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Income Tax Rates applicable for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) in India is as under:
Assessment Year 2020-21, Relevant to Financial Year 2019-20
For Individuals below 60 years age (including Woman Assessees):
|
Income
|
Tax Rate
|
|
Upto 250,000
|
Nil
|
|
250,000 to 500,000
|
5% of the amount exceeding 250,000
|
|
500,000 to 1,000,000
|
Rs.12,500 + 20% of the amount exceeding 500,000
|
|
1,000,000 & above
|
Rs.112,500 + 30% of the amount exceeding 1,000,000
|
For Individuals aged 60 years and above but below 80 years (Senior Citizen):
|
Income
|
Tax Rate
|
|
Upto 300,000
|
Nil
|
|
300,000 to 500,000
|
5% of the amount exceeding 300,000
|
|
500,000 to 1,000,000
|
Rs.10,000 + 20% of the amount exceeding 500,000
|
|
1,000,000 & above
|
Rs.110,000 + 30% of the amount exceeding 1,000,000
|
For Individuals aged 80 years and above (Very Senior Citizen):
|
Income
|
Tax Rate
|
|
Upto 500,000
|
Nil
|
|
500,000 to 1,000,000
|
20% of the amount exceeding 500,000
|
|
1,000,000 & above
|
Rs.100,000 + 30% of the amount exceeding 1,000,000
|
Surcharge on Income Tax:
| Income | Surcharge |
|---|---|
| Total income exceeds Rs.50 lakhs but doesn’t exceed Rs.1 crore | 10% |
| Total income exceeds Rs.1 crore but doesn’t exceed Rs.2 crore | 15% |
| Total income exceeds Rs.2 crore but doesn’t exceed Rs.5 crore | 25% |
| Total income exceeds Rs.5 crore | 37% |
Surcharge amount of 10% or 15% or 25% or 37% as applicable, shall not exceed the amount of income that exceeds Rs.50 lakhs or Rs.1 crore or Rs.2 crore or Rs.5 crore, as applicable.
Health and Education Cess: 4% of Income Tax plus Surcharge
Tax Credit: Section 87A provides for rebate from tax liability. Deduction of upto Rs. 12,500 is allowed from Income Tax payable for a person whose income doesn’t exceed Rs. 500,000. If the total tax payable is less than Rs. 12,500; deduction under Section 87A is restricted to total Income Tax payable.
Budget 2019: Change in Personal Income Tax Rates
No change in Income Tax slabs, Income Tax rates and Rebate under section 87A. Surcharge for income above Rs.2 crore and Rs.5 crore has been increased. Earlier the surcharge was uniform 15% for income above Rs.1 crore.
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