Budget 2019: New Income Tax Slabs

Union General Budget 2019 new income tax slabs & revised income tax structure / rates

Finance Minister Piyush Goyal presented Interim Budget (Vote on Account Budget) for financial year 2019. The union general budget is presented in the parliament on 1st February 2019. Tax structures / rates & income tax slabs are not changed in the new budget. Full tax rebate is given to all those individuals who’s annual income is less than 5 lakh.

Budget 2019: New Income Tax Slabs for Individuals below 60 Years of Age

Taxable Income SlabNew Income Tax Rates & Cess
Upto Rs. 2.5 lakhNILL (No Tax)
Rs 2,50,001 to Rs 5,00,0005% of (Total income minus Rs 2,50,000) + 4% cess
Rs 5,00,001 to Rs 10,00,000Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 & above
Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Budget 2019: New Income Tax Slabs for Senior Citizens (between 60-80 years of age)

Taxable Income SlabNew Income Tax Rates & Cess
Upto Rs. 3 lakhNILL (No Tax)
Rs 3,00,001 to Rs 5,00,0005% of (Total income minus Rs 3,00,000) + 4% cess
Rs 5,00,001 to Rs 10,00,000Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 & above
Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Budget 2019: New Income Tax Slabs for Super Senior Citizens (above 80 years of age)

Taxable Income SlabNew Income Tax Rates & Cess
Upto Rs. 5 lakhNILL (No Tax)
Rs 3,00,001 to Rs 5,00,00020% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 & above
Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Individuals who’s annual income upto Rs. 6.5 lakh doesn’t need to pay any tax if they invest in provident funds & prescribed equities. Standard deduction for salaried class is raised from Rs. 40,000 to Rs. 50,000. TDS on rental income is raised from 1.8 lakh to Rs. 2.4 lakh. 3 crore middle class tax payers will get benefited from the new tax slabs announced in the union budget 2019.

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  1. In this budget one of the important point is unorganized sectors 3000/ pension . I don’t understand how it will be finalized. In what basis.

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