Taxation

Rates of income-tax in India for ‘Individual’ [2019-2020]

This rate shall apply in relation to income-tax for the assessment year or, as the case may be, the financial year commencing on the 1st day of April, 2019

(1) where the total income does not
exceed Rs. 2,50,000

Nil;

(2) where the total income exceeds
Rs. 2,50,000 but does not exceed
Rs. 5,00,000

5 per cent. of the amount by which the total
income exceeds Rs. 2,50,000;

(3) where the total income exceeds
Rs. 5,00,000 but does not exceed
Rs. 10,00,000

Rs. 12,500 plus 20 per cent. of the amount
by which the total income exceeds
Rs. 5,00,000;

(4) where the total income exceeds
Rs. 10,00,000

Rs. 1,12,500 plus 30 per cent. of the amount
by which the total income exceeds
Rs. 10,00,000.

(II) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year, –

Rates of income-tax

(1) where the total income does not
exceed Rs. 3,00,000

Nil;

(2) where the total income exceeds
Rs. 3,00,000 but does not exceed
Rs. 5,00,000

5 per cent. of the amount by which the total
income exceeds
Rs. 3,00,000;

(3) where the total income exceeds
Rs. 5,00,000 but does not exceed Rs. 10,00,000

Rs. 10,000 plus 20 per cent. of the amount
by which the total income exceeds Rs. 5,00,000;

(4) where the total income exceeds
Rs. 10,00,000

Rs. 1,10,000 plus 30 per cent. of the amount
by which the total income exceeds Rs. 10,00,000.

(III) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year, –

Rates of income-tax

(1) where the total income does not
exceed Rs. 5,00,000

Nil;

(2) where the total income exceeds
Rs. 5,00,000 but does not exceed
Rs. 10,00,000

20 per cent. of the amount by which the
total income exceeds Rs. 5,00,000;

(3) where the total income exceeds
Rs. 10,00,000

Rs. 1,00,000 plus 30 per cent. of the amount
by which the total income exceeds
Rs. 10,00,000.

Surcharge on income-tax

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall be increased by a surcharge for the purposes of the Union, calculated, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, –
(a) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; and

(b) having a total income exceeding one crore rupees, at the rate of fifteen per cent. of such income-tax:

Provided that in the case of persons mentioned above having total income exceeding, –

(a) fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees;

(b) one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.


SOURCE: Finance Act, 2019

Categories: Taxation

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