Guide to .. Tax Management ,Tax Planning and Tax Saving
 

Income-Tax Rates applicable for A.Y. 2019-2020 in case of Individual, HUF, AOPs, BOIs

 

For a Resident Senior Citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year, i.e., born on or after April 2, 1939 but before April 2, 1959)—

Net Income Range

Income-Tax Rates

Surcharge

Health and Education Case (HEC)

Up to Rs. 3,00,000

Nil

Nil

Nil

Rs. 3,00,000 — Rs. 5,00,000

5% of (total income minus Rs. 3,00,000) [see Note 1]

Nil

4% of income-tax

Rs. 5,00,000 — Rs. 10,00,000

Rs. 10,000 + 20% of (total
income minus Rs. 5,00,000)

Nil

4% of income-tax

Rs. 10,00,000 — Rs. 50,00,000

Rs. 1,10,000 + 30% of (total
income minus Rs. 10,00,000)

Nil

4% of income-tax

Rs. 50,00,000 - Rs. 1,00,00,000

Rs. 13,10,000 + 30% of (total
income minus Rs. 50,00,000)

10% of income- tax [see Note 2]

4% of income-tax and surcharge

Above
Rs.1,00,00,000

Rs. 28,10,000 + 30% of (total income minus Rs.1,00,00,000)

15% of income- tax [see Note 2]

4% of income-tax and surcharge

 

For a Resident Super Senior Citizen (who is 80 years or more at any time during the previous year, re., born before April 2, 1939)—

Net Income Range

Income-Tax Rates

Surcharge

Health and Education Cess (HEC)

Up to Rs. 500,000

Nil

Nil

Nil

Rs. 5,00,000 — Rs. 10,00,000

20% of (total income minus
Rs. 5,00,000)

Nil

4% of income-tax

Rs. 10,00,000 — Rs. 50,00,000

Rs. 1,00,000 + 30% of (total income minus Rs. 10,00,000)

Nil

4% of income-tax

Rs. 50,00,000 - Rs. 1,00,00,000

Rs. 13,00,000 + 30% of (total income minus Rs. 50,00,000)

10% of income- tax [see Note 2]

4% of income-tax and surcharge

Above
Rs. 1,00,00,000

Rs. 28,00,000 + 30% of (total income minus Rs. 1,00,00,000)

15% of income- tax [See Note 2]

4% of income-tax and surcharge

 

For any other resident individual (born on or after April 2, 1959), any non-resident individual, every HUF/ AOP/BOI/artificial juridical person—

Net Income Range

Income-Tax Rates

Surcharge

Health and Education Cess (HEC)

Up to Rs. 2,50,000

Nil

Nil

Nil

Rs. 2,50,000 — Rs. 5,00,000

5% of (total income minus Rs. 2,50,000) [see Note 1]

Nil

4% of income-tax

Rs. 5,00,000— Rs. 10,00,000

Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)

Nil

4% of income-tax

Rs. 10,00,000 — Rs. 50,00,000

Rs. 1,12,500 + 30% of (total
income minus Rs. 10,00,000)

Nil

4% of income-tax

Rs. 50,00,000 - Rs. 1,00,00,000

Rs. 13,12,500 + 30% of (total
income minus Rs. 50,00,000)

10% of income- tax [see Note 2]

4% of income-tax and surcharge

Above
Rs. 1,00,00,000

Rs. 28,12,500 + 30% of (total income minus Rs. 1,00,00,000)

15% of income- tax [see Note 2]

4% of income-tax and surcharge

 

Notes:
1.         Rebate under section 87A
- A resident individual (whose net income does not exceed Rs. 3,50,000) can avail rebate under section 87A. It is deductible from income-tax before calculating Education Cess. The amount of rebate is 100% of income-tax or Rs. 2,500, whichever is less.

2.         Surcharge - Surcharge is 10% of income-tax if net income is more than Rs. 50 lakh but not more than Rs. I crore. If net income is more than Rs. I crore, surcharge is 15% of income-tax. Surcharge is subject to a marginal relief. If net income exceeds Rs. 50 lakh, the amount payable as income-tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 50 lakh by more than the amount of income that exceeds Rs. 50 lakh. Likewise, if net income exceeds Rs. 1 crore, the amount payable as income-tax and surcharge shall not exceed the total amount payable as income-tax and surcharge on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.

3.         Health and Education Cess (HEC) - It is 4% of income-tax and surcharge.

>> Alternate minimum tax - Tax payable by a non-corporate assessee cannot be less than 18.5% (+SC+HEC) of “adjusted total income” as per section 115JC

More ... Topics @ Taxation System
Basic Concepts on Tax Systems in India
Basis of Charge (Residential Status)
Capital & Revenue- A Distinction Between As Per Income Tax ACT. 1961
Exempted Incomes : www.IncomeTaxManagement.Com
Income Tax Rates / Tax Slabs (AY-2018-2019 & 2019-2020) : For Co-operative Society
Income Tax Rates / Tax Slabs (AY-2018-2019 & 2019-2020) : For Company
Income Tax Rates / Tax Slabs (AY-2014-2015 & 2015-2016) : For Individuals (Males and Females both below the age of 60 years), HUFs, AOPs, BOls
Income Tax Rates / Tax Slabs (AY-2018-2019 & 2019-2020) : For Minimum Alternate Tax [MAT]
Income Tax Rates / Tax Slabs (AY-2018-2019 & 2019-2020) : For Partnership Firm
Wealth Tax Rates for the (AY-2018-2019 & 2019-2020)
Income Tax Rates / Tax Slabs (AY-2018-2019 & 2019-2020)
Section-wise Other Income Tax Rates [AY-2018-2019 & 2019-2020] Specified In The Income Tax Act.
Tax Rates applicable under Sections 115-O and 115QA during A.Y. 2019-20
Tax Rates for Tax Collection at Source ( TCS) U/s 206C during the A.Y. 2019-20
Tax Rates for Tax Deduction at Source (TDS) during the A.Y. 2019-20
Tax on Income distributed by UTI / Mutual Fund under section 115R during A.Y. 2019-20
Tax Holiday - FREE TRADE ZONE (FTZ)[ Section 10A]
Tax Holiday : SPECIAL ECONOMIC ZONE [ SECTION 10AA]
Tax Holiday : 100% EXPORT ORIENTED UNDERTAKINS( 100% E.O.U.) [Section-10B]
Tax Holiday : INCOME FROM EXPORT OF ARTISTIC HANDMADE Wooden Articles[Section-10BA]
Tax Holiday- Deduction (Sections 80-IA)
Tax Holiday- Deduction (Sections -80-IAB)
Tax Holiday- Deduction (Sections - 80IB )
Tax Holiday- Deduction (Sections - 80IC)
FREE TRADE ZONE (FTZ)[ Section 10A] : Tax Holiday (Sections 10A, 10AA, 10B & 10BA)
SPECIAL ECONOMIC ZONE [ SECTION 10AA] : Tax Holiday (Sections 10A, 10AA, 10B & 10BA)
100% EXPORT ORIENTED UNDERTAKINS( 100% E.O.U.) : Tax Holiday (Sections 10A, 10AA, 10B & 10BA)
INCOME FROM EXPORT OF ARTISTIC HANDMADE : Tax Holiday (Sections 10A, 10AA, 10B & 10BA)
Taxation Systems in India
 
 
 
 
Get.. Tally.ERP9 Book + GST Practical Assignment @ Rs.550 Tally.ERP9 Book Online Order Tally.ERP9 Book Content
 
© 2018 : IncomeTaxManagement.Com