Article contains Income Tax Slab Rates for Financial Year 2019-20 / Assessment Year 2020-21 for Individuals (resident or non-resident), Senior Citizens (60 years old or more but less than 80 years old) (only Residents) and Super Senior Citizens (80 years old or more) (only Residents) with Rates of Applicable Surcharge and Education Cess Rate.
Individuals (resident or non-resident below the Age of 60 Years):
| Total Income | Tax Rate applicable |
| Upto Rs.2,50,000 | Nil |
| Rs.2,50,001 to Rs.5,00,000 | 5% of Total Income exceeding Rs.2,50,000 |
| Rs.5,00,001 to Rs.10,00,000 | Rs.12,500 + 20% of Total Income exceeding Rs.5,00,000 |
| Above Rs.10,00,001 | Rs.1,12,500 + 30% of Total Income exceeding Rs.10,00,000 |
Senior Citizens (60 years old or more but less than 80 years old) (only Residents):
| Total Income | Tax Rate applicable |
| Upto Rs.3,00,000 | Nil |
| Rs.3,00,001 to Rs.5,00,000 | 5% of Total Income exceeding Rs. 3,00,000 |
| Rs.5,00,001 to Rs.10,00,000 | Rs.10,000 + 20% of Total Income exceeding Rs. 5,00,000 |
| Above Rs.10,00,001 | Rs.1,10,000 + 30% of Total Income exceeding Rs. 10,00,000 |
Super Senior Citizens (80 years old or more) (only Residents):
| Total Income | Tax Rate applicable |
| Upto Rs. 5,00,000 | Nil |
| Rs.5,00,001 to Rs.10,00,000 | 20% of Total Income exceeding Rs. 5,00,000 |
| Above Rs.10,00,001 | Rs.1,00,000 + 30% of Total Income exceeding Rs. 10,00,000 |
Surcharge applicability:
| Range of Total Income | Surcharge Rate on the amount of Income Tax |
| Rs. 50 Lakhs to Rs. 1 crore | 10% |
| Rs. 1 crore to Rs.2 crores | 15% |
| Rs.2 crores to Rs. 5 crores | 25% |
| Above Rs. 5 crores | 37% |
Health & Education Cess (HEC):
An additional HEC @ 4% is applicable on the amount of Income Tax + Surcharge.
Tax Rebate u/s 87A:
A tax rebate u/s 87A is allowed to individual taxpayers upto a maximum amount of Rs.12,500 for Total income upto Rs. 5 lakhs.
Marginal Relief:
Marginal Relief is the relief granted to the taxpayer from the levy of surcharge, if he is liable to surcharge due to the reason that his income marginally exceeds the limits prescribed.
The purpose of marginal relief is to ensure that the amount of tax payable including surcharge does not exceed the amount of income which exceeds the prescribed threshold.
Calculation of Total Income:
Total Income = Gross Total Income (GTI) (-) Deduction under chapter VI-A
GTI = Income from all heads including exempt income (i.e. agricultural income)
Author Bio
Dear Deepak
In your post small correction under senior citizen category tax on income from 3 to 5 lacs . 5% tax on above 3 lacs but not on 2,50,000. If possible please correct. Good post….
Wish you all the best…
Regards
Krishna Murthy