Indian income tax system follows income tax slabs for levying the tax on the income of an individual or non-individual. In India, the income tax applies to the range of income, which is called Income Tax Slabs. The income tax slabs keep changing from year to year. Each year the finance ministry announces the slab rates of Income Tax in the Union Budget each year. Now here in this post, here we show the Income Tax Slab 2020 which is applicable for For FY 2019-20
Income Tax Slab For 2020
Here are the Income Tax Slabs for the financial year 2019-20 for all categories of the Income Tax assessee.
Individual and HUF Assessee
Here you find the chart of Income Tax Slab 2020 in case of Individual and HUF assessee.
Also Read- Income Tax Slab For Assessment Year 2022-23
Income Tax Slab For FY 2019-20 in case of Individual and HUF
| Income Tax Slab 2020 | Income Tax rate for individual (Age below 60 years) & HUF |
|---|---|
| upto Rs. 2,50,000 | NIL- No Tax |
| Rs. 2,50,000 to Rs. 5,00,000 | 5 % of total income exceeding Rs. 2,50,000 |
| Rs. 5,00,001 to Rs. 10,00,000 | Rs. 12,500 + 20% of total income exceeding Rs. 5,00,000 |
| Above Rs. 10,00,000 | Rs. 1,12,500 + 30% of total income exceeding Rs. 10,00,000 |
Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.
Note 2:- A tax rebate under section 87A is allowed to individual taxpayers for a maximum amount of Rs. 12,500 if his total income is up to Rs. 5,00,000 for FY 2019-20
Note 3:- Surcharge is additional on the amount of Income tax
| Income Tax Slab 2020 | Income Tax rate for Senior Citizen (Age 60 years to 80 years) |
|---|---|
| upto Rs. 3,00,000 | NIL- No Tax |
| Rs. 3,00,000 to Rs. 5,00,000 | 5 % of total income exceeding Rs. 3,00,000 |
| Rs. 5,00,001 to Rs. 10,00,000 | Rs. 10,000 + 20% of total income exceeding Rs. 5,00,000 |
| Above Rs. 10,00,000 | Rs. 1,10,000 + 30% of total income exceeding Rs. 10,00,000 |
Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.
Note 2:- A tax rebate under section 87A is allowed to individual taxpayers (Age 60 or 60+ but below 80 years) for a maximum amount of Rs. 10,000 if the total income is up to Rs. 5,00,000 for FY 2019-20.
Note 3:- Surcharge is additional on the amount of Income tax.
| Income Tax Slab 2020 | Income Tax rate for Super Senior Citizen (Age above 80 years of age) |
|---|---|
| upto Rs. 5,00,000 | NIL- No Tax |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% of total income exceeding Rs. 5,00,000 |
| Above Rs. 10,00,000 | Rs. 1,00,000 + 30% of total income exceeding Rs. 10,00,000 |
Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.
Note 2:- Surcharge is additional on the amount of Income tax
Must Read- Old vs New: Choose between Old Tax Regime and New Tax Regime of the Income Tax Act
Surcharge applicable to the individual covered above
| Income Limit | Surcharge rate on amount of Income Tax |
|---|---|
| Net income exceeds Rs. 50 Lakhs but does not exceed Rs. 1 Crore | 10% |
| Net Income exceeds Rs. 1 Crore but does not exceed Rs. 2 Crore | 15% |
| Net Income exceeds Rs. 2 Crore but does not exceed Rs. 5 Crore | 25% |
| Net Income exceeds Rs. 5 Crore | 37% |
Partnership Firm
Tax rate:- For Partnership firm (Including LLP) Income tax rate is flat 30%
Surcharge:- It will be 12% of the tax if net income exceeds Rs. 1 crore. (Surcharge will be subject to marginal relief)
Health and Education cess:- It will be 4% of Income Tax + Surcharge
Local Authority
For Local Authority Income tax rate is flat 30%
Health and Education cess:- It will be 4% of Income Tax + Surcharge
Surcharge:- It will be 12% of the tax if net income exceeds Rs. 1 crore. (Surcharge will be subject to marginal relief)
Co-operative society
| Income Tax Slab 2020: Taxable Income | Tax Rate |
|---|---|
| Up to Rs. 10,000 | 10% |
| Rs. 10,000 to Rs. 20,000 | 20% |
| Above Rs. 20,000 | 30% |
Health and Education cess:- It will be 4 % of Income Tax + Surcharge
Surcharge:- It will be 12% of Tax, if net income exceed Rs. 1 crore. (Surcharge will be subject to marginal relief)
Domestic Companies
| Particulars | Tax Rates |
|---|---|
| where companies total turnover or gross receipts during the previous year 2018-19 does not exceed Rs. 400 crore | 25% |
| Where company opt for section 115BA | 25% |
| Where company opt for section 115BAA | 22% |
| Where company opt for section 115BAB | 15% |
| All other domestic company | 30% |
Health and Education cess:- It will be 4% of Income Tax + Surcharge
Surcharge:- It will be 7% of the tax if net income exceeds Rs. 1 crore but below Rs. 10 crores and if income exceeds Rs. 10 crore, a surcharge will be 12%. (Surcharge will be subject to marginal relief)
Foreign Company
| Particulars | Tax Rates |
|---|---|
| Royalty received from government or an Indian concern or fees for rendering technical services where such agreement has, in either case, been approved by the central government | 50% |
| Any other income | 40% |
Health and Education cess:- It will be 4% of Income Tax + Surcharge
Surcharge:- It will be 2% of the tax if net income exceeds Rs. 1 crore but below Rs. 10 crores and if income exceeds Rs. 10 crores, a surcharge will be 5%. (Surcharge will be subject to marginal relief)
Frequently Asked Questions- FAQs
-
What is the Tax slab for 2019 2020?
Income Tax Slab For 2019-20 in case of Individual (Age below 60 years) and HUF
🎯 upto Rs. 2,50,000 ▶️ NIL (No Tax)
🎯 Rs. 2,50,000 to Rs. 5,00,000 ▶️ 5 % of total income exceeding Rs. 2,50,000
🎯 Rs. 5,00,001 to Rs. 10,00,000 ▶️ Rs. 12,500 + 20% of total income exceeding Rs. 5,00,000
🎯 Above Rs. 10,00,000 ▶️ Rs. 1,12,500 + 30% of total income exceeding Rs. 10,00,000
-
What is the standard deduction for FY 2020-21?
Standard deduction means a flat deduction to individuals earning a salary or pension income. It was introduced back in Budget 2018 in lieu of transport allowance and reimbursement of miscellaneous medical expenses. It is allowable from the “Income taxable under the head salary” The tax benefits can be claimed irrespective of the actual amount spent on ‘transport allowance’ and ‘medical allowance’.
For the FY 2020-21, the standard deduction applicable to salaries individual and pensioners is Rs. 50,000/-. But if you are choosing to pay tax under the new tax regime then you can not avail of the standard deduction.
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What are the new tax tables for 2020?
Income Tax Slab 2020 in case of Individual (Age below 60 years) and HUF
🎯 upto Rs. 2,50,000 ▶️ NIL (No Tax)
🎯 Rs. 2,50,000 to Rs. 5,00,000 ▶️ 5 % of total income exceeding Rs. 2,50,000
🎯 Rs. 5,00,001 to Rs. 10,00,000 ▶️ Rs. 12,500 + 20% of total income exceeding Rs. 5,00,000
🎯 Above Rs. 10,00,000 ▶️ Rs. 1,12,500 + 30% of total income exceeding Rs. 10,00,000
-
What are the Income brackets for 2020?
Income Tax Slab 2020 in case of Individual (Age below 60 years) and HUF
🎯 upto Rs. 2,50,000 ▶️ NIL (No Tax)
🎯 Rs. 2,50,000 to Rs. 5,00,000 ▶️ 5 % of total income exceeding Rs. 2,50,000
🎯 Rs. 5,00,001 to Rs. 10,00,000 ▶️ Rs. 12,500 + 20% of total income exceeding Rs. 5,00,000
🎯 Above Rs. 10,00,000 ▶️ Rs. 1,12,500 + 30% of total income exceeding Rs. 10,00,000
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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.
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