Question

Explain in detail Income tax rates applicable for A.Y. 2019-20.

Answer 1

answer

According to the current income tax slabs 2020-2021, the taxation of income of resident individuals below 60 years is as given:

Taxable income Tax Rate

(Existing Scheme) Tax Rate

(New Scheme)

Up to Rs. 2,50,000 Nil Nil

Rs. 2,50,001 to Rs. 5,00,000 5% 5%

Rs. 5,00,001 to Rs. 7,50,000 20% 10%

Rs. 7,50,001 to Rs. 10,00,000 20% 15%

Rs. 10,00,001 to Rs. 12,50,000 30% 20%

Rs. 12,50,001 to Rs. 15,00,000 30% 25%

Above Rs. 15,00,000 30% 30%