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All about Individual Income Tax Slab

Income Tax Slab for Salaried person (below 60 years of age) and HUF – FY 2019-20

Income Tax Slabs

Rate of Tax

For individuals with income of up to ₹2.5 Lakh

Nil

For Individuals with income ranging between ₹2,50,001 and ₹5 Lakh

5% of the total income above ₹2,50,000

For Individuals with income ranging between ₹5,00,001 and ₹10 Lakh

₹12,500+ 20% of the total income above ₹5 Lakh

For Individuals with income above ₹10 Lakh

₹1,12,500+ 30% of their total income above ₹10 Lakh

An additional 4% health and education cess are also applicable on the tax payable calculated according to the above tax slabs for a salaried individual.

Apart from this, an additional surcharge is applicable for individuals with net income above Rs. 50 Lakh. The amount of surcharge applicable can be illustrated as follows:

Income limit

Surcharge rate on Income Tax

When the net income is higher than ₹50 Lakh but less than ₹1 Crore

10%

When net income is higher than ₹1 Crore and less than ₹2 Crore

15%

When net income is higher than ₹2 Crore but less than ₹5 Crore

25%

When net income is higher than ₹5 Crore

37%

Income Tax Rebate for Salaried Person

Income Tax Exemptions for Salaried Employees

FAQs about Individual Income Tax Slab