Income Tax Slab For Filing ITR (Income Tax Return)

In the budget announced in 2018, the total cess on income tax increased by 4%. However, the income tax rates and the existing tax slabs remained unaltered. The two factors that decide the basic exemption limit of an individual are age and residential status.

Nirmala Sitharaman, the first full time Finance Minister of the country announced the 2019 budget recently which introduced new surcharges for super-rich category of taxpayers. The EY analysis says once the budget proposals are approved by the Parliament, the effective tax payable by the super-rich will be more than 40% of their income. The said changes will take effect from April 1, 2019.

2019 budget did not announce any change in the income tax slabs and rates. Rs. 12,500 rebate is applicable to taxpayers who have a taxable income of Rs. 5 lakhs. Under section 87A, this rebate is made available. The value of standard deduction for the financial year 2019-20 will be Rs. 50,000.

Surcharges that will come into force for FY 2019-20 once the budget is passed in the Parliament

Taxable Income	Surcharge
Income above Rs 50 lakh but below Rs 1 crore	10%
Income above Rs 1 crore but below Rs 2 crore	15%
Income above Rs 2 crore but below 5 crore	25%
Income above Rs 5 crore	37%

As per the 2019 budget, find below the latest income tax slabs that will be applied for the FY 2018-19 and AY 2019-20.

The basic exemption limit allowed for an individual depends on age and residential status. Based on age, three categories of tax payers are identified by the taxation procedures.

1. Individuals below 60 years of age

2. Senior citizens between 60 years and 80 years of age

3. Super senior citizens above 80 years of age

Income tax slabs for Individuals below 60 years of age

Income slabs	Rate of income tax and cess
Up to Rs 2.5 lakh	Nil
Rs 2,50,001 to Rs 5,00,000	5% of (Total income minus Rs 2,50,000) + 4% cess
Rs 5,00,001 to Rs 10,00,000	Rs 12,500 + 20% of (Total income minus Rs 5 00,000) + 4% cess
Rs 10,00,001 and above	Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Income tax slabs for senior citizens between 60 and 80 years of age (Senior Citizen)

Income slabs	Rate of income tax and cess
Up to Rs 3 lakh	Nil
Rs 3,00,001 to Rs 5,00,000	5% of (Total income minus Rs 3,00,000) + 4% cess
Rs 5,00,001 to Rs 10,00,000	Rs 10,000 + 20% of (Total income minus Rs 5, 00,000) + 4% cess
Rs 10,00,001 and above	Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Income tax slabs for super senior citizens above 80 years of age (Super Senior Citizen)

Income slabs	Rate of income tax and cess
Up to Rs 5 lakh	Nil
Rs 5,00,001 to Rs 10,00,000	20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and above	Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess