Income Tax Slab FY 2019-20 (Assessment Year (AY) 2020-21)

There is no change proposed in the income tax slabs and rates in the Intereim Budget 2019. The main benefit announced for individuals is that any individual having income up to Rs 5 lakhs will get full tax rebate Section 87A of the Income Tax Act and does not have to pay any income tax. It is to be noted that the individuals having taxable income more that Rs 5 lakhs are required to pay tax based on the tax slabs applicable to them. Further, standard deduction has been increased for salaried persons from Rs 40,000 currently to Rs 50,000 per year.

Income Tax Slabs For Individual Tax Payers below 60 years of age (both men & women)

Income Tax SlabIncome Tax Rate
Income upto Rs. 2,50,000Nil
Income between Rs. 2,50,001 - Rs. 500,0005% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,00030% of Income exceeding Rs. 10,00,000
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh
15% of income tax, where total income exceeds Rs.1 crore
Health and Education Cess: 4% on total of income tax + surcharge.
Rebate under Section 87A: Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs.

Income Tax Slabs For Senior Citizens (age 60 years or more but less than 80 years) (both men & women)

Income Tax SlabIncome Tax Rate
Income upto Rs. 3,00,000Nil
Income between Rs. 3,00,001 - Rs. 500,00010% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 - Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,00030% of Income exceeding Rs. 10,00,000
Surcharge:10% of income tax, where total income exceeds Rs.50 lakh
15% of income tax, where total income exceeds Rs.1 crore
Health and Education Cess: 4% on total of income tax + surcharge.
Rebate under Section 87A: Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs.

Income Tax Slabs For Super Senior Citizens (age 80 years or more) (both men & women)

Income Tax SlabIncome Tax Rate
Income upto Rs. 5,00,000Nil
Income between Rs. 500,001 - Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,00030% of Income exceeding Rs. 10,00,000
Surcharge:10% of income tax, where total income exceeds Rs.50 lakh
15% of income tax, where total income exceeds Rs.1 crore
Health and Education Cess: 4% on total of income tax + surcharge.

Note: Important to note that the individuals having income of more than Rs 2.5 lakhs have to file their income tax returns no matter their income is taxable or not. Moreover, Non-resident Indians (NRI) are not allowed to avail the rebate of section 87A.

Upcoming Bank Holidays

2019 April 27 is a bank holiday in Andaman And Nicobar Island due to 4th Saturday Bank Holiday.
2019 May 01 is a bank holiday in Andhra Pradesh due to May Day / Labour Day.
2019 May 01 is a bank holiday in Maharashtra due to Maharashtra Din.
2019 May 07 is a bank holiday in West Bengal due to Rabindranath Tagore Jayanti.
2019 May 11 is a bank holiday in Andaman And Nicobar Island due to 2nd Saturday Bank Holiday.
2019 May 16 is a bank holiday in Sikkim due to Sate Day.

Financial Calculators

Highest FD Interest Rates

Bank NameTenureInterest(p.a.)
Esaf Small Finance Bank 12 Months8.75%
Suryoday Small Finance Bank12 Months8.50%
Utkarsh Small Finance Bank12 Months8.50%
Equitas Small Finance Bank 12 Months8.50%
North East Small Finance Bank 12 Months8.50%
Ujjivan Small Finance Bank 12 Months8.30%
Indusind Bank12 Months8.00%
Rbl Bank 12 Months8.00%
Fincare Small Finance Bank Ltd12 Months8.00%
The Nainital Bank 12 Months7.90%

Senior Citizen FD Interest Rates

Bank NameTenureInterest(p.a.)
Esaf Small Finance Bank 12 Months8.75%
Suryoday Small Finance Bank12 Months8.50%
Utkarsh Small Finance Bank12 Months8.50%
Equitas Small Finance Bank 12 Months8.50%
North East Small Finance Bank 12 Months8.50%
Ujjivan Small Finance Bank 12 Months8.30%
Indusind Bank12 Months8.00%
Rbl Bank 12 Months8.00%
Fincare Small Finance Bank Ltd12 Months8.00%
The Nainital Bank 12 Months7.90%

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