Check income tax rates for Assessment Year 2019-20 before filing Income Tax Return – Income Tax Slabs

The last date for  filing  income tax return for the financial year 2018-19 or the assessment year 2019-20 is July 31, 2019.

While the total income after after deduction upto Rs.2.5 Lakh per annum is exempt from income tax.

For the gross total income that you have earned in financial year 2018-19, its assessed in the assessment year 2019-20 and the Income Tax Return needs to be filed by July 31, 2019.

Tax Rates – In case of an Individual

 

Tax Rates – 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)

Tax Rates – In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)

Health and Education Cess, Rebate under Section 87A and Surcharge for AY 2019-20

While calculating the actual tax liability for the assessment year 2019-20, based on one’s income, you will need to keep note of the following three points.

1. Health and Education Cess: The amount of income tax and the applicable surcharge, will have to be further increased by health and education cess calculated at the rate of 4 per cent of such income-tax and surcharge.

2. Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 3.5 lakh. The amount of rebate shall be 100 per cent of income tax or Rs. 2,500, whichever is less. For the AY 201-21, the limit is raised to Rs 5 lakh and a maximum rebate of Rs 12,500 will be allowed.

3. Surcharge
When income is between Rs 50 lakh and Rs 1 crore: The amount of income tax shall be increased by a surcharge at the rate of 10 per cent of such tax, where total income exceeds Rs 50 lakh but does not exceed Rs 1 crore.
When income exceeds Rs 1 crore: The amount of income tax shall be increased by a surcharge at the rate of 15 per cent of such tax, where total income exceeds Rs 1 crore.

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