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For many taxpayers, income tax planning is stressful. But it does not have to be that way. Once you know how to compute income tax, the other details will fall into place. So, what’s the first thing you need to figure out? That has to be the income tax slabs.
What are income tax slabs?
Income tax in India is levied based on a series of slabs, with each slab representing an annual income range. Individuals have to pay income tax based on the slab they fall under. The tax rates increase as the income level increases.
But the income tax rates are not static. They are subject to change with every Union Budget presented by the central government.
Income tax slabs for FY 2019–20
The income tax slabs are not the same for everyone. There are currently three categories of individual taxpayers:
- Individuals below 60 years of age (including resident and non-resident Indians)
- Resident senior citizens (aged 60 years to less than 80 years)
- Resident super senior citizens (aged 80 years and above)
- Income tax slabs for individuals below 60 years
|Income Range||Income Tax Rates|
|Up to Rs 2.5 lakh||No tax payable|
|Above Rs 2.5 lakh and up to Rs 5 lakh||5% of income exceeding Rs 2.5 lakh|
|Above Rs 5 lakh and up to Rs 10 lakh||Rs 12,500 + 20% of income exceeding Rs 5 lakh|
|Above Rs 10 lakh||Rs 1,12,500 + 30% of income exceeding Rs 10 lakh|
- Income tax slabs for senior citizens
|Income Range||Income Tax Rates|
|Up to Rs 3 lakh||No tax payable|
|Above Rs 3 lakh and up to Rs 5 lakh||5% of income exceeding Rs 3 lakh|
|Above Rs 5 lakh and up to Rs 10 lakh||Rs 10,000 + 20% of income exceeding|
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