Income Tax Slab & Rate for FY 2019-20, A.Y 2020-21
Income tax slab
Income tax slab
Individuals are required to file income tax return each year if they have taxable income of more than Rs.2.5 lakhs. The income tax rate AY 2020-21 or FY 2019-20 for salaried individuals is as follows.
Note: Financial year starts from 1st April and ends on 31st March. For example, the financial year 2019–20 would be 1st April 2019 to 31st March 2020. Assessment year is the year immediately following the financial year wherein the income of the financial year is assessed. Hence, in the assessment year 2020 – 21 the income tax for the period from 1st April 2019 to 31st March 2020 would be assessed.
* No tax for individuals with income less than 2,50,000
* 0% to 5% tax with income 2.5 Lakh to 5 Lakh for different age groups
* 20% tax with income 5 Lakh to 10 Lakh
* Investments upto 1.5 Lakh under sec 80C .
Income Tax Slab & Rate for FY 2019-20, A.Y 2020-21
INTRODUCTION FOR SLABS
There are three categories of individual taxpayers:
* Individuals (below the age of 60 years) which includes residents as well as non-residents
* Resident Senior citizens (60 years and above but below 80 years of age)
* Resident Super senior citizens (above 80 years of age)
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Income tax slab for individual tax payers & HUF (below the age of 60 years old) for F.Y 2019-20
(Part-I )
Taxable Income
|
Tax Rate
|
Up to Rs. 2,50,000.00
|
Nil
|
Rs. 2,50,000.00 to 5,00,000.00
|
5%
|
Rs. 5,00,000.00 to 10,00,000.00
|
20%
|
Above Rs. 10,00,000.00
|
30%
|
Note : An additional 4% Health & Education cess will be applicablke on the tax amount calculated as above.
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore up to 2 crore.
Surcharge: 25% of income tax, where the total income exceeds Rs.2 crore up to 5 crore.
Surcharge: 25% of income tax, where the total income exceeds Rs.2 crore up to 5 crore.
Income tax slab for resident Senior citizens (60 years old and above but below 80 years old) for F.Y 2019-20
(Part-II )
Taxable Income
|
Tax Rate
|
Up to Rs. 3,00,000.00
|
Nil
|
Rs. 2,50,000.00 to 5,00,000.00
|
5%
|
Rs. 5,00,000.00 to 10,00,000.00
|
20%
|
Above Rs. 10,00,000.00
|
30%
|
Note : An additional 4% Health & Education cess will be applicablke on the tax amount calculated as above.
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore up to 2 crore.
Surcharge: 25% of income tax, where the total income exceeds Rs.2 crore up to 5 crore.
Income tax slab for resident Super senior citizens (above 80 years of age old) for the F.Y 2019-20 Surcharge: 25% of income tax, where the total income exceeds Rs.2 crore up to 5 crore.
(Part-III)
Taxable Income
|
Tax Rate
|
Up to Rs. 5,00,000.00
|
Nil
|
Rs. 5,00,000.00 to 10,00,000.00
|
20%
|
Above Rs. 10,00,000.00
|
30%
|
Note : An additional 4% Health & Education cess will be applicablke on the tax amount calculated as above.
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore up to 2 crore.
Surcharge: 25% of income tax, where the total income exceeds Rs.2 crore up to 5 crore.
Surcharge: 25% of income tax, where the total income exceeds Rs.2 crore up to 5 crore.
Tax
Rebate under section 87A
·
* You
must be a resident individual. It cannot be claimed by HUF, firms or companies.
· * Your
net taxable income for f.y 2019-20 (Income after deductions) should not be more
than Rs. 5 lakh.
· * The
maximum rebate that can be availed under section 87A is Rs. 12,500/- . it means
that if the total tax payable is less than or equal to Rs. 12,500/- full tax
rebate can be claimed .
* In case Net taxable income of the taxpayer exceeds Rs. 5 lakh for A.Y 2020-21 (F.Y 2019-20), the rebate under this section will be zero.
Why Should Individuals File Income Tax Return?
Under the Income Tax Act, all individuals below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of individuals over the age of 60 years, but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Individuals over the age of 80 years are required to file income tax return if the total income exceeds Rs.5 lakhs.
Penalty for Not Filing Income Tax Return
Not filing your Income Tax Return would result in :
Due Date for Filing Income Tax Return for Salaried Individuals
The income tax return of a salaried individual is due on 31st July.
Which ITR Form should a salaried individual use?
Salaried Individuals may have to file ITR-1 or ITR-2 based on certain criteria as detailed below :
