Income Tax Rates AY 2019-2020 - Income Tax Circular 2019
Income Tax Circular 2019 - Income Tax Rates AY 2019-20
Income
Tax Rates as per the Income Tax Circular No.01/2019 published by the
Central Board of Direct Taxes on 1.1.2019 for the Financial Year 2018-19
(Assessment Year 2019-20)
RATES OF INCOME-TAX AS PER FINANCE ACT, 2018:
As
per the Finance Act, 2018, income-tax is required to be deducted under
Section 192 of the Act from income chargeable under the head "Salaries"
for the financial year 2018-19 (i.e. Assessment Year 2019-20) at the
following rates:
Rates of tax
A. Normal Rates of tax
| SL NO. | TOTAL INCOME | RATE OF TAX |
|---|
| 1. | Where the total income does not exceed Rs. 2,50,000/-. | Nil |
| 2. | Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. | 5 per cent of the amount by which the total income exceeds Rs. 2,50,000/- |
| 3 . | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 12,500/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4 . | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,12,500/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
B.
Rates of tax for every individual, resident in India, who is of the age
of sixty years or more but less than eighty years at any time during
the financial year:
| SL NO. | TOTAL INCOME | RATE OF TAX |
|---|
| 1. | Where the total income does not exceed Rs. 3,00,000/- | Nil |
| 2. | Where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000/- | 5 per cent of the amount by which the total income exceeds Rs. 3,00,000/- |
| 3. | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- | Rs. 10,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4. | Where the total income exceeds Rs. 10,00,000/- | Rs. 1,10,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
C.
In case of every individual being a resident in India, who is of the
age of eighty years or more at any time during the financial year:
| SL NO. | TOTAL INCOME | RATE OF TAX |
|---|
| 1. | Where the total income does not exceed Rs. 5,00,000/- | Nil |
| 2. | Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/- | 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/- |
| 3. | Where the total income exceeds Rs. 10,00,000/- | Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
The
amount of income-tax computed in accordance with the preceding
provisions of this Paragraph, or the provisions of section 111A or
section 112 or section 112A of the Act, shall be increased by a
surcharge for the purpose of the Union, calculated, in the case of every
individual or Hindu undivided family or association of persons or body
of individuals, whether incorporated or not, or every artificial
juridical person referred to in sub-clause (vii) of clause (31) of
section 2 of the Act,-
(a) having a total income exceeding fifty
lakh rupees but not exceeding one crore rupees, at the rate of ten
percent of such income-tax and
(b) having a total income exceeding one crore rupees, at the rate of fifteen percent of such income-tax:
Provided that in the case of persons mentioned above having total income exceeding;-
(a)
Fifty lakh rupees but not exceeding one crore rupees, the total amount
payable as income-tax and surcharge on such income shall not exceed the
total amount payable as income-tax on a total income of fifty lakh
rupees by more than the amount of income that exceeds fifty lakh rupees;
(b)
one crore rupees, the total amount payable as income-tax and surcharge
on such income shall not exceed the total amount payable as income-tax
on a total income of one crore rupees by more than the amount of income
that exceeds one crore rupees.
Education Cess on income-tax and
Secondary and Higher Education Cess on income-tax shall be discontinued.
However, a new cess, by the name "Health and Education Cess" shall be
levied at the rate of four percent of income tax including surcharge
wherever applicable, No marginal relief shall be available in respect of
such cess.
