Income Tax Slab financial year 2019 20 return filling due in 2020

No Tax in Income Upto 5 lakh if income more then 5 lakh then Income Taxable from 2.5 or 3 or 5 lakh according to age Slab given below:

Income Tax Slab

1. Zero tax liability for individuals with income less than 2.5 lakh rupees

2. Up to 5% tax for income between 2.5 or 3 lakh to 5 lakh rupees (Applicable only if Assessee Age below 80 years)

  • ·       2.5 lakh for age lesser then 60 years
  • ·       3 lakh for lesser then then 80 years
3. 20% tax for income in the tax bracket of 5 to 10 lakh rupees
4. 30% tax for individuals with income above 10 lakh rupees

 New Income Tax Slab Fy 2019 20

This Rule is Applicable for the Financial year 2019 20 and Assessment Year 2020 21
Please considered the rule and get your tax benefit Easily

Income Tax Slab return 2020

Return Filling year is 2020. Now! Due to Covid - 19 Some Relaxation Also provided by Central Government As Detail Given Below:

IMPORTANT UPDATES:

Other Direct Tax Measures

  • All Pending Refunds to charitable tursts and non-corporate business & professions including Proprietorship, partnership, LLP and Co-operatives shall be issued Immediately.
  • Due date of all Income tax return for FY 2019-20 will extended from 
    • 31st july, 2020 and 31st October, 2020 to 30th November, 2020 and
    • Tax audit from 30th September, 2020 to 31st October, 2020



Part 1:
Income Tax Slabs for Individual Taxpayers Who Are Less Than 60 Years Old
Income Tax Slabs
Tax Rates
Up to ₹2,50,000
Nil
Within the tax bracket of ₹2,50,001 to ₹5,00,000
5% of total income exceeding ₹2,50,000
Within the tax bracket of ₹5,00,001 to ₹10,00,000
₹12,500 + 20% of total income exceeding ₹5,00,000
Above ₹10,00,000
₹1,12,500 + 30% of total income exceeding ₹10,00,000

Also Read: Income Tax Slab for FY 2020-21

Part 2:
Income Tax Slabs for Senior Citizens Aged Between 60 to 80 Years
Income Tax Slabs
Tax Rates
Up to ₹3,00,000
Nil
Within the tax bracket of ₹3,00,000 to ₹5,00,000
5%
Within the tax bracket of ₹5,00,001 to ₹10,00,000
₹10,000 + 20% of total income exceeding ₹5,00,000
Above ₹10,00,000
₹1,10,000 + 30% of total income exceeding ₹10,00,000

Part 3:
Income Tax Slabs for Super Senior Citizens Who Are 80 Years of Age or Above:
Income Tax Slabs
Tax Rates
Up to ₹5,00,000
Nil
Within the tax bracket of ₹5,00,000 to ₹10,00,000
20%
Above ₹10,00,000
₹1,00,000 + 30% of total income exceeding ₹10,00,000


Nill Tax Upto 5 lakh

As an Indian resident, you can claim tax rebate under Section 87A if your income lies in the tax bracket of up to 5 lakh rupees. Specifically, the deduction under this section will be 100% of income tax liability or INR 12,500, whichever is lower.

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1 Comments

  1. Hi,
    It was very useful for me keep sharing ! much helpful for more person . if want Auditors in delhiTax consultants in delhiclick on it

    ReplyDelete