income tax slab for 2019-20

Budget 2019 brings new income tax slab for 2019-20.

Are you anxious to know income tax slab for 2019-20? New income tax slab has been divided into three
tax slab of 5%, 20% and 30% in India.         

Income up to Rs 250,000 is exempt from tax for men and women below the age of 60. For senior (aged
60-80) citizen this limit increased up to 300,000. And super citizen (Aged above 80 years) this limit increased up to Rs 500,000 per annually.

So there are three types of different taxation rules in terms of age of taxpayer. But slab remain the same 5%, 20% and 30%.

So we compute income on different tax slab based on different age. Then income tax will be computed 5%, 20 % and 30% tax slab.

income tax slab for 2019-20
income tax slab for 2019-20

Taxpayer is below 60 years.

Income above 2.5 Lac but below 5 Lac attracts income tax of 5% (total income minus 2.5 Lac), However Rs 5
Lac attracts a fixed income tax of Rs 12500.
Income above 5 Lac but below 10 Lac attracts income tax of 20% Calculation 12500 plus 20% of (Net
amount minus 5 Lac).                                                            However Rs 10 Lac attract a fixed income tax of Rs 112500.
Income above 10 Lac attracts income tax of 30% Calculation 112500+ 30% of (Net amount minus 10 Lac),

Tax payer is above 60 year but below 80 year.

Income above 3 Lac but below 5 Lac attracts income tax of 5% of (total income minus 3 Lac), However Rs 5 Lac
attract a fixed income tax of Rs 10,000.
Income above 5 Lac but below 10 Lac attracts income tax of 20% Calculation 10000 plus 20% of  (Net amount
minus 5 Lac), However Rs 10 Lac attract a fixed income tax of Rs 11000.

Income above 10 Lac attracts income tax of 30% Calculation 110000 plus 30% of (Net amount minus 10 Lac),

Tax payer is above 80 year.

Income above 5 Lac but below 10 Lac attracts income tax of 20% (total income minus 5 Lac), However Rs 10
Lac attract a fixed income tax of Rs 100,000.
Income above 10 Lac attracts income tax of 30% Calculation 110000 plus 30% of (Net amount minus 10 Lac),

Budget 2018-19 increased the health and education cess computed on income tax 4% that clubbed with
income tax payable. 

However there are tax and surcharge on income above Rs 50 Lakh

surcharge on income tax
surcharge on income tax

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