Income Tax Slab For Ay 2020-21 and Financial Year 2019-20

Income Tax Slab For Ay 2020-21 and Financial Year 2019-20

1. Income Tax Slab Rate for AY 2020-21 for Individuals:

1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:

• Up to Rs. 2,50,000 :::: Nil
• Rs. 2,50,000- Rs. 5,00,000 :::: 5%
• Rs. 5,00,000- Rs. 10,00,000 ::::: 20%
• Above Rs. 10,00,000 ::::: 30% 

1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:

• Up to Rs. 3,00,000 :::: Nil
• Rs. 3,00,000 – Rs. 5,00,000 :::: 5%
• Rs. 5,00,000- Rs. 10,00,000 :::: 20%
• Above Rs. 10,00,000 :::: 30%

1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:

Up to Rs. 5,00,000 ::: Nil

Rs. 5,00,000- Rs. 10,00,000 :::: 20%

Above Rs. 10,00,000 :::: 30%

Plus: - 

Health and Education cess: - 4% of income tax and surcharge.

Note: - A resident individual is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.

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