Latest Income Tax Slab Rates AY 2020-21 (FY 2019-20) for Male, Female, Senior Citizen

What are the latest income tax slab rates for AY 2020-21 (FY 2019-20)? Budget 2019 is a positive budget for the lower and middle class people as the expectation was over addressed according to many people. Let’s checkout the latest income tax slab rates FY 2019-20 (AY 2020-21) and if there are any changes to individual tax rates.

A lot of people expected that the basic income tax slabs will be revised and people will get more relaxation. And they are more than happy to see an income tax rebate on income upto 5 lakh.

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

latest income tax slabs rates

You can read the exemption limit details as per your group and plan accordingly you income tax exemptions. But this is applicable to next financial year, that means you have to plan your savings & investments for next year accordingly so that you can save maximum income tax next fiscal year. For this year it return, you have to follow the income tax slab of 2019-20.

Income Tax Slab For Male Below 60 Years

Income Tax Slab Income Tax Rate
Income upto Rs. 2,50,000 Nil
Income between Rs. 2,50,001 – Rs. 300,000 5% of Income exceeding Rs. 2,50,000
Income between Rs. 3,00,001 – Rs. 500,000 5% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

Income Tax Slab For Female Below 60 Years

Income Tax Slab Income Tax Rate
Income upto Rs. 2,50,000 Nil
Income between Rs. 2,50,001 – Rs. 300,000 5% of Income exceeding Rs. 2,50,000
Income between Rs. 3,00,001 – Rs. 500,000 5% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Income Tax Slab For Senior Citizens (Age 60 years or more but less than 80 years)

Income Tax Slab Income Tax Rate
Income upto Rs. 3,00,000 Nil
Income between Rs. 2,50,001 – Rs. 300,000 Nil
Income between Rs. 3,00,001 – Rs. 500,000 5% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

Income Tax Slab For Super Senior Citizens (Age 80 years or more)

Income Tax Slab Income Tax Rate
Income upto Rs. 5,00,000 Nil
Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

Income Tax Rebate 2020-21

Income tax rebate has given for the people with income upto Rs 5,00,000. So, those with a taxable annual income up to Rs 5 lakhs will get full tax exemption (under section 87A) and therefore need not to pay any income tax. Around Rs 3 crore middle class income earners will get benefited with this new income tax rebate.

Individual taxpayers with income up to Rs 5 lakh plus another Rs 1.5 lakh in investments under section 80C (e.g. a small savings scheme like post office MIS) totaling Rs 6.5 lakh will not have to pay any tax.

Any NRI or HUF or AOP or BOI or AJP

Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 2,50,000/-. NIL
ii. Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 5% of amount by which the taxable income exceeds Rs. 2,50,000/-.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/-. 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Note: NRI – Non Resident Individual; HUF – Hindu Undivided Family; AOP – Association of Persons; BOI – Body of Individuals; AJP – Artificial Judicial Person

Income Tax Slabs AY 2020-21 (FY 2019-20)

So, are you happy with the income tax slab 2020-21? The date for filing income tax return online for FY 2019-20 is approaching, have you filed your ITR online? Share your thoughts on this income tax slab rates AY 2020-21 (FY 2019-20) and if it has met your expected change.

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