Income Tax Slabs & Rates for AY 2019-20

Summery of Income Tax Slab for AY 2019-20

The Income Tax rates in India are different for different categories and status of tax payers. The Income Tax slab and tax rates for Individuals, Senior Citizen and Very Senior Citizens, HUFs, AOP, BOI and Co-operatives are progressive in nature, where a lower tax rate is imposed on low-income earners compared to those with higher income, making it based on the taxpayer’s ability to pay. That means it takes a larger percentage from high-income earners than it does from low-income earners. Individuals, HUFs, AOP, BOI and Co-operatives are taxed as per different slab rates ( varies from Nil to 30% ). However, Firms and Companies are taxed on fixed rate basis, except for certain specified incomes. Visit Income Tax India e-filing portal.

When income increases a specified limit(s), Surcharge on Income Tax is charged at specified Surcharge rate on Income Tax. The specified limit(s) for charging Surcharge and Surcharge rates are different for different categories of tax payers. Cess (Health and Education / Education) is charged at specified rate on (Income Tax + Surcharge)

Income Tax Slabs / Rates for AY 2019-20

Individual resident aged below 60 years (Individual resident born on or after 1st April 1959)

Income SlabIncome Tax
Upto ₹ 2,50,000/-NIL
Above ₹ 2,50,000/- to ₹ 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/- to ₹ 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 ( subject to Marginal Relief )10% of Income Tax, in case taxable income is above ₹ 50 lacs. 15% of Income Tax, in case taxable income is above ₹ 1 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

Senior Citizen (Individual resident born on or after 1st April 1939 but before 1st April 1959)

Income SlabIncome Tax
Upto ₹ 3,00,000/-NIL
Above ₹ 3,00,000/- to ₹ 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/- to ₹ 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 ( subject to Marginal Relief )10% of Income Tax, in case taxable income is above ₹ 50 lacs. 15% of Income Tax, in case taxable income is above ₹ 1 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

Very Senior Citizen (Individual resident born before 1st April 1939)

Income SlabIncome Tax
Upto ₹ 5,00,000/-NIL
Above ₹ 5,00,000/- to ₹ 10,00,000/-20% of (taxable income – 5,00,000).
Above ₹ 10,00,000/-₹ 100,000/- + 30% of (taxable income – 10,00,000)
Surcharge ( subject to Marginal Relief )10% of Income Tax, in case taxable income is above ₹ 50 lacs. 15% of Income Tax, in case taxable income is above ₹ 1 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

Any NRI or HUF or AOP or BOI or AJP

Income SlabIncome Tax
Upto ₹ 2,50,000/-NIL
Above ₹ 2,50,000/- to ₹ 5,00,000/-5% of (taxable income – 2,50,000).
Above ₹ 5,00,000/- to ₹ 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 ( subject to Marginal Relief )10% of Income Tax, in case taxable income is above ₹ 50 lacs. 15% of Income Tax, in case taxable income is above ₹ 1 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

Co-operative Society

Income SlabIncome Tax
Upto ₹ 10,000/-10% of the income.
Above ₹ 10,000/- to ₹ 20,000/-₹ 1,000/- + 20% of (taxable income – 10,000)
Above ₹ 20,000/-₹ 3,000/- + 30% of (taxable income – 20,000)
Surcharge ( subject to Marginal Relief )12% of Income Tax, in case taxable income is above ₹ 1 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

Firm

Income Tax30% of taxable income.
Surcharge ( subject to Marginal Relief )12% of Income Tax, in case taxable income is above ₹ 1 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

Local Authority

Income Tax30% of taxable income.
Surcharge ( subject to Marginal Relief )12% of Income Tax, in case taxable income is above ₹ 1 crore.
Health & Education Cess4% of (Income Tax + Surcharge).

Domestic Company (1) - Turnover up to ₹ 250 crores

Income Tax25% of taxable income.
Surcharge ( subject to Marginal Relief )7% of income tax, in case taxable income is above ₹ 1 crore. 12% of income tax, in case taxable income is above ₹ 10 crores.
Health & Education Cess4% of (Income Tax + Surcharge).

Domestic Company (2) - Turnover exceeding ₹ 250 crores

Income Tax30% of taxable income.
Surcharge ( subject to Marginal Relief )7% of income tax, in case taxable income is above ₹ 1 crore. 12% of income tax, in case taxable income is above ₹ 10 crores.
Health & Education Cess4% of (Income Tax + Surcharge).

Company other than a Domestic Company

IncomeIncome 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 Government50%
Any other income40%
Surcharge (subject to Marginal Relief )2% of income tax, in case taxable income is above ₹ 1 crore. 5% of income tax, in case taxable income is above ₹ 10 crores.
Health & Education Cess4% of (Income Tax + Surcharge).

Marginal Relief on Surcharge

In case taxable income exceeds ₹ 50 lacs / ₹ 1 crore Surcharge is payable on income tax at applicable rates. If increase in ‘Income Tax + Surcharge’ is more than the increase income over ₹ 50 lacs / ₹ 1 crore, the ‘Surcharge’ is reduced by such amount so that the ‘Income Tax + Surcharge’ become equal to increase in ‘Total Taxable Income’ over Rs. 50 lacs / 1 Crore respectively. The amount so reduced from ‘Surcharge’ is ‘Marginal Relief on Surcharge’.
 Example 1
In case of an individual resident (< 60 years) / HUF / NRI having taxable income of ₹ 50,01,000/-
1Income Tax on income of ₹ 50,01,000/-13,12,800
2Surcharge on income of ₹ 50,01,000/-1,31,280
3Income Tax + Surcharge on income of ₹ 50,01,000/- (1 + 2)14,44,080
4Income Tax on income of ₹ 50 lacs13,12,500
5Surcharge on income of ₹ 50 lacs0
6Income Tax + Surcharge on income of ₹ 50 lacs (4 + 5)13,12,500
7Increase income over ₹ 50 lacs1000
8Income Tax + Surcharge on income of ₹ 50 lacs + Increase income over ₹ 50 lacs13,13,500
9Income Tax and Surcharge payable on income of ₹ 50,01,000/- (Lower of 3 and 8 )13,13,500
10Marginal Relief on Surcharge [If (3 – 8) is more than ‘0’ (3 – 8), else ‘0’ ]1,30,580

Example 2
In case of an individual resident (< 60 years) / HUF / NRI having taxable income of ₹ 60 lacs
1Income Tax on income of of ₹ 60 lacs16,12,500
2Surcharge on income of of ₹ 60 lacs1,61,250
3Income Tax + Surcharge on income of of ₹ 60 lacs (1 + 1)17,73,750
4Income Tax on income of ₹ 50 lacs13,12,500
5Surcharge on income of ₹ 50 lacs0
6Income Tax + Surcharge on income of ₹ 50 lacs (4 + 5)13,12,500
7Increase income over ₹ 50 lacs10,00,000
8Income Tax + Surcharge on income of ₹ 50 lacs + Increase income over ₹ 50 lacs23,13,500
9Income Tax and Surcharge payable on income of of ₹ 60 lacs ( Lower of 3 and 8 )17,73,750
10Marginal Relief on Surcharge [If (3 – 8) is more than ‘0’ (3 – 8), else ‘0’ ]0

  Example 3
In case of an individual resident (< 60 years) / HUF / NRI having taxable income of ₹ 1,00,01,000/-
1Income Tax on income of ₹ 1,00,01,000/-28,12,800
2Surcharge on income of ₹ 1,00,01,000/-4,21,920
3Income Tax + Surcharge on income of ₹ 1,00,01,000/- (1 + 2)32,34,720
4Income Tax on income of ₹ 1 crore28,12,500
5Surcharge on income of ₹ 1 crore2,81,500
6Income Tax + Surcharge on income of ₹ 1 crore (4 + 5)30,93,750
7Increase income over ₹ 1 crore1000
8Income Tax + Surcharge on income of ₹ 1 crore + Increase income over ₹ 1 crore30,94,750
9Income Tax and Surcharge payable on income of ₹ 1,00,01,000/- (Lower of 3 and 8 )30,94,750
10Marginal Relief on Surcharge [If (3 – 8) is more than ‘0’ (3 – 8), else ‘0’ ]1,39,970

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