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What are the latest income tax slab rates for FY ‘19-20?

Let us take a look at the income tax slabs for the financial year 2019-2020, mainly differentiated by the age bracket criteria:

    1. Individuals below the age of 60 years (residents and non residents):
Income Tax SlabTax Rate for Individual & HUF Below the Age Of 60 Years
Up to ₹2,50,000* Nil
₹2,50,001 to ₹5,00,000 5% of total income minus ₹2,50,000 + 4% cess (on the total tax payble under this bracket)
₹5,00,001 to ₹10,00,000 ₹12,500 + 20% of total income minus ₹5,00,000 + 4% cess (on the total tax payble under this bracket)
Above ₹10,00,000 ₹1,12,500 + 30% of total income minus ₹10,00,000 + 4% cess (on the total tax payble under this bracket)
2. Senior citizens above the age of 60 but below the age of 80 (residents):
Income Tax SlabsTax Rate for Senior cetizens aged 60 Years But Less than 80 Years
Income up to ₹3,00,000* Nil
Income from ₹3,00,000 – ₹5,00,000 5% of total income minus ₹3,00,000 + 4% cess (on the total tax payble under this bracket)
Income from ₹5,00,000 – ₹10,00,000 ₹10,000 + 20% of total income minus ₹5,00,000 + 4% cess (on the total tax payble under this bracket)
Income more than ₹10,00,000 ₹1,10,000 + 30% of total income minus ₹10,00,000 + 4% cess
3. Super senior citizens of age 80 and above (residents):
Income Tax SlabsTax Rate for Super Senior Citizens (Aged 80 Years And Above)
Income up to ₹5,00,000* Nil
Income from ₹5,00,000 – ₹10,00,000 20% of total income minus ₹5,00,000 + 4% cess (on the total tax payble under this bracket)
Income more than ₹10,00,000 ₹1,00,000 + 30% of total income minus ₹10,00,000 + 4% cess (on the total tax payble under this bracket)
What income tax changes should I know about?

Every year, the income tax slabs and laws undergo changes in keeping with the country’s changing economic status. While the Budget 2019 announcement did not introduce any changes in the income tax slabs and rates, there have been alterations in a few other factors that can determine your income tax payments,such as:

  • During previous financial years, the Secondary and Higher Education Cess was levied at 3%. Budget 2018 combined it with the Education cess and termed it the Heath and Education cess, and it currently stands at 4%. It is applicable on all net taxable income.
  • Individuals with an income of upto ₹5 lakhs  will be eligible to avail a full tax rebate. This means that if your taxable income in the financial year 2019-2020 comes falls under ₹5 lakhs, you will have to pay no income tax.
  • Interim budget 2019 increased the standard deduction limit for salaried taxpayers from ₹40,000 to ₹ 50,000.
  • The Interim Budget 2019 also raised the TDS threshold on rental income from ₹1.8 lakhs to ₹2.4 lakhs.

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