]% shall be leviable on the amount of income tax.

Surcharge would be levied:

@10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

@15% of income tax, where the total income exceeds Rs.1 crore.

 

Recommended Read:

Why should you file your income tax returns on time?

What are the consequences of filing late income tax return?

 

 

Shubham Anand

Shubham Anand is the founder of RupeeFox.com (earlier known as SaveMoneyTax.com). He is a qualified Chartered accountant, law graduate, personal finance enthusiast. He loves to write on topic related to Taxation, personal finance, Tax Planning, Money & Tax saving tips.

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