This discussion outlines the income tax slabs for the financial year 2019-20 (Assessment Year 2020-21) for individuals and HUFs. It details the tax rates based on age categories: under 60, between 60 and 80, and over 80. The information also clarifies what Net Taxable Income (NTI) means and mentions the availability of a rebate under Section 87A for those with NTI below £500,000.
Income tax slab for individual/huf for f.y. 2019-20(A.Y. 2020-21) 1. If age below 60 years up to 250000. - Nill 250,000 to 500000. - 5% 500000. to 1000000. - 20% above 1000000 -. 30%
2. If age above 60 yrs but below 80 yrs up to 300000. - Nill 3 lacs to 5 lacs. - 5% 5 lacs to 10 lacs - 20% above 10 lacs. - 30%
3. If age above 80 yrs than up to 500000 - Nill 5 lacs to 10 lacs - 20% above 10 lacs. - 30%
if NTI is below 500000 than rebate available u/s 87A (i) 100% of tax, or (ii) tax, whichever is lower