RATES OF INCOME-TAX AS PER FINANCE ACT, 2019:

As per the Finance (No.2) Act, 2019, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2019- 20 (i.e. Assessment Year 2020-21) at the following rates

Rates of tax

  1. Normal Rates of tax:
Sl No Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,50,000/-. Nil
2 Where the total income exceeds Rs. 2,50,000/- but does not exceed      Rs. 5,00,000/-. 5 percent of the amount by which the total income exceeds Rs. 2,50,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 12,500/- plus 20 percent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,12,500/- plus 30 percent of the amount by which the total income exceeds Rs. 10,00,000/-
  • Rates of tax for every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
Sl No Total Income Rate of tax
1 Where the total income does not exceed Rs. 3,00,000/- Nil
2 Where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000/- 5 percent of the amount by which the total income exceeds Rs. 3,00,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 10,000/- plus 20 percent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/- Rs. 1,10,000/- plus 30 percent of the amount by which the total income exceeds Rs. 10,00,000/-
  • In case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the financial year:
Sl No Total Income Rate of tax
1 Where the total income does not exceed Rs. 5,00,000/- Nil
2 Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/- 20 percent of the amount by which the total income exceeds Rs. 5,00,000/-
4 Where the total income exceeds Rs. 10,00,000/- Rs. 1,00,000/- plus 30 percent of the amount by which the total income exceeds Rs. 10,00,000/-

Priyansh Minocha

Priyansh Minocha is C.E.O and Director at Amonest India Private Limited and Founder at Casolutionsglobal

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