Income tax slab rates in India – AY 2020-21 (FY 2019-20)
1.0 Income Tax Slab for Resident Individual (Below 60 Years Old), HUF and AOP/BOI/Artificial juridical person
Income Tax Slab Tax Rate
Income up to Rs 2,50,000 No tax
Income from Rs 2,50,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 10% of income tax, where total income exceeds INR 50 lakh up to INR 1 crore. 15% of income tax, where the total income exceeds INR 1 crore up to INR 2 crore.
25% of income tax, where total income exceeds Rs 2 crore upto Rs 5 crore and
37% of income tax, where total income exceeds Rs 5 crore.
Health and Education Cess: 4% of Income Tax plus Surcharge.
*This exemption limit will be applicable for non-resident individual also Irrespective of their age
2.0 Income Tax Slab for Senior Citizens (60 Years Or More but Less than 80 Years)
Income Tax Slab Tax Rate
Income up to Rs 3,00,000 No tax
Income from Rs 3,00,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 10% of income tax, where total income exceeds INR 50 lakh up to INR 1 crore. 15% of income tax, where the total income exceeds INR 1 crore up to INR 2 crore.
25% of income tax, where total income exceeds Rs 2 crore upto Rs 5 crore and
37% of income tax, where total income exceeds Rs 5 crore.
Health and Education Cess: 4% of Income Tax plus Surcharge.
3.0 Income Tax Slab for Senior Citizens (80 Years Or More)
Income Tax Slab Tax Rate
Income up to Rs 5,00,000 No tax
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 10% of income tax, where total income exceeds INR 50 lakh up to INR 1 crore. 15% of income tax, where the total income exceeds INR 1 crore up to INR 2 crore.
25% of income tax, where total income exceeds Rs 2 crore upto Rs 5 crore and
37% of income tax, where total income exceeds Rs 5 crore.
Health and Education Cess: 4% of Income Tax plus Surcharge
(Source: Taxguru) more
Income Tax Slab Tax Rate
Income up to Rs 2,50,000 No tax
Income from Rs 2,50,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 10% of income tax, where total income exceeds INR 50 lakh up to INR 1 crore. 15% of income tax, where the total income exceeds INR 1 crore up to INR 2 crore.
25% of income tax, where total income exceeds Rs 2 crore upto Rs 5 crore and
37% of income tax, where total income exceeds Rs 5 crore.
Health and Education Cess: 4% of Income Tax plus Surcharge.
*This exemption limit will be applicable for non-resident individual also Irrespective of their age
2.0 Income Tax Slab for Senior Citizens (60 Years Or More but Less than 80 Years)
Income Tax Slab Tax Rate
Income up to Rs 3,00,000 No tax
Income from Rs 3,00,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 10% of income tax, where total income exceeds INR 50 lakh up to INR 1 crore. 15% of income tax, where the total income exceeds INR 1 crore up to INR 2 crore.
25% of income tax, where total income exceeds Rs 2 crore upto Rs 5 crore and
37% of income tax, where total income exceeds Rs 5 crore.
Health and Education Cess: 4% of Income Tax plus Surcharge.
3.0 Income Tax Slab for Senior Citizens (80 Years Or More)
Income Tax Slab Tax Rate
Income up to Rs 5,00,000 No tax
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 10% of income tax, where total income exceeds INR 50 lakh up to INR 1 crore. 15% of income tax, where the total income exceeds INR 1 crore up to INR 2 crore.
25% of income tax, where total income exceeds Rs 2 crore upto Rs 5 crore and
37% of income tax, where total income exceeds Rs 5 crore.
Health and Education Cess: 4% of Income Tax plus Surcharge
(Source: Taxguru) more
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Income tax slab for Senior Citizen without Govt. job should be given Rs. 5,00,000 with zero tax. 5 Lakhs to 10 Lakhs 10%. more
Dec 26
Since there is +ve inflation rate, slabs should be increased by at-least Rs.25000/- each. more
Dec 26
We have suggested exemption limit to be Rs.10 Lakhs without any deductions. This will help every one and economy. more
Dec 26
