Income Tax Slabs FY 2019-20 (Assessment Year (AY) 2020-21), Senior Citizens and Super Senior Citizens

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.