Income Tax Slabs are differentiated based on the Tax Status, Gender and Age of Individual Tax Payer
Income Tax Slab Rates for an Individual Upto the Age of 59 Years for both Male and Female or an HUF (Hindu Undivided Family) in Financial Year (2018-2019) Assessment Year (2019-2020)
| Taxable Income Range | Tax Rate in % |
|---|---|
| 0- 2,50,000 | NIL |
| 2,50,001 – 5,00,000 | 5% |
| 5,00,001 – 10,00,000 | 20% |
| 10,00,001 and Above | 30% |
Income Tax Slab Rates for an Individual 60 Years Above and below the Age of 80 Years for both Male and Female in Financial Year (2018-2019) Assessment Year (2019-2020)
| Taxable Income Range | Tax Rate in % |
|---|---|
| 0- 3,00,000 | Nil |
| 3,00,001 – 5,00,000 | 5% |
| 5,00,001 – 10,00,000 | 20% |
| 10,00,001 and Above | 30% |
Income Tax Slab Rates for an Individual 80 Years Above for both Male and Female in Financial Year (2018-2019) Assessment Year (2019-2020)
| Taxable Income Range | Tax Rate in % |
|---|---|
| 0 – 5,00,000 | Nil |
| 5,00,001 – 10,00,000 | 20% |
| 10,00,001 and Above | 30% |
Surcharge :
- For Income of 50,00,001 (50 Lakhs) and above Less than 1,00,00,000 ( 1 Crore) a Surcharge of 10% on Income Tax is Charged.
- For Income of 1,00,00,001 and above a Surcharge of 15% on Income Tax is Charged.
Higher Education and Secondary Cess: 4 % on Income Tax and Surcharge is Charged.
Due Date: 31st July 2020 is the Last date to file the Income Tax Return for an Individual or HUF
Thank you for Showing Interest in Saving Tax. Our Advisor will get back to you shortly.
YOU MAY ALSO LIKE
Everything That You Need to Know About Income from House Property Your home, your office, or even a shop can be your house property. According to the Income Tax Act, there is no differentiation between a commercial and a residential property. Every property is taxed under the single head of ‘income from house property.’ Here is all you need to…Read More
Income Tax Slabs are differentiated based on the Tax Status, Gender and Age of Individual Tax Payer Income Tax Slab Rates for an Individual Upto the Age of 59 Years for both Male and Female or an HUF (Hindu Undivided Family) in Financial Year (2019-2020) Assessment Year (2020-2021). Taxable Income Range Tax Rate in % 0- 2,50,000 NIL 2,50,001 –…Read More
Which is Better ELSS or PPF? Savings form an important part of our life. It is important that you not only save but also invest the savings into the right products. It is essential to have knowledge of different products when making an investment decision. Equity Linked Savings Scheme (ELSS) and Public Provident Fund (PPF) are two products, which are…Read More
