Income Tax Slabs

What is Income Tax Slabs ?

In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab.

There are three categories of individual taxpayers:
1.Individuals (below the age of 60 years) which includes residents as well as non-residents
2.Resident Senior citizens (60 years and above but below 80 years of age)
3.Resident Super senior citizens (above 80 years of age)

A. Income Tax Slabs for Individuals (below the age of 60 years) (both residents & non-residents) and HUF:

Income Tax SlabsFY 2019-20FY 2018-19
Up to ₹2,50,000NilNil
₹2,50,001 to ₹5,00,0005%5%
₹5,00,001 to ₹10,00,00020%20%
Above ₹10,00,00030%30%
Cess4% Health & Education Cess3% Education Cess
Standard Deduction₹50,000₹40,000
Rebate u/s 87A₹12,500₹2500
Surcharge where total income exceeds ₹50 lakh up to ₹1 crore10%10%
Surcharge where the total income exceeds ₹1 crore15%15%

B. Income Tax Slabs for Resident Senior citizens (60 years and above but below 80 years of age)

Income Tax SlabsFY 2019-20FY 2018-19
Up to ₹3,00,000NilNil
₹3,00,001 to ₹5,00,0005%5%
₹5,00,001 to ₹10,00,00020%20%
Above ₹10,00,00030%30%
Cess4% Health & Education Cess3% Education Cess
Standard deduction₹50,000₹40,000
Rebate u/s 87A₹12,500₹2,500
Surcharge where total income exceeds ₹50 lakh up to ₹1 crore10%10%
Surcharge where the total income exceeds ₹1 crore15%15%

C. Income Tax Slabs for Resident Super senior citizens (above 80 years of age)

Income Tax SlabsFY 2019-20FY 2018-19
Up to ₹5,00,000NilNil
₹5,00,001 to ₹10,00,00020%20%
Above ₹10,00,00030%30%
Cess4% Health & Education Cess3% Education Cess
Standard Deduction₹50,000₹40,000
Rebate u/s 87A₹12,500₹2,500
Surcharge where total income exceeds ₹50 lakh up to ₹1 crore10%10%
Surcharge where the total income exceeds ₹1 crore15%15%

D. Income Tax Slabs for Domestic Companies

Income Tax SlabsFY 2019-20FY 2018-19
Gross turnover upto 250 Crore in the Previous Year25%25%
Gross turnover more than 250 Crore in the Previous Year30%30%
Cess4% Corporate Tax4% Corporate Tax
Surcharge where total income exceeds Rs.1 Crore up to Rs.10 crore7%7%
Surcharge where the total income exceeds Rs.10 crore12%12%

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