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Income Tax Slab for FY 2019-20 vs FY 2018-19

Income Tax Update : Budget 2019-20

  • No Income tax for individuals with Annual Taxable Income of upto Rs. 5 lakh. No change in Income Tax Slabs
  • Surcharge increased by 3% for individuals with Income of Rs. 2-5 crores and by 7% for income more than Rs. 5 crores.
  • Aadhaar card can now be used interchangeably for PAN card. Thus, you no longer need PAN to file income tax returns.
  • Additional deduction of Rs. 1.5 lakhs for interest on home loan availed for purchase of Affordable houses of up to Rs. 40 lakh till March 2020.
  • Income tax deduction of Rs. 1.5 lakhs for interest on loan taken to buy an electric vehicle.
  • The annual turnover limit for corporate tax of 25% increased to Rs. 400 crores.
  • TDS of 2% on cash withdrawal of more than Rs. 1 crore in a year from a bank account to discourage business payments in cash.
  • Excise Duty on fuel hiked by Re. 1.

Income tax slab for individual male and female tax payers of age less than 60 years and HUF FY 2019-20

Income range per annum Tax Rate FY 2019-20, AY 2020-21 Tax Rate FY 2018-19, AY 2019-20
Up to Rs. 2.5 lakhs No Tax No Tax
Above Rs. 2.5 lakhs to Rs. 5 lakhs 5% + 4% cess 5% + 4% cess
Above Rs. 5 lakhs to Rs. 10 lakhs 20% + 4% cess 20% + 4% cess
Above Rs. 10 lakhs to Rs. 50 lakhs 30% + 4% cess 30% + 4% cess
Above Rs. 50 lakhs to Rs. 1 crore 30% + 10% surcharge + 4% cess 30% + 10% surcharge + 4% cess
Above Rs. 1 crore 30% +15% surcharge + 4% cess 30% +15% surcharge + 4% cess
Rebate under section 87(A) 100% tax rebate subject to maximum of Rs. 2,500 available to resident individual whose total income does not exceed Rs. 3.5 lakhs 100% tax rebate subject to maximum of Rs. 2,500 available to resident individual whose total income does not exceed Rs. 3.5 lakhs

Income tax slabs for senior citizens including both male and female taxpayers of age more than 60 years but less than 80 years FY 2019-20

Income range per annum Tax Rate FY 2019-20, AY 2020-21 Tax Rate FY 2018-19, AY 2019-20
Up to Rs. 3 lakhs No Tax No Tax
Above Rs. 3 lakh to Rs. 5 lakhs 5% + 4% cess 5% + 4% cess
Above Rs. 5 lakhs to Rs. 10 lakhs 20% + 4% cess 20% + 4% cess
Above Rs. 10 lakhs to Rs. 50 lakhs 30% + 4% cess 30% + 4% cess
Above Rs. 50 lakhs to Rs. 1 crore 30% + 10% surcharge + 4% cess 30% + 10% surcharge + 4% cess
Above Rs. 1 crore 30% +15% surcharge + 4% cess 30% +15% surcharge + 4% cess
Rebate under section 87(A) 100% tax rebate subject to maximum of Rs. 2,500 available to resident individual whose total income does not exceed Rs. 3.5 lakhs 100% tax rebate subject to maximum of Rs. 2,500 available to resident individual whose total income does not exceed Rs. 3.5 lakhs

Income tax slab for super senior citizen including both male and female taxpayers of age more than 80 years FY 2019-20

Income range per annum Tax Rate FY 2019-20, AY 2020-21 Tax Rate FY 2018-19, AY 2019-20
Up to Rs. 2.5 lakhs per annum No Tax No Tax
Up to Rs. 5 lakhs per annum No Tax No Tax
Above Rs. 5 lakhs to Rs. 10 lakhs 20% + 4% cess 20% + 4% cess
Above Rs. 10 lakhs to Rs. 50 lakhs 30% + 4% cess 30% + 4% cess
Above Rs. 50 lakhs to Rs. 1 crore 30% + 10% surcharge + 4% cess 30% + 10% surcharge + 4% cess
Above Rs. 1 crore 30% +15% surcharge + 4% cess 30% +15% surcharge + 4% cess

For tax rates on capital gains, refer to MyLoanCare Capital Gains tax Slabs Blog

Exempted income

Check if some of your income may be exempted from income tax. Read MyLoanCare exempted income guide.

Tax slabs for Firms and Domestic Companies FY 2019-20

Tax Head Firms Domestic Companies
Income Tax for turnover upto Rs. 400 crores 30% 25%
Income Tax for turnover above Rs. 400 crores 30% 30%
Surcharge as % of income tax 12% of tax in case the total income exceeds Rs. 1 crore
  • 7% of tax in case income is more than Rs. 1 crore but less than Rs. 10 crore.
  • 10% of tax in case income is more than Rs. 10 crore.
Cess as % of tax and surcharge 3% of tax plus surcharge 3% of tax plus surcharge

The above table highlights the latest tax slabs for the firms and domestic companies. The tax treatment in both the cases differs from the tax treatment of individuals and HUFs.

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