Rates Of Income Tax Assessment Year
1. For Resident Senior Citizens (Age above 60 Years)
| Old Tax Slab | Rate | Tax Slab (Sec 115BAC) | Rate |
|---|---|---|---|
| Upto ₹3,00,000 | NIL | Upto ₹2,50,000 | NIL |
| ₹3,00,001 – ₹5,00,000 | 5% | ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% | ₹5,00,001 – ₹7,50,000 | 10% |
| ₹7,50,001 – ₹10,00,000 | 15% | ||
| Above ₹10,00,000 | 30% | ₹10,00,001 – ₹12,50,000 | 20% |
| ₹12,50,001 – ₹15,00,000 | 25% | ||
| Above ₹15,00,000 | 30% |
2. For Resident Super Senior Citizens (Age above 80 Years)
| Old Tax Slab | Rate | Tax Slab (Sec 115BAC) | Rate |
|---|---|---|---|
| Upto ₹5,00,000 | NIL | Upto ₹2,50,000 | NIL |
| ₹2,50,001 – ₹5,00,000 | 5% | ||
| ₹5,00,001 – ₹10,00,000 | 20% | ₹5,00,001 – ₹7,50,000 | 10% |
| ₹7,50,001 – ₹10,00,000 | 15% | ||
| Above ₹10,00,000 | 30% | ₹10,00,001 – ₹12,50,000 | 20% |
| ₹12,50,001 – ₹15,00,000 | 25% | ||
| Above ₹15,00,000 | 30% |
1. For Resident Senior Citizens (Age above 60 Years)
| Old Tax Slab | Rate | Tax Slab (Sec 115BAC) | Rate |
|---|---|---|---|
| Upto ₹3,00,000 | NIL | Upto ₹2,50,000 | NIL |
| ₹3,00,001 – ₹5,00,000 | 5% | ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | 20% | ₹5,00,001 – ₹7,50,000 | 10% |
| ₹7,50,001 – ₹10,00,000 | 15% | ||
| Above ₹10,00,000 | 30% | ₹10,00,001 – ₹12,50,000 | 20% |
| ₹12,50,001 – ₹15,00,000 | 25% | ||
| Above ₹15,00,000 | 30% |
| Income Tax Slab | Tax Rate |
|---|---|
| Up to Rs 2.5 lakh | NIL |
| Rs 2.5 lakh to Rs 5 lakh | 5% (Tax rebate under section 87A) |
| Rs 5 lakh to Rs 7.5 lakh | 10% |
| Rs 7.5 lakh to Rs 10 lakh | 15% |
| Rs 10 lakh to Rs 12.5 lakh | 20% |
| Rs 12.5 lakh to Rs 15 lakh | 25% |
| Rs 15 lakh and above | 30% |
The tax calculated will attract 4% health & education cess.
Individual opting for new regime must forego deductions.
Exemptions not allowed:
Leave Travel Allowance
House Rent Allowance
Conveyance
Daily expenses
Relocation allowance
Helper allowance
Children education allowance
Special allowances
Standard deduction
Professional tax
Home loan interest
80C/80D deductions
Points to remember:
Option must be exercised before return filing.
Business taxpayers can withdraw only once.
Income tax varies based on age & slab of taxpayer.
Income Tax Slabs & Rates (Below 60 Years) – FY 2019-20
| Income Tax Slab | Tax Rate |
|---|---|
| Up to ₹2,50,000 | Nil |
| ₹2,50,001–₹5,00,000 | 5% |
| ₹5,00,001–₹10,00,000 | ₹12,500 + 20% |
| Above ₹10,00,000 | ₹1,12,500 + 30% |
No tax below ₹2.5 lakh
5% for income ₹2.5–5 lakh
20% for ₹5–10 lakh
30% after ₹10 lakh
-
Rebate u/s 87A:
– ₹2,500 for FY 2018-19
– ₹12,500 for FY 2019-20
Additional 4% cess applicable.
| Source | Amount |
|---|---|
| Salary | 6,50,000 |
| Less: Standard deduction | 6,00,000 |
| Interest Income | 50,000 |
| Gross Total | 6,50,000 |
| Less: 80C | 1,50,000 |
| Total Income | 5,00,000 |
| Tax | 12,500 |
| Rebate 87A | 12,500 |
| NIL |
Income Tax Slabs – Senior Citizens (60–80 Years)
| Slab | Tax Rate |
|---|---|
| Up to ₹3,00,000 | No tax |
| ₹3–5 lakh | 5% |
| ₹5–10 lakh | 20% |
| Above ₹10 lakh | 30% |
Income Tax Slabs – Super Senior (80+ Years)
| Slab | Rate |
|---|---|
| Up to ₹5,00,000 | No tax |
| ₹5–10 lakh | 20% |
| Above ₹10 lakh | 30% |
Surcharge Slabs
| Income | Surcharge |
|---|---|
| ₹50L–1 Cr | 10% |
| ₹1 Cr–2 Cr | 15% |
| ₹2 Cr–5 Cr | 25% |
| ₹5 Cr+ | 37% |
Domestic Companies – Tax Slabs
| Turnover | Tax Rate |
|---|---|
| Up to ₹400 Cr | 25% |
| Above ₹400 Cr | 30% |
| Section 115BA | 25% |
| 115BAA | 22% |
| 115BAB | 15% |
Income Tax Slabs for Individuals & HUF (Below 60 Years) – FY 2018–19
| Income Tax Slabs | Tax Rate |
|---|---|
| Up to ₹ 2,50,000* | Nil |
| ₹ 2,50,001 – ₹ 5,00,000 | 5% of income exceeding ₹ 2,50,000 |
| ₹ 5,00,001 – ₹ 10,00,000 | ₹ 12,500 + 20% of income exceeding ₹ 5,00,000 |
| Above ₹ 10,00,000 | ₹ 1,12,500 + 30% of income exceeding ₹ 10,00,000 |
*Additional 4% health & education cess applicable.
Senior Citizens (60–80 Years) – FY 2018–19
| Income Tax Slabs | Tax Rate |
|---|---|
| Income up to ₹ 3,00,000* | No tax |
| ₹ 3,00,000 – ₹ 5,00,000 | 5% |
| ₹ 5,00,000 – ₹ 10,00,000 | 20% |
| Above ₹ 10,00,000 | 30% |
*Additional 4% health & education cess applicable.
Super Senior Citizens (80+ Years) – FY 2018–19
| Income Tax Slabs | Tax Rate |
|---|---|
| Income up to ₹ 5,00,000* | No tax |
| ₹ 5,00,000 – ₹ 10,00,000 | 20% |
| Above ₹ 10,00,000 | 30% |
*Additional 4% health & education cess applicable.
Surcharge – Individuals (All Categories)
| Income Limit | Surcharge Rate |
|---|---|
| ₹ 50 lakh – ₹ 1 crore | 10% |
| Above ₹ 1 crore | 15% |
Domestic Companies – FY 2018–19
| Turnover Particulars | Tax Rate |
|---|---|
| Turnover up to ₹ 250 crore (FY 2016–17) | 25% |
| Turnover above ₹ 250 crore | 30% |
Cess: 4% on corporate tax
Surcharge – Domestic Companies
| Income Limit | Surcharge Rate |
|---|---|
| ₹ 1 crore – ₹ 10 crore | 7% |
| Above ₹ 10 crore | 12% |