Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2019-20 – Part I
Up to ₹2,50,000*
Nil
₹2,50,001 to ₹5,00,000
5% of total income exceeding ₹2,50,000
₹5,00,001 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
No tax for individuals with income less than ₹ 2,50,000
0%-5% tax with income ₹ 2.5 lacs to 5 lacs for different age groups
20% tax with income ₹ 5 lacs to 10 lacs
30% tax with income above ₹ 10 lacs
A tax rebate under section 87A is allowed to individual taxpayers a maximum amount of:– Rs 2,500 for total income up to Rs 3.5 lakh for FY 2018-19– Rs 12,500 for total income up to Rs 5 lakh for FY 2019-20
Investments upto ₹ 1.5 lacs under Sec 80C can save ₹ 46,800 in taxes.
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
Let’s understand the tax calculation for rebate with the help of an example:
Source of income (FY 2019-20)
Income (Rs)
Gross Salary
7,00,000
Less: Standard deduction For Salary Person (50,000)
6,50,000
Less: Deduction under section 80C
1,50,000
Total Taxable income
5,00,000
Income-tax (@ 5% from Rs 2.5 to 5 lakh)
12,500
Less: Rebate u/s 87A
12,500
Total Tax Liability
NIL
Source of income (FY 2019-20)
Income (Rs)
Gross Salary
7,10,000
Less: Standard deduction For Salary Person (50,000)
