Rates of Income Tax for the F.Y 2019-20 or A.Y 2020-21

Tax Rates for Individuals

Particulars

Individual & HUF (Age Less than 60 Years)

Senior Citizen (Age  60 Years & Above)

Super Senior Citizen (Age  80 Years & Above)

Upto 2,50,000

NIL

NIL

NIL

From 2,50,001- 3,00,000

5%

NIL

NIL

From 3,00,001-5,00,000

5%

5%

NIL

From 5,00,001-10,00,000

20%

20%

20%

Above 10,00,000

30%

30%

30%

The above rates are exclusive of surcharge and cess

Health and Education Cess @ 4%

Surcharge

Rate of Surcharge

50 Lacs to 1 Crore

Exceeding 1 Crore

Individuals

10%

15%

Tax Rebate U/s 87A

A resident individual, whose taxable income does not exceed Rs. 5,00,000/- , can claim a tax rebate under section 87A

Income Tax Deductions

Section

Permissible limit

Type of investment, expense or income

Eligible claimants

17

Maximum Rs 50,000

No expense or investment needed

Only for Salaried person

24

Maximum Rs 2,00,000 with certain conditions

Interest on loan payable for acquiring a residential house property

Individuals, HUF

80C, 80CCC, 80CCD

Maximum Rs. 1,50,000 (aggregate of 80C, 80CCC and 80CCD)

PPF, EPF, Bank FD's, NSC, LIC premium, tuition fees, Pension funds,  Pension fund initiated by central government

Individuals, HUFs

80TTA & 80TTB

Up to Rs. 10,000

Interest on bank saving & Fixed deposit

Individuals and HUFs

Up to Rs 50,000 for senior citizen

80CCF

Up to Rs. 20, 000

Long term infrastructure bonds

Individuals and HUFs

80D

For individual taxpayers- Premium up to Rs. 25,000 in case of individuals and up to Rs. 30,000 for senior citizens

Medical insurance premium and Health check up

Individuals and HUFs

For HUFs- Premium up to Rs. 25,000 and up to Rs. 30,000 in case the member insured is a senior citizen or super senior citizen

80DD

Maximum Rs 75,000 where disability is more than 40% and less than 80%.

Expenses incurred on medical treatment on disable dependent

Individuals and HUFs

Maximum Rs 1,25,000 where disability is more than 80%.

80DDB

Maximum 40,000/- or the amount actually paid, whichever is less.

Expenses incurred on medical treatment of a dependant who is suffering from a specified disease

Individuals, HUF

In the case of a senior citizen and super-senior citizen, Rs.1,00,000 or amount actually paid, whichever is less

80E

No limit defined

Interest on repayment of Education loan

Individuals

80EE & 80EEA

Maximum Rs. 50,000 & Upto Rs 1,50,000 subject to some conditions

Interest on loan payable for acquiring a residential house property

Individuals

80EEB

Upto to Rs 1,50,000 subject to some conditions

Interest paid on Electric Vehicle loan

Individuals

80G

Differs with the amount of donation

General donations of any recognized society

Individuals, HUF's, Companies, Firms

80GGC

No limit defined

Donations to political parties

Individuals

80GG

(i)Rs. 5000 per month or (ii) 25% of total income or (iii) rent paid minus 10% of total income (whichever is less)

Rent paid if HRA is not received

Individuals not receiving HRA

80U

Maximum Rs 75,000 where disability is more than 40% and less than 80%.

Expenses incurred on self-medical treatment

Individuals

Maximum Rs 1,25,000 where disability is more than 80%.