Category: Income Tax

Income tax slabs and tax rates for FY 2019-20 are applicable to those who earn more than Rs.2.5 lakh p.a. The rate at which individuals are taxed depends on the level of income they earn, with rates charged at nil, 5%, 20% and 30%.

In February 2019, the government announced certain changes in the structure of the tax slabs. As per the Interim Budget 2019, which came into effect from 1 April 2019, a Rs.12,500 rebate under Section 87A of the Income Tax Act, 1961, will be available to individuals who have an income of up to Rs.5 lakh. However, no changes have been made to the tax slabs and rates for the FY 2019-2020.

Continue reading “Income Tax Slab Rates”