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    Union Budget 2019-20: Here are the current income tax slabs and rates

    Union Budget 2019-20: Here are the current income tax slabs and rates

    Union Budget 2019-20: Here are the current income tax slabs and rates
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    By CNBC-TV18  IST (Published)

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    With the government set to present the last budget prior to the Lok Sabha polls, expectations are high among the people. Many expect the budget will come with welfare measures that will target common man. One key question that is in the minds of commoners and experts alike is whether the centre will tweak the existing tax slabs.

    With the government set to present the last budget prior to the Lok Sabha polls, expectations are high among the people. Many expect the budget will come with welfare measures that will target common man.
    One key question that is in the minds of commoners and experts alike is whether the centre will tweak the existing tax slabs.
     
    The current Income Tax slabs in the country
    As per the income tax (I-T) slabs applicable for financial year 2018-19 based on last year’s budget, only those with an annual income of Rs 2,50,000/ or below are exempted from tax payment.
    Those earning between Rs 2, 50,000 and Rs 5,00,001, are liable to pay 5 percent of income tax along with 4 percent cess.
    People with an annual income of Rs 5,00,001 to Rs 10,00,000  pay 20 percent  (Total income minus Rs 5,00,000) in addition to Rs 12,500. They are also liable to pay 4 percent as cess.
    Those having an income of more than Rs 10,00,000 pay 20 percent  (Total income minus Rs 10,00,000) along with Rs 1,12,500 as tax in addition to the cess.
    However, there are exemptions given to the senior citizens when it comes to the tax payment. People above the age of 60 are exempted from paying tax, if their annual income is not above Rs 3,00,000/, while those above the age of 80 are exempted for annual incomes of up to Rs 5,00,000/.
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