New Income Tax Slabs and Rates for Financial Year: 2019-20
| Income Tax Slab | Individuals below the age of 60 years |
|---|---|
| Up to `2,50,000 | Nil |
| 2,50,001 to 5,00,000 | 5% |
| 5,00,001 to 10,00,000 | 12,500 + 20% of total income exceeding 5,00,000 |
| Above 10,00,000 | 1,12,500 + 30% of total income exceeding 10,00,000 |
| Income Tax Slab | Senior Citizens (aged 60 years but less than 80 years) |
|---|---|
| Up to 3,00,000 | Nil |
| 3,00,001 to 5,00,000 | 5% |
| 5,00,001 to 10,00,000 | 10,000 + 20% of total income exceeding 5,00,000 |
| Above 10,00,000 | 1,10,000 + 30% of total income exceeding 10,00,000 |
| Income Tax Slab | Very Senior Citizens (aged 80 years and above) |
|---|---|
| Up to 5,00,000 | Nil |
| 5,00,001 to 10,00,000 | 20% |
| Above 10,00,000 | 1,00,000 + 30% of total income exceeding 10,00,000 |
Above rates does not include Surcharge and Cess.
- 10% surcharge is applicable on income tax if income exceeds 50 lacs but upto 1 crore
- 15% surcharge is applicable on income tax if income exceeds 1 crore
- 4% Health & Education Cess is applicable on the income tax and applicable surcharge.
Tax rates and slabs are same for Male and Female as per above table
Individuals having total income below 5 lakhs, are eligible for full tax rebate under section 87A
| Particulars (.) | Ravi | Ramesh | Rahul | |
|---|---|---|---|---|
| Annual Salary | 5,00,000 | 10,00,000 | 15,00,000 | |
| Less: Standard Deduction (Medical & Travel Allowance) | 50,000 | 50,000 | 50,000 | |
| Less : Deduction u/s 80C | 80,000 | 1,50,000 | 1,50,000 | |
| Less : HRA deduction as per section 10(13A) | 92,000 | 1,00,000 | 1,50,000 | |
| Gross Taxable Income (GTI) | 2,78,000 | 7,00,000 | 11,50,000 | |
| Tax computation on GTI | ||||
| Up to 2,50,000 | - | - | - | |
| 2,50,001 to 5,00,000 | 1,400 | 12,500 | 12,500 | |
| 5,00,001-10,00,000 | - | 40,000 | 1,00,000 | |
| Above 10,00,001 | - | - | 45,000 | |
| A | Total tax | 1,400 | 52,500 | 1,57,500 |
| B | Less Rebate u/s 87A | 1,400 | - | - |
| C | Add: Health & Education Cess @ 4% on (A-B) | - | 2,100 | 6,300 |
| Tax Payable (A-B+C) | - | 54,600 | 1,63,800 | |
Latest Income Tax Slabs and Rates proposed for Financial year 2019-20
As per interim budget 2019, Individual taxpayers having taxable annual income up to Rs.5 lakh will get full tax rebate u/s 87A and therefore will not be required to pay any income tax. However Income tax Slabs and Rates will remain unchanged for the FY2019-20.
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∞This is only a provisional certificate and this does not communicate acceptance or commencement of risk under proposal submitted by you. This document may be used as a proof for claiming deductions while filing your tax returns subject to provisions of relevant tax sections and acceptance of risk, i.e. on policy issuance by the company. For any confirmation / impact analysis customer is advised to refer the matter to his Tax consultant.
1Tax benefit of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 31.2% (including Cess excluding surcharge) on life insurance premium u/s 80C of ₹ 1,50,000 and health premium u/s 80D of ₹ 25,000. Tax benefits under the policy are subject to conditions under Section 80C, 80D, 10(10D) and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
2Tax benefit of ₹ 7,800 is calculated at highest tax slab rate of 31.2% (including Cess excluding surcharge) on health premium u/s 80D of ₹ 25,000. Tax benefits under the policy are subject to conditions under Section 80D, 10(10D) and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
^Tax benefits under the policy are subject to conditions under Section 80C, 80D, 80CCC, 80CCE, 80G, 80GG, 80E,10(10D), 10(10A), 10(13A) and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
3Tax benefit of ₹ 46,800 is calculated at highest tax slab rate of 31.2% (including Cess excluding surcharge) on life insurance premium u/s 80C of ₹ 1,50,000. Tax benefits under the policy are subject to conditions under Section 80C, 80D, 10(10D) and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
Tax benefits under the policy are subject to conditions under Section 80C, 80D, 10(10D) and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
Unlike traditional products, Unit Linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. The names of the Company, Product names or fund options do not indicate their quality or future guidance on returns. Funds do not offer guaranteed or assured returns.
Please note that the tax write-up above is for general understanding and reference. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. Tax benefits/savings are subject to conditions of Section 80C, 80CCC, 80CCE, 10(10A), 10(10D) and other provisions of the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. ICICI Prudential Life Insurance Company Limited expressly disclaims any liability to any person, if tax benefits stated above are denied to the customer
`Source: http://economictimes.indiatimes.com/wealth/tax/latest-income-tax-slabs/articleshow/56201289.cms
ADVT No - W/II/3266/2018-19
