Taxable Income SlabsIncome Tax Rates and CessUp to Rs 3 lakhNilRs 3,00,001 to Rs 5 lakh5% of (Total income minus Rs 3 lakh) + 4% cessRs 5,00,001 to Rs 10 lakhRs 10,000 + 20% of (Total income minus Rs 5 lakh) + 4% cessRs 10,00,001 and aboveRs 1.10 lakh + 30% of (Total income minus Rs 10 lakh) + 4% cess
Income Tax Slabs for Resident Super Senior Citizens (Above 80 years of age)
|Taxable Income Slabs||Income Tax Rates and Cess|
|Up to Rs 5 lakh||Nil|
|Rs 5,00,001 to Rs 10 lakh||20% of (Total income minus Rs 5 lakh) + 4% cess|
|Rs 10,00,001 and above||Rs 1 lakh + 30% of (Total income minus Rs 10 lakh) + 4% cess|
- Rebate of Rs. 12,500 on taxable income up to Rs. 5 lakh is allowed as u/s 87A
- Standard Deduction of Rs. 50,000 is permitted for FY 2019-20 onwards.
- For Non-Resident Individual (NRI), basic exemption limit is Rs. 2.50 lakh irrespective of their age.
Surcharges on Old Regime Income Tax
Additional surcharges are levied for super rich with income as given below:
|Taxable Income||Taxable Income|
|Income between Rs. 50 lakh and Rs. 1 crore||10|
|Income between Rs. 1 crore and Rs. 2 crore||15|
|Income between Rs. 2 crore and Rs.5 crore||25|
|Income above Rs. 5 crore||37|