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
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/-
