Income Tax Slabs and Rates for F.Y. 2019-20(A.Y. 2020-21)(Current FY)

(Check Income Tax Slab for previous years: FY. 2018-19(A.Y. 2019-20), F.Y. 2017-18 (A.Y. 2018-19) and last 10 years)

(New Income Tax Slab 2019-20 Budget 2019) Find updated latest income tax slab rates in India for Individuals, Company, NRI, HUF, BOI, AOP, LLP, Local Authority, Co-operative society.

What is the meaning of Income Tax Slab in India?
In India, we have a progressive method of taxation i.e. higher income higher the tax payable. To govern the same taxation in India is determined based on Income Tax slab which are defined by the tax department.The applicability of Income Tax Slab depends on various factors such as -

  • Residential Status
  • Quantum of Income & its Nature
  • Your Age

Income Tax Slabs & Rates for Current FY 2019-20 (AY 2020-21)

Income Tax Slab for Individuals less than 60 years of age (For Male & Female both)

Net Income Slab (Gross Taxable Income - deductions) Income Tax Rate Surcharge Health & Education Cess  Rebate u/s 87A  (FY 2019-20)
Upto 2,50,000 Nil Nil Nil Nil
From 2,50,001- 5,00,000 5% Nil 4%  For income upto Rs 5 lakhs Tax Rebate upto  Rs 12,500
From 5,00,001-10,00,000 12,500 + 20% Nil 4%  Nil
From 10,00,001-50,00,000 1,12,500/- + 30% Nil 4%  Nil
From 50,00,001-1,00,00,000 13,12,500 + 30% 10% 4%  Nil
Above 1,00,00,000 but upto 2,00,00,000 28,12,500 + 30% 15% 4%  Nil
Above 2,00,00,000 but upto 5,00,00,000 58,12,500 + 30% 25% 4% Nil
Above 5,00,00,000  1,48,12,500 + 30% 37% 4% Nil

Income Tax Slab for Individuals more than or equal to 60 years but less than 80 years known as Senior Citizens for F.Y. 2019-20 (Both Male and Female)

Net Income Slab (Gross Taxable Income - deductions) Income Tax Rate Surcharge  Health & Education Cess  Rebate u/s 87A  (FY 2019-20)
Upto 3,00,000 Nil Nil Nil Nil
From 3,00,001- 5,00,000 5% Nil 4%  For income upto Rs 5 lakhs Tax Rebate upto Rs 12,500
From 5,00,001-10,00,000 10,000 + 20% Nil 4%  Nil
From 10,00,001-50,00,000 1,10,000/- + 30% Nil 4%  Nil
From 50,00,001-1,00,00,000 13,10,000 + 30% 10% 4%  Nil
Above 1,00,00,000 28,10,000 + 30% 15% 4%  Nil
Above 2,00,00,000 but upto 5,00,00,000 58,10,000 + 30% 25% 4% Nil
Above 5,00,00,000  1,48,10,000 + 30% 37% 4% Nil

Income Tax Slab for Individuals more than or equal to 80 years known as Super Senior Citizens For F.Y. 2019-20 (Both Male and Female)

Net Income Slab (Gross Taxable Income - deductions) Income Tax Rate Surcharge Health & Education Cess  Rebate u/s 87A  (FY 2019-20)
Upto 5,00,000 Nil Nil Nil Nil
From 5,00,001- 10,00,000 20% Nil 4% Nil
From 10,00,001-50,00,000 1,00,000 + 30% Nil 4%  Nil
From 50,00,001-1,00,00,000 13,00,000 + 30% 10% 4%  Nil
Above 1,00,00,000 28,00,000 + 30% 15% 4%  Nil
Above 2,00,00,000 but upto 5,00,00,000 58,00,000 + 30% 25% 4% Nil
Above 5,00,00,000  1,48,00,000 + 30% 37% 4% Nil


Income Tax Slab for Non Resident Individuals (For Male & Female both)

Net Income Slab (Gross Taxable Income - deductions) Income Tax Rate Surcharge  Health & Education Cess  Rebate u/s 87A  (FY 2019-20)
Upto 2,50,000 Nil Nil Nil Nil
From 2,50,001- 5,00,000 5% Nil 4%  Nil
From 5,00,001-10,00,000 12,500 + 20% Nil 4%  Nil
From 10,00,001-50,00,000 1,12,500/- + 30% Nil 4%  Nil
From 50,00,001-1,00,00,000 13,12,500 + 30% 10% 4%  Nil
Above 1,00,00,000 28,12,500 + 30% 15% 4%  Nil
Above 2,00,00,000 but upto 5,00,00,000 58,12,500 + 30% 25% 4% Nil
Above 5,00,00,000  1,48,12,500 + 30% 37% 4% Nil

Income Tax Slab for Hindu Undivided Family ( HUF), AOP, BOI, Artificial Juridical Person

Net Income Slab (Gross Taxable Income - deductions) Income Tax Rate Surcharge  Health & Education Cess  Rebate u/s 87A  (FY 2019-20)
Upto 2,50,000 Nil Nil Nil Nil
From 2,50,001- 5,00,000 5% Nil 4%  Nil
From 5,00,001-10,00,000 12,500 + 20% Nil 4%  Nil
From 10,00,001-50,00,000 1,12,500/- + 30% Nil 4%  Nil
From 50,00,001-1,00,00,000 13,12,500 + 30% 10% 4%  Nil
Above 1,00,00,000 but upto 2,00,00,000 28,12,500 + 30% 15% 4%  Nil
Above 2,00,00,000 but upto 5,00,00,000 58,12,500 + 30% 25% 4% Nil
Above 5,00,00,000  1,48,12,500 + 30% 37% 4% Nil

Income Tax Slab for Partnership Firm/ LLP/ Local Authority

Net Income Slab (Gross Taxable Income - deductions) Income Tax Rate Surcharge  Health & Education Cess  Rebate u/s 87A  (FY 2019-20)
Upto 1 crore 30% Nil 4%l Nil
Above 1 crore 30,00,000+30% 12% 4% Nil

Income Tax Slab for Indian Company

Companies with Gross receipts more than Rs. 400 crore

Net Income Slab (Gross Taxable Income - deductions) Income Tax Rate Surcharge  Health & Education Cess  Rebate u/s 87A  (FY 2019-20)
Upto 1 crore 30% Nil 4%l Nil
Above 1 crore but upto 10 crore 30,00,000+ 30% 7% 4% Nil
Above 10 crore 3,00,00,000+ 30% 12% 4% Nil

Companies with Gross receipts upto Rs. 400 crore

Net Income Slab (Gross Taxable Income - deductions) Income Tax Rate Surcharge  Health & Education Cess  Rebate u/s 87A  (FY 2019-20)
Upto 1 crore 25% Nil 4%l Nil
Above 1 crore but upto 10 crore 25,00,000+ 25% 7% 4% Nil
Above 10 crore 2,50,00,000+ 25% 12% 4% Nil

Manufacturing company incorporated on or after 1st October 2019 may opt optional tax rate and required to pay @ 15% & companies which do not avail any exemption/incentive may opt for optional tax rate and they are required to pay tax @ 22%

Income Tax Slab for Foriegn Company

In case of Royalty received from govt/Indian concern or technical fees as per agreement approved by government

Net Income Slab (Gross Taxable Income - deductions) Income Tax Rate Surcharge  Health & Education Cess  Rebate u/s 87A  (FY 2019-20)
Upto 1 crore 50% Nil 4%l Nil
Above 1 crore but upto 10 crore 50,00,000+ 50% 2% 4% Nil
Above 10 crore 5,00,00,000+ 50% 5% 4% Nil

Any other Income

Net Income Slab (Gross Taxable Income - deductions) Income Tax Rate Surcharge  Health & Education Cess  Rebate u/s 87A  (FY 2019-20)
Upto 1 crore 40% Nil 4%l Nil
Above 1 crore but upto 10 crore 40,00,000+ 40% 2% 4% Nil
Above 10 crore 4,00,00,000+ 40% 5% 4% Nil

Income Tax Slab for Co-operative Society

Net Income Slab (Gross Taxable Income - deductions) Income Tax Rate Surcharge  Health & Education Cess  Rebate u/s 87A  (FY 2019-20)
Upto 10,000 10% Nil 4%l Nil
10,001 to 20,000 1,000+ 20% Nil 4% Nil
Above 20,000 but upto 1 crore 4,000+ 30% Nil 4% Nil
Above 1 crore 30% 12% 4% Nil

What are the changes in new Income tax slab rates for F.Y. 2019-20(A.Y. 2020-21)?

1- No Tax on Taxable Annual Income up to Rs. 5 Lakh.

The limit of Rebate u/s 87A has been increased from Rs.3.5 Lakhs to Rs.5 Lakhs. Section 87A provides exemption on tax payment to a RESIDENT INDIVIDUAL. As per this provision, if an individual’s taxable income is upto Rs. 5 lakhs then he will get the benefit of Rs. 12500 or the amount of tax whichever is lower. If you are liable to pay tax upto the limit of rebate allowed, then after taking the rebate benefit, no payment will be required to be made for tax amount. For availing the full amount of rebate, the Total Taxable Income of return filer shall be up to Rs 5,00,000 for the Financial Year 2019-20, the Assessment year 2020-21.


2- Standard deduction increased from Rs 40,000 to Rs 50,000 for salaried class and pensioners.


3- No change in Income Tax slabs for individuals but a hike in surcharge

The new budget has hiked the surcharged rates to another level. It is as high as 35% for an individual earning income above 5 crore and surcharge of 27% for the income group of 2-5 crore and 15% for income group of 1-2 crore and 10% for 50lakh-1 crore income group individuals.


4- Those companies whose turnover does not exceed INR 400 crore is liable to 25% tax rate and above 400 crore turnover 30% tax.

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Latest News:- Latest News

  • Reduction in Company Tax Rate
    Finance Minister announced the following amendments in Corporate Slab Rate. The new tax rates shall become applicable from FY 2019-20 hence to be considered while calculating Advance Tax liability by the companies.
  • The Tax Rates for Domestic Companies will be 22% (plus surcharge and cess). The companies shall not avail any incentive / investment linked exemption. Also, MAT will not be applicable on such companies.
  • Tax Rate for Domestic Manufacturing Companies incorporated on or after 01.10.2019 will now be 15% (plus surcharge and cess). Also, MAT will not be applicable on such companies.
  • Companies availing exemptions will be continued to be charged at 25% or 30% Tax Rate as applicable (plus surcharge and cess) till the time they avail exemptions.
  • Also, MAT on such Companies will now be charged @ 15% instead of 18.5% rate earlier.
  • Enhanced surcharge introduced in Budget 2019 on Individuals shall not apply on capital gain income arising on sale of equity shares / units of equity oriented mutual funds liable for STT.
  • Income Tax Slab Changes in Budget 2019
    No new income tax slab for 2019-20 has been suggested in budget 2019. Therefore the income tax slab remains unchanged.
  • Corporate Tax Rate
    Increase in turnover limit for Indian companies for 25% tax rate from turnover of 250 crore to 400 crore

Frequently Asked Questions (FAQs)

Q- What is Income Tax slabs?

Income tax is charged on individuals on the basis of their income known as income tax slab.These slab rates are changed almost every year in the Budget. These income tax slabs differs with the age group:

  • Normal Citizens(upto the age of 60 years)
  • Senior Citizens(more than 60 but upto 80 years)
  • Super Senior Citizens( more than 80 years)

Q- When is income tax slab applied after deduction or before deductions?

Income tax slab rate is applied after all the deductions and exemptions .e. Total income of the taxpayer(including deductions and exemptions)


Q- I am a salaried employee, which income tax slab is applicable on me?

For a salaried employee the income tax slabs for individuals will be applicable.Choose the correct table according to your age.Please note there is no difference in the tax slab based on gender.


Q- What is the health and education cess applicability?

Health & education cess is 4% which is calculated on total tax on taxable income. Secondary and Higher Education cess’ was abolished and ‘Health and Education Cess’ at 4% on tax (including surcharge) was introduced in Budget 2018.


Q- What is a professional tax slab?

The slab rate of professional tax depends on salary which varies from state to state.
For instance, professional tax slab for Maharashtra is as below :

Monthly salary Professional tax per month
Upto Rs. 7,500 Nil
More than Rs. 7,500 but upto Rs. 10,000 Rs. 175/-
Above Rs. 10,000 Rs. 200/- for all months except february Rs. 300/- for february

Women earning upto Rs. 10,000/- per month are exempt from professional tax in Maharashtra.


Q- Is income tax slab calculated before reducing standard deduction from the income?

Income tax slab is checked after standard deduction from salary income.


CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.