Income Tax Budget Announcement LIVE: No Change in Slabs, Surcharge Increased For Annual Income Over Rs 2 CroreIn India, the Income tax is imposed on individual taxpayers on the basis of a system known as the Slab System where different tax rates have been allotted for different slabs with the tax rates fluctuating with an increase or decrease in the income slab.

 

Such tax slabs tend to undergo certain changes with the coming of every new budget.

The Taxpayers are divided into 3 broad categories:

1. The first category includes individuals who are below 60 years of age (Residents and Non-Residents both)

2. Secondly, we have the Resident Senior citizens who are 60 and above but below 80 years of age)

3. Thirdly, we have Resident Super senior citizens above 80 years of age.

The idea of Income Tax Slabs has broadened the concept of Tax payments for individuals belonging to different age groups. It gives a clear view of your Tax Payment details as per your age group. Income Tax is one of the biggest concerns for people today.

The Following Report gives an idea about various income Tax slabs depending upon the desired age group:

Income Tax Slabs for Individual Tax Payers & HUF (Hindu Undivided Family)(individuals less than 60 years of age) for FY 2019-20:

Income Tax Slab

Tax Rate

Health and Education Cess

An Income of Rs2,50,000*

Nil

Nil

Income varying from Rs 2,50,001 to Rs 5,00,000

5% of total income exceeding Rs 2,50,000

4%

Income varying from Rs 5,00,001 to Rs 10,00,000

Rs12,500+20% of total income exceeding Rs 5,00,000

4%

An Income above Rs 10,00,000

Rs 1,12,500+30% of total income exceeding Rs 10,00,000

4%


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Additional Charges: 15% of the income tax, where the total income exceeds Rs.1 crore.

Additional charges: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.

*Income tax absolution limit for the FY 2019-20 is up to Rs. 2, 50,000 for individuals & HUF other than those covered in previous data.

Income Tax Slabs for Senior Citizens (Age group 60 Years Old but Less than 80 Years Old) for FY 2019-20:

Income Tax Slabs

Tax Rate

Health and Education Cess

Income up to Rs 3,00,000*

No Tax

Nil

Income from Rs 3,00,000-Rs 5,00,000

5%

4% of Income tax

Income from Rs 5,00,000-10,00,000

20%

4% of Income tax

Income more than Rs 10,00,000

30%

4% of Income tax

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Additional Charges: 15% of income tax, where the total income is more than Rs.1 crore.

Additional Charges: 10% of income tax, where the total income could vary from Rs.50 lakh up to Rs.1 crore.

*Income tax absolution limit for FY 2019-20 is up to Rs. 3,00,000 other than those mentioned in Previous data.

Income Tax Slabs for Super Senior Citizens (Above 80 Years of Age) for FY 2019-20

Income Tax Slabs

Tax rate

Health and Education Cess

Income up to Rs 5,00,000*

No tax

Nil

Income from Rs 5,00,000-10,00,000

20%

4%of Income Tax

Income more than Rs 10,00,000

30%

4% of Income tax

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Additional Charges: 15% of the income tax, where the total income exceeds Rs.1 crore.Additional Charges: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.*Income tax absolution limit for FY 2019-20 is up to Rs. 5, 00,000 other than those mentioned in previous data.

These statistics give us an account of tax payment details as per an Individual’s age. The Income Tax slab 2019 would be an issue of great concern for some people and for some it would be a boon. The taxpayers breathe in a sense of relief if the rate of interest of their tax is a reasonable one. For those who need to pay more rate of interest need to tighten their expenses and plan their budget accordingly.

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