Income Tax Rates for FY 2019-20

Pay Your Taxes Now. Income Tax Rates For FY 2019-20

It’s time to pay your taxes. We are providing a detailed analysis of Income Tax Rates for the Financial Year (FY 2019-2020).

Income Tax Rates For FY 2019-20(AY 2020-21)

In India, we follow a tax slab system of taxing the income of an individual or non-individual. Our Tax system follows a progressive tax slab, wherein the Tax percentage chargeable on Income keeps on increasing with an increase in the taxable income.

Usually the Income tax rates/slabs are notified in the Annual budget and the general expectation is that the slabs are reduced in every budget. However this might not happen very often.

There is usually a cess and or surcharge also payable in many cases depending on the income, which is used for a specific purpose(s) by the Central Government.

Income Tax Rates for Individual Tax Payers for AY 2020-21 (FY 2019-20)

Income Tax SlabsFor Resident Individuals ( less than 60 years as on 31st March )/ HUF/ AOP/ BOI/ Non resident individual
Up to ₹2,50,000Nil
₹2,50,000 to ₹5,00,0005% of total income exceeding ₹ 2,50,000
₹5,00,000 to ₹10,00,000₹12,500 + 20% of total income exceeding ₹ 5,00,000
Above ₹10,00,000₹1,12,500 + 30% of total income exceeding ₹ 10,00,000

Additional 4% Health & education cess applicable on the tax  and surcharge amount calculated as above.

Surcharge: 10% of income tax, where total income exceeds ₹ 50 lakh up to ₹1 crore.

Surcharge: 15% of income tax, where the total income exceeds ₹1 crore up to ₹2crore.

Surcharge: 25% of income tax, where the total income exceeds ₹2crore up to ₹5 crore.

Surcharge: 37% of income tax, where the total income exceeds ₹ 5crore

Income Tax SlabsTax Rate for Senior citizens aged 60 Years But Less Than 80 Years( On given day during the financial year)
Up to ₹3,00,000No tax
₹3,00,000 – ₹5,00,0005% of total income exceeding ₹ 3 lakh
₹ 5,00,000 – ₹10,00,00010,000 plus 20% of total income exceeding ₹ 5 lakh
Income more than ₹10,00,000110,000 plus 30% of total income exceeding ₹ 10 lakh

Additional 4% Health & education cess applicable on the tax  and surcharge amount calculated as above

Surcharge: 10% of income tax, where total income exceeds ₹50 lakh up to ₹1 crore.

Surcharge: 15% of income tax, where the total income exceeds ₹1 crore up to ₹2crore.

Surcharge: 25% of income tax, where the total income exceeds ₹2 crore up to ₹5 crore.

Surcharge: 37% of income tax, where the total income exceeds ₹5crore

Income Tax SlabsTax Rate for Super Senior Citizens aged 80 Years And Above( on any day in the financial year)
Up to ₹ 5,00,000No tax
₹  5,00,000 – 10,00,00020% of income exceeding  ₹ 5 lakh
More than ₹10,00,000₹1 lakh plus 30% of income exceeding ₹10 lakh

Additional 4% Health & education cess applicable on the tax and surcharge amount calculated as above

Surcharge: 10% of income tax, where total income exceeds ₹ 50 lakh up to ₹1 crore.

Surcharge: 15% of income tax, where the total income exceeds ₹1 crore up to ₹2crore.

Surcharge: 25% of income tax, where the total income exceeds ₹2 crore up to ₹5 crore.

Surcharge: 37% of income tax, where the total income exceeds ₹5 crore

Income Tax Slabs for Firms for AY 2020-21 (FY 2019-20)Tax Rate
On whole of the total income30%

Additional 4% Health & education cess applicable on the tax and surcharge amount calculated as above

Surcharge: If taxable income is more than ₹ 1Cr., then surcharge @12% on tax  is also payable.

Income Tax Slabs for AY 2020-21 (FY 2019-20)Tax Rate for Co-operative Societies
Income up to ₹10,00010%
Income from ₹10,000 –  ₹20,000₹ 1000 plus 20% of the amount which exceeds ₹ 10,000
Income more than ₹20,000₹ 3000 plus 30% of the amount which exceeds ₹ 20,000

Additional 4% Health & education cess will be applicable on the tax and surcharge amount calculated as above

Surcharge: 12% of income tax, where the total income exceeds ₹1 crore.

Income Tax Rates for Local Authority for AY 2020-21 (FY 2019-20)

Tax Rate
On whole of the total income30%

Additional 4% Health & education cess will be applicable on the tax and surcharge amount calculated as above

Surcharge: 12% of income tax, where the total income exceeds ₹ 1 crore.

Income Tax Rates for Domestic Companies for  AY 2020-21 (FY 2019-20)

TurnoverTax Rate
Gross turnover upto Rs 400 crore in the F.Y. 2017-1825%
Gross turnover exceeding Rs 400 crore in the F.Y. 2017-1830%
Where the company opted for section 115BA25%
Where the company opted for section 115BAA22%
Where the company opted for section 115BAB    15%

Additional 4% Health & education cess applicable on the tax  and surcharge amount calculated as above.

Surcharge: 7% of income tax, where total income exceeds ₹ 1 crore but does not exceed Rs 10 crore.

Surcharge: 12% of income tax, where the total income exceeds ₹10 crore

Pay your income tax online . Refer to Income Tax Rates for FY2019-20 here.

For further assistance, please contact us.