Tax Rate

Rates applicable for the AY 2019-2020 (FY 2018-2019)

Individual, HUF, AOP, BOI, Artificial Juridical Person

Income Rate of Tax
Income up to Rs 2,50,000 No Tax
Income from Rs 2,50,001 – Rs 5,00,000 5 %
Income from Rs 5,00,001 – 10,00,000 20 %
Income more than Rs 10,00,000 30 %

Income tax slab for senior citizens (60 years to less than 80 years old)

Income Rate of Tax  
Income up to Rs.3,00,000 No Tax
Income from Rs.3,00,001 to Rs.5,00,000 5 %
Income from Rs 5,00,001 – 10,00,000 20 %
Income more than Rs 10,00,000 30 %

Income tax slab for senior citizens (80 years or more)

Income Rate of Tax  
Income up to Rs 5,00,000 No Tax  
Income from Rs 5,00,001 – 10,00,000 20 %
Income more than Rs 10,00,001 30 %
  • Surcharge:
    • 10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1 crore
    • 15% surcharge on income tax if the total income exceeds Rs 1 crore
  • Health Cess: 1% cess on income tax including surcharge
  • Education Cess: 2% cess on income tax including surcharge
  • Secondary and Higher Education Cess: 1% cess on income tax including surcharge

Example

Particulars   Tax Liability
For first 2.5 Lakhs   0
From Rs.2,50,001 to Rs.5,00,000 =2,50,000*5%                12,500
From Rs.5,00,001 to Rs.10,00,000 =5,00,000*20%               1,00,000
Tax Liability   1,12,500
Health Cess =1,12,500*1%                 1,125
Education Cess =1,12,500*2%                  2,250
Secondary and Higher Education Cess =1,12,500*1%                 1,125
Total Tax Liability       1,17,000

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