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The Budget 2019 has been passed by the Parliament. Given below are the latest income tax (I-T) slabs applicable for financial year 2018-19 (assessment year 2019-20). These will be applicable for FY 2019-20 as well.
The basic exemption limit for an individual depends on his/her age as well as his/her residential status. According to age, resident individual taxpayers are divided into three categories:
1. Resident individuals below the age of 60 years
2. Resident senior citizens of age between 60 years and above but below 80 years
3. Resident super senior citizens of above 80 years of age
Here are the latest income tax slabs for the FY2019-20
Income tax slabs for resident Individual below 60 years of age
Income tax slabs for resident individual between 60 and 80 years of age (Senior Citizen)
Income tax slabs for resident individual above 80 years of age (Super Senior Citizen)
Non-resident Indians (NRI) are not allowed to avail the rebate of section 87A. A surcharge of 10 per cent is levied on individual taxpayers having income between Rs 50 lakh and Rs 1 crore. For High-net individual (HNIs) having income exceeding Rs 1 crore, a surcharge of 15 per cent is levied. A cess of 4 per cent is levied on the income tax payable.
For the FY 2019-20, new surcharge rates have been introduced for the super-rich.
Surcharges to be levied for FY 2019-20
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