{"id":10016,"date":"2020-01-20T13:43:00","date_gmt":"2020-01-20T08:13:00","guid":{"rendered":"https:\/\/www.apnaplan.com\/?p=10016"},"modified":"2021-05-24T00:40:09","modified_gmt":"2021-05-23T19:10:09","slug":"income-tax-slabs-2019-20","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/income-tax-slabs-2019-20\/","title":{"rendered":"Income Tax Slabs for FY 2019-20 (AY 2020-21)"},"content":{"rendered":"\n<p>Your income from salary, business or other income like income from fixed\/recurring deposits etc are taxed as per income tax slabs.<strong>&nbsp;Full Budget 2019 presented on July5, 2019 has made NO changes in the tax slab. The announcement that individuals with income up to Rs 5 Lakh would get full rebate is through <a href=\"https:\/\/www.apnaplan.com\/section-87a\/\">Section 87A<\/a>. <\/strong><em>&nbsp;<\/em>There is also increase in the surcharge for person with net taxable income of more than Rs 2 crores.<\/p>\n\n\n\n<ul><li> <strong>Rebate under Section 87A <\/strong>changed from Rs 2,500 to Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs (from Rs 3.5 Lakhs)<\/li><li><strong>Surcharge of 25%  if income is between Rs 2 to 5 crore<\/strong> and 37% if the income exceeds Rs 5 crore (this has increased from 15% earlier) &#8211; <span style=\"color:#00d084\" class=\"tadv-color\">Changed in July 5, 2019 budget<\/span><\/li><li><strong>Standard Deduction raised<\/strong> for Salaried &amp; Pensioners from Rs 40,000 to Rs 50,000<\/li><li>In case of 2 house, <strong>tax on notional rent not applicable<\/strong> on second house and can be shown as self-occupied<\/li><li><strong>TDS threshold for bank\/post office\/co-operative society deposits<\/strong> &#8211; raised to Rs. 40,000 per year from 10,000 per year.<\/li><li><strong>Sec 54 exemption<\/strong> allowed on long term capital gains selling of one residential property to buy 2 residential property once in lifetime.<\/li><\/ul>\n\n\n\n<p>The government has not changed the tax slab but given the benefit through Sec 87A as it solves two things: <\/p>\n\n\n\n<ol><li>It&nbsp;provides&nbsp;No&nbsp;benefit&nbsp;to&nbsp;people&nbsp;with&nbsp;taxable&nbsp;income&nbsp;of&nbsp;more&nbsp;than&nbsp;Rs&nbsp;5&nbsp;Lakh<\/li><li>Individuals with income of more than Rs 2.5 lakh still need to file their income tax returns, keeping the return filer high<\/li><\/ol>\n\n\n\n<blockquote class=\"wp-block-quote is-style-large\"><p>Learn about <a href=\"https:\/\/www.apnaplan.com\/section-87a\/\">Section 87A of income Tax<\/a><\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">Income Tax Slabs:<\/h2>\n\n\n\n<p>There is <strong>NO separate tax slab for men and women<\/strong>. Earlier women used to have slight benefit over men in terms of lower taxes!<\/p>\n\n\n\n<p>The tax slabs are determined on age of person. As of today there are 3 slab rates based on age:<\/p>\n\n\n\n<ol><li>Below 60 years of age<\/li><li>Senior Citizens (60 to less than 80 years of age)<\/li><li>Very Senior Citizens (80+ years of age)<\/li><\/ol>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>Read: <a href=\"https:\/\/www.apnaplan.com\/zero-income-tax-11lakh-salary\/\">How to Pay 0 Income Tax on Rs 20+ Lakh Salary?<\/a><\/p><\/blockquote>\n\n\n\n<p>The table below gives the tax slab rates:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Income Tax Slab for HUFs &amp; Individuals (below 60 years \u2013 for both Men &amp; Women)<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"\"><tbody><tr><td><strong>Income Slab<\/strong><\/td><td><strong>Tax Rate<\/strong><\/td><\/tr><tr><td>Income up to Rs 2,50,000<\/td><td>No Tax<\/td><\/tr><tr><td>Income from Rs 2,50,000 \u2013 5,00,000  <\/td><td>5%<\/td><\/tr><tr><td> Income from Rs 5,00,000 \u2013 10,00,000 <\/td><td>20%<\/td><\/tr><tr><td> Income more than Rs 10,00,000 <\/td><td>30%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul><li><strong>Surcharge:<\/strong> <ul><li>10%&nbsp;surcharge on income tax if the total income exceeds Rs&nbsp;50 Lakhs but below Rs 1 crore<\/li><li> 15%&nbsp;surcharge on income tax if the total income exceeds Rs&nbsp;1 crore but below Rs 2 crore <\/li><li>25% surcharge on income tax if the total income exceeds&nbsp;Rs 2 crore but below Rs 5 crore  <\/li><li> 37% surcharge on income tax if the total income exceeds&nbsp;Rs 5 crore   <\/li><\/ul><\/li><li><strong>Health and Education Cess:<\/strong> 4% cess on income tax including surcharge<\/li><li><strong>Rebate under Section 87A:<\/strong> Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs<\/li><\/ul>\n\n\n\n<blockquote class=\"wp-block-quote\"><p> <strong>Download:<\/strong>&nbsp;<a href=\"https:\/\/www.apnaplan.com\/how-to-save-tax-fy2019-20\/\">Free ebook for Income Tax Planning for FY 2019-20<\/a> <\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">Income tax slab for senior citizens (60 years to less than 80 years old) (both men &amp; women)<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"\"><tbody><tr><td><strong>Income Slab<\/strong><\/td><td><strong>Tax Rate<\/strong><\/td><\/tr><tr><td>Income up to Rs 3,00,000<\/td><td> No Tax <\/td><\/tr><tr><td>  Income from Rs 3,00,000 \u2013 5,00,000  <\/td><td>5%<\/td><\/tr><tr><td> Income from Rs 5,00,000 \u2013 10,00,000 <\/td><td>20%<\/td><\/tr><tr><td> Income more than Rs 10,00,000 <\/td><td>30%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul><li><strong>Surcharge:<\/strong> <ul><li> 10%&nbsp;surcharge on income tax if the total income exceeds Rs&nbsp;50 Lakhs but below Rs 1 crore<\/li><li>15%&nbsp;surcharge on income tax if the total income exceeds Rs&nbsp;1 crore but below Rs 2 crore <\/li><li>25% surcharge on income tax if the total income exceeds&nbsp;Rs 2 crore but below Rs 5 crore  <\/li><li> 37% surcharge on income tax if the total income exceeds&nbsp;Rs 5 crore    <\/li><\/ul><\/li><li><strong>Health and Education Cess:<\/strong> 4% cess on income tax including surcharge<\/li><li><strong>Rebate under Section 87A:<\/strong> Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Income tax slab for Very senior citizens (80 years or more) (both men &amp; women)<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"\"><tbody><tr><td><strong>Income Slab<\/strong><\/td><td><strong>Tax Rate<\/strong><\/td><\/tr><tr><td> Income up to Rs 5,00,000 <\/td><td> No Tax <\/td><\/tr><tr><td> Income from Rs 5,00,000 \u2013 10,00,000 <\/td><td>20%<\/td><\/tr><tr><td> Income more than Rs 10,00,000 <\/td><td>30%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul><li><strong>Surcharge:<\/strong> <ul><li> 10%&nbsp;surcharge on income tax if the total income exceeds Rs&nbsp;50 Lakhs but below Rs 1 crore<\/li><li>15%&nbsp;surcharge on income tax if the total income exceeds Rs&nbsp;1 crore but below Rs 2 crore <\/li><li>25% surcharge on income tax if the total income exceeds&nbsp;Rs 2 crore but below Rs 5 crore  <\/li><li>37% surcharge on income tax if the total income exceeds&nbsp;Rs 5 crore     <\/li><\/ul><\/li><li><strong>Health and Education Cess:<\/strong> 4% cess on income tax including surcharge<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"541\" src=\"https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/02\/Income-Tax-Slabs-for-FY-2019-20-in-Budget-2019-1024x541.png\" alt=\"Income Tax Slabs for FY 2019-20 in Budget 2019\" class=\"wp-image-10018\" title=\"\" srcset=\"https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/02\/Income-Tax-Slabs-for-FY-2019-20-in-Budget-2019-1024x541.png 1024w, https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/02\/Income-Tax-Slabs-for-FY-2019-20-in-Budget-2019-300x158.png 300w, https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/02\/Income-Tax-Slabs-for-FY-2019-20-in-Budget-2019-768x405.png 768w, https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/02\/Income-Tax-Slabs-for-FY-2019-20-in-Budget-2019.png 1144w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><strong>Income Tax Slabs for FY 2019-20 in Budget 2019<\/strong><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Income tax slab for Domestic Companies:<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"\"><tbody><tr><td> <strong>Company Turnover<\/strong> <\/td><td><strong>Tax Rate<\/strong><\/td><\/tr><tr><td> Less than 400 crore (enhanced in July budget)<\/td><td>25%<\/td><\/tr><tr><td> More than 400 crore <\/td><td>30%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul><li><strong>Surcharge:<\/strong> <ul><li>7% surcharge if the income is more than 1 crore but less than 10 crore<\/li><li>12% surcharge if the income is more than 10 crore <\/li><\/ul><\/li><li><strong>Health and Education Cess:<\/strong> 4% cess on income tax including surcharge<\/li><\/ul>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><strong>Also Read:&nbsp;<\/strong><a href=\"http:\/\/www.apnaplan.com\/tax-free-incomes-investments\/\">25 Tax Free Incomes &amp; Investments in India<\/a><\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">Income tax slab for Partnership Firm:<\/h2>\n\n\n\n<p>A partnership firm (including LLP) income is<strong> taxable at 30%<\/strong>.<\/p>\n\n\n\n<ul><li><strong>Surcharge:<\/strong> 12% surcharge on income tax if the total income exceeds Rs 1 crore<\/li><li><strong>Health and Education Cess:<\/strong> 4% cess on income tax including surcharge<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Capital Gains&nbsp;Tax Rates:<\/h2>\n\n\n\n<p>Some income related to capital gains are taxed at special rates as shown below:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"\"><tbody><tr><td><strong>Capital Gains<\/strong><\/td><td><strong>Tax Rate<\/strong><\/td><\/tr><tr><td>Short term capital gains from assets (Other than shares &amp; mutual funds)<\/td><td>At Income Tax Slab rates listed above<\/td><\/tr><tr><td>Long term capital gains from assets (Other than shares &amp; mutual funds)<\/td><td>20% (+4% Health and Education Cess)<\/td><\/tr><tr><td>Short term capital gains on shares and equity mutual funds<\/td><td>15%&nbsp;(+4%&nbsp;Health and Education Cess)<\/td><\/tr><tr><td>Long term capital gains on shares and equity mutual funds<\/td><td>10%&nbsp;(+4%&nbsp;Health and Education Cess)<\/td><\/tr><tr><td>Short term capital gains on debt mutual funds<\/td><td>At Income Tax Slab rates listed above<\/td><\/tr><tr><td>Long term capital gains on debt mutual funds<\/td><td>At 20% (+4% Health and Education Cess)&nbsp;with indexation<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>The above rates are based on FM speech. We will update after the budget documents are out and we look at the fine print.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Your income from salary, business or other income like income from fixed\/recurring deposits etc are taxed as per income tax slabs.&nbsp;Full Budget 2019 presented on July5, 2019 has made NO changes in the tax slab. The announcement that individuals with income up to Rs 5 Lakh would get full rebate is through Section 87A. &nbsp;There [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10018,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[480,3814,2322,37,6],"tags":[3815,3198,3816,479,3194,3195,3199,3196,3197],"uagb_featured_image_src":{"full":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/02\/Income-Tax-Slabs-for-FY-2019-20-in-Budget-2019.png",1144,604,false],"thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/02\/Income-Tax-Slabs-for-FY-2019-20-in-Budget-2019-150x150.png",150,150,true],"medium":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/02\/Income-Tax-Slabs-for-FY-2019-20-in-Budget-2019-300x158.png",300,158,true],"medium_large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/02\/Income-Tax-Slabs-for-FY-2019-20-in-Budget-2019-768x405.png",768,405,true],"large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/02\/Income-Tax-Slabs-for-FY-2019-20-in-Budget-2019-1024x541.png",1024,541,true],"1536x1536":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/02\/Income-Tax-Slabs-for-FY-2019-20-in-Budget-2019.png",1144,604,false],"2048x2048":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/02\/Income-Tax-Slabs-for-FY-2019-20-in-Budget-2019.png",1144,604,false],"yarpp-thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2019\/02\/Income-Tax-Slabs-for-FY-2019-20-in-Budget-2019.png",120,63,false]},"uagb_author_info":{"display_name":"Amit","author_link":"https:\/\/www.apnaplan.com\/author\/admin\/"},"uagb_comment_info":12,"uagb_excerpt":"Your income from salary, business or other income like income from fixed\/recurring deposits etc are taxed as per income tax slabs.&nbsp;Full Budget 2019 presented on July5, 2019 has made NO changes in the tax slab. The announcement that individuals with income up to Rs 5 Lakh would get full rebate is through Section 87A. &nbsp;There&hellip;","_links":{"self":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/10016"}],"collection":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/comments?post=10016"}],"version-history":[{"count":0,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/10016\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media\/10018"}],"wp:attachment":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media?parent=10016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/categories?post=10016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/tags?post=10016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}