FY 2019-20 Income Tax Slabs for resident above 80 years of age
Income tax slab
Upto Rs. 5,00,000
Rs. 5,00,001 to Rs. 10,00,000
20% of (total income minus 5,00,000)
Above Rs. 10,00,000
Rs. 1,00,000 + 30% of (total income minus 10,00,000)
An additional 4% Health & Education Cess will be applicable on the income tax.
The Union Budget 2019 proposes full tax rebate for individual taxpayers below 60 years of age, with annual income upto Rs. 5 Lakh, by increasing the limit of tax rebate under Section 87A from Rs. 2,500 to Rs. 12,500. However, such individuals would still have to file their ITR and then claim exemption under Section 87A.
As per the Union Budget 2019, persons whose taxable income is upto Rs. 2.5Lakh, will also have to file their ITRs, if they enter into high value transactions like foreign travel etc. during the year.