Income Tax Slabs and Tax Rates FY 2019-2020

Income Tax Slabs

In India, for the leviation of taxes, Income Tax Slabs are defined by the Income Tax Department each year. These Income Tax Slabs help to determine the income tax rate at which the tax will be levied on you in India.

There are different types of Slabs which depend on various type of different factors including:

  • Your Status – An Individual, a HUF, a company, a firm, an AOP/BOI, local authority
  • Your Range of Income and its nature
  • Your Age – less than 60 years, more than or equal to 60 years but less than 80, more than or equal to 80 years

Income Tax Slab for Resident Individual aged less than 60 Years(0- below 60 years) - FY 2019-20 (AY 2020-21)

Income RangeTax Applicable
Income Upto Rs. 2,50,000 0%
2,50,001 - 5,00,000 5%
5,00,001 - 10,00,000 20%
Above Rs. 10,00,000 30%

Income Tax Slab for Resident Individual (Senior Citizen) aged 60 Years & Above but less than 80 Years (60-below 80 years) - FY 2019-20 (AY 2020-21)

Income Range Tax applicable
Income Upto Rs. 3,00,000 0%
3,00,001 - 5,00,000 5%
5,00,001 - 10,00,000 20%
Above Rs. 10,00,000 30%

Income Tax Slab for Resident Individual(Super Senior Citizen Taxpayers) aged 80 Years and Above -FY 2019-20 (AY 2020-21)

Income RangeTax applicable
Income Upto Rs. 5,00,000 0%
5,00,001 - 10,00,000 20%
Above Rs. 10,00,000 30%

Income Tax Slab for Non-Resident Individuals (NRI) FY 2019-20 (AY 2020-21)

Income Range Tax applicable
Income Upto Rs. 2,50,000 0%
2,50,001 - 5,00,000 5%
5,00,001 - 10,00,000 20%
Above Rs. 10,00,000 30%

Income Tax Slab for Hindu Undivided Family (HUF) - FY 2019-20 (AY 2020-21)

Income Range Tax applicable
Income Upto Rs. 2,50,000 0%
2,50,001 - 5,00,000 5%
5,00,001 - 10,00,000 20%
Above Rs. 10,00,000 30%

Income Tax Slab for Body of Individual (BOI) - FY 2019-20 (AY 2020-21)

Income Range Tax applicable
Income Upto Rs. 2,50,000 0%
2,50,001 - 5,00,000 5%
5,00,001 - 10,00,000 20%
Above Rs. 10,00,000 30%

Income Tax Slab for Association of Person (AOP) - FY 2019-20 (AY 2020-21)

Income Range Tax applicable
Income Upto Rs. 2,50,000 0%
2,50,001 - 5,00,000 5%
5,00,001 - 10,00,000 20%
Above Rs. 10,00,000 30%

Income Tax Slab for other Artificial Judicial Person (AJP) - FY 2019-20 (AY 2020-21)

Income Range Tax applicable
Income Upto Rs. 2,50,000 0%
2,50,001 - 5,00,000 5%
5,00,001 - 10,00,000 20%
Above Rs. 10,00,000 30%

Income Tax Slab for Indian Companies - FY 2019-20 (AY 2020-21)

Total Turnover or Gross Receipts (Rs.) Tax applicable
The amount does not exceed Rs.250 crore, in the previous year 2016-17 25%
The amount exceeds Rs.250 crore in the previous year 2016-17 30%

Income Tax Slab for Foreign Companies - FY 2019-20 (AY 2020-21)

Foreign Company's profit shall be charged at a flat rate of 40% for FY 2019-20 (AY 2020-21)

Income Tax Slab for Cooperative Societies - FY 2019-20 (AY 2020-21)

Income Range Tax applicable
Income Upto Rs. 10,000 10%
From 10,001 - 20,000 20%
Above Rs 20,000 30%

Income Tax Slab for Local Authority - FY 2019-20 (AY 2020-21)

Local Authorities are taxable at a flat rate of 30% for FY 2019-20 (AY 2020-21)