Income Tax Rates for AY 2019-20 / FY 2018-19
1. Income Tax Rates for AY 2019-20 / FY 2018-19 In case of an Individual (resident or non-resident) or HUF or AOP or BOI or any other artificial juridical person
Taxable Income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Less: Rebate under Section 87A [see Note]
Add: Health and Education Cess [see Note]
2. Income Tax Rates for AY 2019-20 / FY 2018-19 In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)
Taxable Income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 to Rs 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Less: Rebate under Section 87A [see Note]
Add: Health and Education Cess [see Note]
3. Income Tax Rates for AY 2019-20 / FY 2018-19 In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)
Taxable Income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Add: Surcharge and Education Cess [see Note]
Notes on Surcharge, Health and Education Cess and Rebate under Section 87A, Deduction under Section 80 TTA & 80 TTB
a) Surcharge:
i) The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty lakh rupees but does not exceed one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds fifty lakh rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees).
ii) The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
b) Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent (4%) of such income-tax and surcharge.
c) Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 3, 50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.
d) Deduction under Section 80 TTA: Applicable to individuals and HUF except senior citizens up to Rs 10,000 on Interest on savings account only
e) Deduction under Section 80 TTB: Applicable to senior citizens up to Rs 50,000 on Interest on all kinds of deposits more
Taxable Income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Less: Rebate under Section 87A [see Note]
Add: Health and Education Cess [see Note]
2. Income Tax Rates for AY 2019-20 / FY 2018-19 In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)
Taxable Income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 to Rs 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Less: Rebate under Section 87A [see Note]
Add: Health and Education Cess [see Note]
3. Income Tax Rates for AY 2019-20 / FY 2018-19 In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)
Taxable Income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Add: Surcharge and Education Cess [see Note]
Notes on Surcharge, Health and Education Cess and Rebate under Section 87A, Deduction under Section 80 TTA & 80 TTB
a) Surcharge:
i) The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty lakh rupees but does not exceed one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds fifty lakh rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees).
ii) The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
b) Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent (4%) of such income-tax and surcharge.
c) Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 3, 50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.
d) Deduction under Section 80 TTA: Applicable to individuals and HUF except senior citizens up to Rs 10,000 on Interest on savings account only
e) Deduction under Section 80 TTB: Applicable to senior citizens up to Rs 50,000 on Interest on all kinds of deposits more
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In view of Mr Pradeep's comment above , What is the latest order on the inclusion Of investment in SCSS in 80C more
May 06
Senior Citizen Savings Scheme 2004 (SCSS): Deposits qualify for deduction u/s 80-C of Income Tax Act on the deposits made in new accounts opened on or after 8th December 2007. You will be eligible to claim deduction of up to Rs 1.5 lakh under section 80C for a financial year in which deposit is made. more
May 06
Please note investment in Senior Citizens Scheme 2004 is not covered under Section 80 C. However interest income up to Rs.50000 from SCSS 2004 is exempt from income tax under Section 80 TTB. more
May 02
Yes. Deposits in SCSS2004 are allowed as deduction under 80 C. I am sorry for posting wrong nformation. more
May 04
I was told by SBI executive that investment in SCSS is covered under 80C.
I then confirmed on net under heading features of SCSS and it gives that it is covered under 80C.
Confusion persists . more
I then confirmed on net under heading features of SCSS and it gives that it is covered under 80C.
Confusion persists . more
May 03
