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INCOME TAX DETAIL FOR SALARIED PERSONS FOR FINANCIAL YEAR 2019-2020

Find below the income tax detail and rates for salaried person for the financial year 2019-20 as per budget speech.
  • Where taxable income does not exceed Rs.6,00,000/- (0%)
  • Where taxable income exceeds Rs.6,00,000/- but does not exceed Rs.12,00,000/- (5% of the amount exceeding Rs.6,00,000/-)
  • Where taxable income exceeds Rs.12,00,000/- but does not exceed Rs.18,00,000/- (Rs.30,000/- plus 10% of the amount exceeding Rs.12,00,000/-)
  • Where taxable income exceeds Rs.18,00,000/- but does not exceed Rs.25,00,000/- (Rs.90,000/- plus 15% of the amount exceeding Rs.18,00,000/-)
  • Where taxable income exceeds Rs.25,00,000/- but does not exceed Rs.35,00,000/- (Rs.1,95,000/- plus 17.5% of the amount exceeding Rs.25,00,000/-)
  • Where taxable income exceeds Rs.35,00,000/- but does not exceed Rs.50,00,000/- (Rs.3,70,000/- plus 20% of the amount exceeding Rs.35,00,000/-)
  • Where taxable income exceeds Rs.50,00,000/- but does not exceed Rs.80,00,000/- (Rs.6,70,000/- plus 20% of the amount exceeding Rs.50,00,000/-)
  • Where taxable income exceeds Rs.80,00,000/- but does not exceed Rs.1,20,00,000/- (Rs.13,45,000/- plus 25% of the amount exceeding Rs.80,00,000/-)
  • Where taxable income exceeds Rs.1,20,00,000/- but does not exceed Rs.3,00,00,000/- (Rs.23,45,000/- plus 27.5% of the amount exceeding Rs.1,20,00,000/-)
  • Where taxable income exceeds Rs.3,00,00,000/- but does not exceed Rs.5,00,00,000/- (Rs.72,95,000/- plus 30% of the amount exceeding Rs.3,00,00,000/-)
  • Where taxable income exceeds Rs.5,00,00,000/- but does not exceed Rs.7,50,00,000/- (Rs.1,32,95,000/- plus 32.5% of the amount exceeding Rs.5,00,00,000/-)
  • Where taxable income exceeds Rs.7,50,00,000/- (Rs.2,14,20,000/- plus 35% of the amount exceeding Rs.7,50,00,000/-)



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