Digit
headset_mic
Digit
mail_outline
24x7
[email protected]
  • Products

    Motor

    • Car Insurance
    • Two Wheeler/Bike Insurance
    • Commercial Vehicle Insurance
    • Taxi/Cab Insurance
    • Auto Rickshaw Insurance
    • Truck Insurance

    Health

    • Health Insurance
    • Super Top-up Health Insurance
    • OPD Health Insurance
    • Arogya Sanjeevani Policy
    • Personal Accident Insurance
    • Corporate Health Insurance

    Other

    • International Travel Insurance
    • Flight Delay
    • Shop Insurance
    • Home Insurance
  • Claims

    • File a Claim
    • File Health Claim
    • File Motor Claim for Garages
    • COVID-19 Assistance
    • Claim Status
  • Renewals
  • Become an Agent
  • Products
    • Car Insurance
    • Two Wheeler/Bike Insurance
    • Commercial Vehicle Insurance
    • Taxi/Cab Insurance
    • Auto Rickshaw Insurance
    • Truck Insurance
    • Health Insurance
    • Super Top-up Health Insurance
    • OPD Health Insurance
    • Arogya Sanjeevani Policy
    • Personal Accident Insurance
    • Corporate Health Insurance
    • International Travel Insurance
    • Flight Delay
    • Shop Insurance
    • Home Insurance
  • Claims
    • File a Claim
    • File Health Claim
    • File Motor Claim for Garages
    • COVID-19 Assistance
    • Claim Status
  • Renewals
  • Become an Agent
  • Support
    Sign In
    • edit Edit Policy
    • download Download Policy
    • person_pin My Service Requests
    call 1800 103 4448 whatsapp 70260 61234 mail_outline [email protected]

    Our WhatsApp number cannot be used for calls. This is a chat only number.

  • login
  • about
  • contact
  • careers
Digit
More Products

Motor

  • Car Insurance
  • Two Wheeler/Bike Insurance
  • Commercial Vehicle Insurance
  • Taxi/Cab Insurance
  • Auto Rickshaw Insurance
  • Truck Insurance

Health

  • Health Insurance
  • Super Top-up Health Insurance
  • OPD Health Insurance
  • Arogya Sanjeevani Policy
  • Personal Accident Insurance
  • Corporate Health Insurance

Other

  • International Travel Insurance
  • Flight Delay
  • Shop Insurance
  • Home Insurance

Support

close
  • edit Edit Policy
  • download Download Policy
  • person_pin My Service Requests
call 1800 103 4448 whatsapp 70260 61234 mail_outline [email protected]

Our WhatsApp number cannot be used for calls. This is a chat only number.

Switch to Digit Insurance

Trusted by 2 crore Indians

  • 1 Year Waiting Period
    Health
    Health
  • Car Side View
    Car
  • Motorcycle Side View
    Bike
  • auto rikshaw
    Commercial
  • COVID-19 covered
    Travel Airplane
    Travel
  • More products
    More
loading
loading
OR ENTER YOUR CAR NUMBER
keyboard_arrow_right
DON'T KNOW YOUR CAR NUMBER?
keyboard_arrow_right
or renew digit policy keyboard_arrow_right

I agree to the  Terms & Conditions

Terms and conditions

Oops, we have a mismatch!

Please enter valid registration number
Please enter valid City name
{{bikeCtrl.pincodeErrorMessage}}
loading
DON'T KNOW REGISTRATION NUMBER?
keyboard_arrow_right
I KNOW MY REGISTRATION NUMBER
keyboard_arrow_right
IT'S A NEW BIKE
keyboard_arrow_right
OR RENEW DIGIT POLICY
keyboard_arrow_right

I agree to the  Terms & Conditions

x {{country}}

Most Popular(You can select more than one)

  • {{country}}

Try agian later

loading

I agree to the  Terms & Conditions

As mandated by Spanish Authorities your travel insurance needs to extend 15 days after your trip ends.
We will extend your coverage period accordingly.

Get Quote
Get Quote
false false false false false false false false false false false false
{{healthCtrl.residentPincodeError}}
{{healthCtrl.agentCodeError}}
close {{member}} {{ healthCtrl.getMemberCount(member) }}
{{healthCtrl.familyComposureError}}
{{healthCtrl.mobileNumberError}}

Try agian later

loading

Port my existing Policy

keyboard_arrow_right

I agree to the  Terms & Conditions

I agree to the  Terms & Conditions

Agent Name: {{healthCtrl.integraAgentDetails.agentName}}
State: {{healthCtrl.integraAgentDetails.state}}
SP Name: {{healthCtrl.integraAgentDetails.spName}}
SP Code: {{healthCtrl.integraAgentDetails.spCode}}

Try agian later

loading
{{healthCtrl.residentPincodeError}}
{{healthCtrl.agentCodeError}}
Agent name: {{healthCtrl.integraAgentDetails.agentName}}
State: {{healthCtrl.integraAgentDetails.state}}
SP Name: {{healthCtrl.integraAgentDetails.spName}}
SP code: {{healthCtrl.integraAgentDetails.spCode}}
+91 {{healthCtrl.mobileNumberError}}

Try agian later

loading
done
I agree to the  Terms & Conditions

You can select more than one member

{{healthCtrl.patentSelectErrorStatus}}

  • -{{familyMember.multipleCount}}+ Max {{healthCtrl.maxChildCount}} kids
    (s)
OR ENTER YOUR REGISTRATION NUMBER
keyboard_arrow_right
DON'T KNOW YOUR REGISTRATION NUMBER
keyboard_arrow_right
or renew digit policy keyboard_arrow_right

I agree to the  Terms & Conditions

Get Quote
  • Which countries are you visiting?

    {{travelCtrl.countriesList}} Edit

    x {{country}}
    {{travelCtrl.mobileCountryErrorMessage}}

    Most Popular(You can select more than one)

    • {{country}}
  • Leaving date

    {{travelCtrl.startDate}}Edit

  • Return date

    {{travelCtrl.endDate}} Edit

Terms and conditions

Terms and conditions

Terms and conditions

Virat Kohli has switched to Digit insurance! The choice of the Captain and 2 crore Indians. When will YOU switch?
Switch to Digit Insurance
  • Health
  • Car
  • Bike
  • Commercial
  • Travel
  • More Products

Income Tax Slabs & Rates

All about Income Tax Slabs in India

According to data put forward by the e-filing website of the Income Tax Department, in India, the number of income tax e-filings submitted in Financial Year 2018-19 was about 6.68 Crore. But, the total number of online tax filers took a nosedive from FY 2017-18 and reduced by an approximate 6.6 Lakh.

That is why, with the FY 2019-20 almost coming to an end, it is your duty as a tax-payer to learn about the applicable income tax slab for this particular year, pay your income taxes and file the same before the stipulated date – around July 31st of next year.

While this gives you ample time to sort out your finances and learn your tax liabilities, it is never too early to start!

Hence, to make things easier for you, we have listed the applicable tax slabs in India for FY 2019-20, how they are determined and of course, the exemption limit.

So, without further ado, let’s begin!

What do Income Tax Slab Rates entail?

According to the current tax laws that are applicable in India, the income tax rate that is levied on the resident individuals in our country varies according to their income and age.

Now, if you are below 60 years of age, with an annual income which does not exceed Rs. 2.5 Lakh, you can enjoy tax exemption in India.

But, if you do not comply with the above criteria, it is best to take note of the new income tax slabs that will be applicable for the financial year 2019-20. 

For the purposes of taxation, individuals are divided into three categories based on their age. These are as follows –

  • Resident and non-resident individuals who are below 60 years of age.
  • Resident individuals who are between 60 and 80 years of age.
  • Resident individuals who are above 80 years of age

 

Now, while this categorisation remains the same, the slabs are subject to change during each budget. In the budget where a change is not specifically announced, these rates remain the same as that of the previous year.

Let us now look through the different income tax slab rates as applicable for Financial Year 2019-20.

Income Tax Slab Rates for Individuals and HUF

For the FY 2019-20, the Income Tax Slab Rates for Individuals and HUF (below 60 years of age) is as follows:

Income tax slabs

Rate of Taxation

Up to ₹2.5 Lakh

Nil

Between ₹2,50,001 and ₹5 Lakh

5% of your total income that exceeds ₹2.5 Lakh

Between ₹5,00,001 and ₹10 Lakh

₹12,500 + 20% of your total income that exceeds ₹5 Lakh

Above ₹10 Lakh

₹1,12,500 + 30% of your total income that exceeds ₹10 Lakh

According to the announcements made in the 2019 Budget, if you are a taxpayer with a total income of up to ₹5 Lakh, you will be eligible to avail a rebate of ₹12,500. This rebate is set under Section 87A of the Income Tax Act, 1961.

On top of this, you will also be levied with an additional 4% Health and Education cess, applicable to the tax amount that is calculated as above.  

Income Tax Slab Rates for Senior Citizens

For the FY 2019-20, Income Tax Slab Rates for Senior Citizens (above 60 years of age but below 80 years) is as follows:

Income tax slabs

Rate of Taxation

Up to ₹3 Lakh

Nil

From ₹3,00,001 – ₹5 Lakh

5% of your total income that exceeds ₹3 Lakh

From ₹5,00,001 – ₹10 Lakh

₹10,000 + 20% of your total income that exceeds ₹5 Lakh

Above ₹10 Lakh

₹1,10,000 + 30% of your total income that exceeds ₹10 Lakh

Along with this, you will also be levied with an additional 4% Health and Education cess, which is applicable to the tax amount calculated.

Income Tax Slab Rates for Super Senior Citizens

For the FY 2019-20, Income Tax Slab Rates for Super Senior Citizens (above 80 years of age) is as follows:

Income tax slabs

Rate of Taxation

Up to ₹5 Lakh

Nil

From ₹5,00,001 – ₹10 Lakh

20% of your total incomes exceeding ₹5 Lakh

Above ₹10,00,001

₹1,00,000 + 30% of your total income exceeding ₹10 Lakh

Like the above two instances, super-senior citizens are also liable to pay an extra 4% Health and Education Cess on the tax amount calculated.

According to the budget announcement of 2019, no new changes were announced for income tax exemption limits or tax slabs. So, if you have filed your taxes for the FY 2018-19, you will simply have to follow the same rules for FY 2019-20 and get your taxes paid and subsequently filed.

Now, if your annual income exceeds ₹50 Lakh, you will also have to pay an additional surcharge for FY 2019-20. 

Surcharges for Individuals with a Taxable income exceeding ₹50 Lakh –

Taxable Income

Surcharge

For those with an income above ₹50 Lakh but below ₹1 Crore

10%

For those with an income of above ₹1 Crore but below ₹2 Crore

15%

For those with an income of above ₹2 Crore but below ₹5 Crore

25%

For those with an income of above ₹5 Crore

37%

While the above income tax slabs in India are valid for individuals and HUFs, the taxation slabs applicable for domestic companies are different.

Income Tax Rate in India for Domestic Companies for FY 2019-20

Gross turnover particulars

Tax rate

Up to ₹400 Crore for the financial year 2017-18

25%

More than ₹400 Crore for the financial year 2017-18

30%

When the company has opted for Section 115BA

25%

When the company has opted for Section 115BAA

22%

When the company has opted for Section 115BAB

15%

Apart from these income tax rates in India, domestic companies will also be levied the following cess and surcharges –

Health and Education Cess – 4% 

Net income particulars

Surcharge rate on the income tax amount

For companies whose net income exceeds ₹1 Crore but is less than ₹10 Crore

7%

For companies whose net income exceeds ₹10 Crore

12%

But, is it crucial to remember that this surcharge rate for companies that have opted for taxability under Section 115BAA and Section 115BAB will be 10%, regardless of their total income amount. 

Key points to remember about Income Tax Rates in India

Now that we have discussed at length about tax-slabs and the limit for income tax exemptions in India, let us summarise the key-points under it.

  • Everyone earning income in India is liable to pay income tax. The income tax department has fixed five heads under which taxable income is calculated. These are:

     - Salary

     - House property

     - Capital gains

     - Business and profession

     - Other sources that can include income from FD, savings account, winning contests, etc.

  • Every income, except capital gains, is taxed according to the income tax slab rate in India. Capital gains are taxed on the basis of the nature and holding period of your asset.
  • Indian residents are liable to be taxed on the basis of their global income in India, which includes the income earned both in India and abroad. The residential status of an individual is determined separately for each financial year.
  • You should check your income tax exemption in India and claim the same while computing your total taxable amount.
  • You income tax returns should be filed before July 31st 2020.

With such information at your disposal, the process of evaluating your income tax liabilities can become extremely simple.

So, make sure you look through the tax slabs, determine the one applicable for you, and compute your total tax payable well before this financial year is over to avoid the risks of missing the income tax filing deadline!

Tips to Save Income Tax if you are a Salaried Individual

If you are a salaried employee, there are several legitimate ways through which you can save tax payment under the Income Tax Act, 1961. Some of the more comprehensive ways to do so include investing in the likes of National Pension Scheme, tax-saving mutual funds, insurance policy premiums, health insurance policies, etc.

Following is an elaboration on a few ways through which you can reduce your income tax liabilities if you are a salaried employee:

Income Tax Deductions under Section 80C

Under this section of the Income Tax Act, you can claim various deductions from your total income and reduce your tax payment liability by bringing down your total taxable income. 

This section allows a deduction of up to ₹1.5 Lakh of your total taxable income and can be availed by individuals and HUF. Following are a few investment options and schemes for which Section 80C is applicable:

  • Tax-saving fixed deposits
  • Equity Linked Savings Schemes
  • National Saving Certificate
  • National Pension Scheme
  • Employees Provident Fund
  • Senior Citizens Savings Scheme
  • Public Provident Fund
  • National Saving Certificate
  • Sukanya Samriddi Yojana

Health Insurance Premiums

Under Section 80D of the Income Tax Act, 1961, you can avail a deduction of up to ₹25,000 on your Health Insurance premium payments. Further, for senior citizens, the deduction limit is extended to ₹50,000.

Again, if you are paying premiums for both yourself and your senior citizen parents, you can avail a deduction of up to ₹75,000 on your premiums, per annum.

 

Know more about

  • Health Insurance tax benefit  
  • Income tax benefit for Senior Citizens

Charitable donations

There is no upper limit on the deductions that can be claimed for charitable donations. However, there are specific rules that you must adhere to. For instance, in the case of most NGOs, you can avail a deduction of up to 50% of the donated amount and up to 10% in your total adjusted income.

Apart from these, you can also consider contributing to the National Pension Scheme, avail deductions on your home rent, deposit in a savings account, etc. to save on your tax payments.

However, don’t forget to look through the details of each of these schemes and investment options before you decide to avail their benefits!

FAQs about Income Tax Slab Rates in India

✓ Is filing income tax necessary if a person’s annual income is less than Rs. 2.5 Lakh?

If your income is less than ₹2.5 Lakh, you don’t need to file Income Tax Returns. However, you can choose to file “Nil return” for the purpose of maintaining records. This can help you to produce the record as proof of employment for various purposes.

If your income is less than ₹2.5 Lakh, you don’t need to file Income Tax Returns. However, you can choose to file “Nil return” for the purpose of maintaining records. This can help you to produce the record as proof of employment for various purposes.

✓ Who is eligible to avail the rebate on their taxable income under Section 87A?

Any resident individual with a total annual income of less than ₹5 Lakh can claim the tax rebate under Section 87A of ITA. 

Any resident individual with a total annual income of less than ₹5 Lakh can claim the tax rebate under Section 87A of ITA. 

✓ Is income generated from agricultural activities taxable?

No, income generated through agriculture or any of its allied activities is not taxable under the Income Tax Act, 1961. 

No, income generated through agriculture or any of its allied activities is not taxable under the Income Tax Act, 1961. 

Please try one more time!

Request URL:
Status Code:
Request Payload:
Response Data:

Disclaimer: The information mentioned here is collected from different online websites, news websites and government sources. They may change as per time. Please check the official government websites and verify the information before making any decision.

More article about Income Tax in India

Income Tax Benefits for Senior Citizens

Income Tax Slabs in India

Income Tax Slab for Senior Citizen

Individual Income Tax Slab

Income Tax Slab for Women

How to Save Tax in India

Deductions under Section 80C

Tax Saving Options other than 80C

How your Family can help you save Tax?

New Income Tax Slabs for Senior & Super Senior Citizens

Benefits of Filing Income Tax Return ITR

How to File ITR Online?

How to File Income Tax Return Online for Salaried Employees?

ITR Filing for Businesses & Individuals

How to get Income Tax Return Copy Online?

What is ITR 2 in Income Tax?

What is ITR 4 in Income Tax?

What is ITR 1 Form Sahaj?

What is ITR-3 Form?

How to File Income Tax Return ITR?

How to File ITR for Non-Salaried Person

How to File TDS Return

Last Date of Filing Income Tax Return (ITR)

All you need to know about Income Tax Returns

Capital Gains Tax: Long Term & Short Term Gains

How To Get Income Tax Refund (TDS Refund)

How to Check Income Tax Refund Status Online

Different Types of Income Tax Return Forms in India

How to Download ITR Acknowledgement Online?

What happens if ITR is not Filed?

What is the Penalty for Not Filing ITR?

How to do e-Verification of ITR?

File ITR for Pensioners & Retired Govt Employees

Home Loan Tax Benefits

Section 80TTA of Income Tax Act

What is TDS?

Section 194H of Income Tax Act

Section 194A of Income Tax Act

Section 80DDB of Income tax Act

What is TAN Card

Section 80GG of Income Tax Act

Section 80E of Income Tax Act

Section 80CCD of Income Tax Act

Section 80D of Income Tax Act

What is Income Tax Form 16

What is ITR Form 16A

What is ITR Form 26AS?

Section 194I of Income Tax Act

Section 115BAC of Income Tax Act

What is Excise Duty in India?

What is Indirect Tax?

Deductions Under Section 80GGA of Income Tax Act

Difference Between Section 80G and 80GGA

Tax Credit vs. Tax Deduction

Show more
  1. Digit Insurance
  2. Income Tax
  3. Income Tax Slabs & Rates in India

Last updated: 2021-12-16

Digit
  • about
  • contact
  • career
Products
  • Car Insurance
  • Bike Insurance
  • Travel Insurance
  • Health Insurance
  • Property Insurance
  • Shop Insurance
  • Group Health Insurance
  • Arogya Sanjeevani Policy
  • Commercial Vehicle Insurance
  • Super Top-up Health Insurance
  • Flight Delay
Resources
  • Blog
  • Press
  • Download Policy
  • Grievance Redressal Procedure
  • Cancel e-Mandate
Agent & Partnerships
  • Become an Agent
  • Become Digit POSP
  • Garages claim intimation
Services
  • Claims
  • Renewals
  • Digit Cashless Garages
  • Digit Cashless Hospitals
Get our app
Download man
App Store Google Play

Other Products
  • Home Insurance
  • Fire Insurance
  • Burglary Insurance
  • Building Insurance
  • Bus Insurance
  • Tractor Insurance
  • Commercial Van Insurance
  • Passenger Carrying Vehicle Insurance
  • Heavy Vehicle Insurance
  • Goods Carrying Vehicle Insurance
  • Activa Insurance
  • Jupiter Insurance
  • Bullet Insurance
Health Insurance Guides
  • Individual Health Insurance
  • Family Health Insurance
  • Health Insurance for Parents
  • Health Insurance Premium Calculator
  • Compare Health Insurance
  • Health Insurance for Senior Citizens
  • Health Insurance with Maternity Cover
  • Corona Kavach Policy
  • Corona Rakshak Policy
  • हेल्थ इन्शुरन्स
  • फैमिली हेल्थ इन्शुरन्स
Car Insurance Guides
  • Third Party Car Insurance
  • Comprehensive Car Insurance
  • Zero Depreciation Car Insurance
  • NCB in Car Insurance
  • IDV Calculator for Car
  • Bumper to Bumper Car Insurance
  • Car Insurance Calculator
  • Own Damage Car Insurance
  • Comprehensive vs Third Party Insurance
  • Compare Car Insurance
  • Find Vehicle Registration Details Online
Bike Insurance Guides
  • Third Party Bike Insurance
  • Comprehensive Bike Insurance
  • Zero Depreciation Bike Insurance
  • NCB in Two Wheeler Insurance
  • IDV Value Calculator for Bike
  • Add-on Cover in Bike Insurance
  • Bike Insurance Calculator
  • Own Damage Bike Insurance
  • Comprehensive vs Third Party Bike Insurance
  • Compare Bike Insurance
  • Royal Enfield Insurance
  • TVS Insurance
  • Hero Bike Insurance
Other Guides
  • Types of Insurance
  • Types of General Insurance
  • Types of Motor Insurance
  • International Driving License
  • Visa on Arrival for Indians
  • Visa Free Countries for Indians
  • Comprehensive vs Zero Depreciation
  • Coronavirus Health Insurance
  • Coronavirus Symptoms Checker
  • Indian Passport Rank
  • Digit Illness Group Insurance
  • Hero Splendor Insurance
  • Access Insurance
  • Scooty Insurance
Calculators
  • SME Buddy Calculator
  • Home Loan EMI Calculator
  • Bike Loan EMI Calculator
  • Car Loan EMI Calculator
  • HRA Exemption Calculator
  • Sukanya Samriddhi Yojana Calculator
  • SIP Calculator
  • RD Calculator
  • SWP Calculator
  • GST Calculator
  • PPF Calculator
  • Personal Loan EMI Calculator
  • EMI Calculator
Finance Guides
  • What is Credit Score
  • Public Provident Fund
  • How to Open PPF Account?
  • How to open Sukanya Samriddhi Account
  • What is GST?
  • GST Registration in India
  • PAN Card
  • Aadhaar Card
  • Property Tax
  • Road Tax
  • Passport Process
Traffic Rules
  • PUC Certificate
  • Vehicle Registration Certificate
  • New Traffic Fines
  • Fine for Driving without Helmet
  • Types of Driving Licence in India
  • Driving Licence in Delhi
  • Driving Licence in Bangalore
  • Driving Licence in Jaipur
  • Bangalore Traffic Fines
  • Pune RTO Fine
  • Own Damage Insurance
Income Tax Guides
  • How to Save Income Tax in India
  • Income Tax Slab
  • Tax Deductions under Section 80C
  • Individual Income Tax Slab
  • Income Tax Slab for Women
  • Senior Citizen Tax Slab
  • Income Tax Benefits for Senior Citizens
  • Tax Saving Options other than 80C
RTO Offices in India
  • RTO Office
  • RTO Pune
  • RTO Ahmedabad
  • RTO Bangalore
  • RTO Mumbai
  • RTO Delhi
  • RTO Lucknow
  • RTO Thane
  • RTO Chennai
Important Links
  • Digit Insurance Reviews
  • Car Insurance Reviews
  • Bike Insurance Reviews
  • Commercial Vehicle Insurance Reviews
  • Travel Insurance Reviews
  • Health Insurance Reviews
  • Mobile Insurance Reviews
  • Become a Digit Partner
  • General Insurance Agent
  • Health Insurance Agent
  • Motor Insurance Agent
Car Brands & Models
  • Maruti Insurance
  • Toyota Car Insurance
  • Tata Car Insurance
  • Hyundai Car Insurance
  • Kia Car Insurance
  • Mahindra Car Insurance
  • Tata Tiago Insurance
  • Tata Nexon Insurance
  • Hyundai i20 Insurance
  • Creta Insurance
  • Baleno Insurance
Downloads Do Not Disturb (DND) Public Disclosures Stewardship Policy IRDAI Privacy Policy

CIN: U66010PN2016PLC167410, IRDAI Reg. No. 158.

Go Digit General Insurance Limited (formerly known as Oben General Insurance Ltd.) - Registered Office Address - 1 to 6 floors, Ananta One (AR One), Pride Hotel Lane, Narveer Tanaji Wadi, City Survey No.1579, Shivaji Nagar, Pune-411005, Maharashtra | Corporate Office Address - Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru-560095, Karnataka