Income Tax Slab Rates AY 2019-20
Income Tax Slab Rates AY 2019-20
In this ripple, we shall discuss the different rates of Income tax prescribed by the Finance Act in the annual budget for different classes of taxpayers.
Income Tax Slab Rate
The rates of tax for different classes of taxpayers are different.
Tax rates are mainly dependent on the ability of the taxpayer to pay. The Income Tax rates for Individuals, Senior Citizen and Very Senior Citizens, HUFs, AOP, BOI and Co-operatives are progressive in nature. This means that a lower tax rate is imposed on low-income earners compared to those with higher income.
That also means it takes a larger percentage from high-income earners than it does from low-income earners. Individuals, HUFs, AOP, BOI and Co-operatives are taxed as per different slab rates ( varies from Nil to 30% ). However, Firms and Companies are taxed on fixed rate basis, except for certain specified incomes.
When income increases a specified limit(s), Surcharge on Income Tax is charged at specified Surcharge rate on Income Tax. The specified limit(s) for charging Surcharge and Surcharge rates are different for different categories of tax payers.
Click the links below to find out the slab rates for:
- Individual resident aged below 60 years
- Senior Citizen
- Very Senior Citizen
- Any NRI or HUF or AOP or BOI or AJP
- Co-operative Society
- Firm
- Local Authority
- Domestic Company (1) - Turnover upto ₹ 250 crores
- Domestic Company (2) - Turnover exceeding ₹ 250 crores
- Company other than a Domestic Company
