Income Tax - best income tax and gst firms in bengaluru
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Income Tax

Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2019-20 – Part I
Income Tax SlabTax Rate for Individual & HUF Below the Age Of 60 Years
Up to ₹2,50,000*Nil
₹2,50,001 to ₹5,00,0005% of total income exceeding ₹2,50,000
₹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

  • No tax for individuals with income less than ₹ 2,50,000
  • 0%-5% tax with income ₹ 2.5 lacs to 5 lacs for different age groups
  • 20% tax with income ₹ 5 lacs to 10 lacs
  • 30% tax with income above ₹ 10 lacs
  • A tax rebate under section 87A is allowed to individual taxpayers a maximum amount of:– Rs 2,500 for total income up to Rs 3.5 lakh for FY 2018-19– Rs 12,500 for total income up to Rs 5 lakh for FY 2019-20
  • Investments upto ₹ 1.5 lacs under Sec 80C can save ₹ 46,800 in taxes.

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2019-20 – Part II
Income Tax SlabsTax Rate for Senior cetizens aged 60 Years But Less than
80 Years
Income up to Rs 3,00,000*No tax
Income from Rs 3,00,000 – Rs 5,00,0005%
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20 – Part III
Income Tax Slabs Tax Rate for Super Senior Citizens (Aged 80 Years And
Above)
Income up to Rs 5,00,000*No tax
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Income Tax Slabs for Domestic Companies for FY 2019-20 – Part IV
Turnover ParticularsTax Rate
Gross turnover upto 400 Cr. in the FY 2017-1825%
Gross turnover exceeding 400 Cr. in the FY 2017-1830%
Where the company opted for Section 115BA25%
GWhere the company opted for Section 115BAA22%
Where the company opted for Section 115BAB15%

In addition cess and surcharge is levied as follows:

Cess: 4% of corporate tax

Surcharge applicable:
Income LimitSurcharge Rate on the amount of income tax
Net income exceeds Rs.1 Crore but doesn’t exceed Rs.10
Crore
7%
Net income exceeds Rs.10 Crore12%

However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income.

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