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 Slab | Income Tax Rate |
|---|---|
| Income upto Rs. 2,50,000 | Nil |
| Income between Rs. 2,50,001 - Rs. 500,000 | 5% of Income exceeding Rs. 2,50,000 |
| Income between Rs. 500,001 - Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
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 Slab | Income Tax Rate |
|---|---|
| Income upto Rs. 3,00,000 | Nil |
| Income between Rs. 3,00,001 - Rs. 500,000 | 10% of Income exceeding Rs. 3,00,000 |
| Income between Rs. 500,001 - Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
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 Slab | Income Tax Rate |
|---|---|
| Income upto Rs. 5,00,000 | Nil |
| Income between Rs. 500,001 - Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
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.
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Upcoming Bank Holidays
2024 October 10 is a bank holiday in Assam due to Durga Puja/Dussehra (Maha Saptami).
2024 October 11 is a bank holiday in Himachal Pradesh due to Dusshera (Mahashtami/Mahanavami)/Ayudha Pooja/Durga Puja (Dasain)/Durga Ashtami.
2024 October 12 is a bank holiday in Jammu And Kashmir due to Dasara/Dussehra (Mahanavami/Vijayadashmi)/Durga Puja (Dasain).
2024 October 12 is a bank holiday in Andhra Pradesh due to Dasara/Dussehra (Mahanavami/Vijayadashmi)/Durga Puja (Dasain) .
2024 October 14 is a bank holiday in Sikkim due to Durga Puja (Dasain).
2024 October 16 is a bank holiday in Andaman And Nicobar Island due to Lakshmi Puja.
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Highest FD Interest Rates
| Bank Name | Interest(p.a.) |
|---|---|
| Esaf Small Finance Bank | 8.75% |
| Suryoday Small Finance Bank | 8.50% |
| Utkarsh Small Finance Bank | 8.50% |
| Equitas Small Finance Bank | 8.50% |
| North East Small Finance Bank | 8.50% |
| Ujjivan Small Finance Bank | 8.30% |
| Indusind Bank | 8.00% |
| Fincare Small Finance Bank Ltd | 8.00% |
| The Nainital Bank | 7.90% |
Senior Citizen FD Interest Rates
| Bank Name | Interest(p.a.) |
|---|---|
| Esaf Small Finance Bank | 8.75% |
| Suryoday Small Finance Bank | 8.50% |
| Utkarsh Small Finance Bank | 8.50% |
| Equitas Small Finance Bank | 8.50% |
| North East Small Finance Bank | 8.50% |
| Ujjivan Small Finance Bank | 8.30% |
| Indusind Bank | 8.00% |
| Rbl Bank | 8.00% |
| Fincare Small Finance Bank Ltd | 8.00% |
| The Nainital Bank | 7.90% |
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