Income Tax Slab in India for FY 2019-2020

New financial year had already begun and taxpayers shall take a quick look on to the income tax slab for the FY 2019-20 i.e. A.Y. 2020-21. This will help taxpayers in planning their investments better.

The tax rates are as per the interim budget 2019 and is expected to be retained by the next government.

Income Tax Slab FY 2019-20 for Individuals

• Individuals – Resident or non- resident whose age is less than 60 years on the last day of the relevant previous year i.e. 31.03.2019

Taxable Income Range	Income Tax Rate
Upto 2,50,000	Nil
2,50,001-5,00,000	5% with full rebate only if net taxable income does not cross Rs. 5 lakhs
5,00,001-10,00,000	20%
Above 10,00,000	30%

• Resident Senior Citizen – every individual being resident in India, whose age falls between 60 years – 80 years at any time during the previous year.

Taxable Income Range	Income Tax Rate
Upto 3,00,000	Nil
3,00,001-5,00,000	5% with full rebate only if net taxable income does not cross Rs. 5 lakhs
5,00,001-10,00,000	20%
Above 10,00,000	30%

• Resident Super Senior Citizen – every individual being resident in India, whose age is above 80 years or more at any time during the previous year.

Taxable Income Range	Income Tax Rate
Upto 5,00,000	Nil
5,00,001-10,00,000	20%
Above 10,00,000	30%

Surcharge

• 10% of Income tax where the Taxable Income exceeds Rs. 50,00,000
• 15% of Income tax where the Taxable Income exceeds Rs. 1,00,00,000

Health and Education Cess

• 4% of income tax and surcharge.

Income Tax Rate for Partnership Firms in India

All partnership firms including Limited Liability Partnership firms have uniform tax rate of 30%

Surcharge

12% of the income tax payable where total taxable income exceeds Rs. 1 crore.

Health and Education Cess

4% of income tax and surcharge payable irrespective of the taxable income amount.

Income Tax Rate for Companies in India

Domestic Companies

Particulars	Income Tax Rate
Companies having total turnover or gross receipts less than Rs. 250 crore in F.Y. 2017-18	25%
Others	30%

Foreign Companies

Particulars	Income Tax Rate
All companies	40%

Surcharge

Company	Net Income between Rs. 1 – 10 crore	Net Income exceeds Rs. 10 crore
Domestic	7%	12%
Foreign	2%	5%

Health and Education Cess

4% of income tax and surcharge payable irrespective of the taxable income amount.

Advance Tax

On or before 15th June	15% of the Estimated Income Tax
On or before 15th Sep	45% of the Estimated Income Tax
On or before 15th Dec	75% of the Estimated Income Tax
On or before 15th March	100% of the Estimated Income Tax

Pay your advance tax online within prescribed timeline.

Income Tax Rate for HUF/AOP/BOI/Other Artificial Judicial Person

Taxable Income Range	Income Tax Rate
Upto 2,50,000	Nil
2,50,001-5,00,000	5%
5,00,001-10,00,000	20%
Above 10,00,000	30%

No Rebate in tax available to AOP/BOI/HUF as discussed in case of individuals whether resident or not.

Surcharge

10% of the income tax payable where total taxable income exceeds Rs. 0.50 crore.

15% of the income tax payable where total taxable income exceeds Rs. 1.0 crore.

Health and Education Cess

4% of income tax and surcharge payable.