Regarding salary slab for income tax for F Y 19-20

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Prashant Balkrishna Thanekar

Prashant Balkrishna Thanekar (Querist)
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29 November 2019 Dear all

Please send me salary slab for the income Tax for Financial year 2019-20

A.S.SUNDARARAJAN

A.S.SUNDARARAJAN (Expert)
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29 November 2019 Up to Rs.250000 - Nil
Rs.2,50,001 to Rs.5,00,000 - 5%
Rs.5,00,001 to Rs.10,00,000 - 20%
Above Rs,10,00,000 - 30%
Cess @ 4%
Standard deduction is Rs.50,000

Prashant Balkrishna Thanekar

Prashant Balkrishna Thanekar (Querist)
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30 November 2019 thank you sir for your kind reply
But In this year budget it is declared that taxable income upto Rs.500000/- there is no tax. Is that applicable for F Y 2019-20 or not

A.S.SUNDARARAJAN

A.S.SUNDARARAJAN (Expert)
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30 November 2019 Yes. If taxable income up to Rs.5,00,000/- the tax would be Rs.12,500/- ( 250000x 5/100) . But rebate of income tax is allowed up to taxable income up to Rs.5,00,000/- that is Rs.12,500/-. Hence tax payable is nil ( Payable minus rebate).

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