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Tax Deduction at Source (TDS) FY 2019-20 -Circular 

    Circular issued for the deduction of tax from salaries for the financial year 2019-20 under section 192 of the Income Tax Act 1961 vide No.4/2020 [F. No.275n92./2019-IT(B)] dated l6th January,2020 olthe Central Board olDirect Taxes, Department of Revenue, Ministy of Finarce, Govemment of India.

Tax Rates

Normal (Below 60 Years) Senior (60 and above but below 80 Years) Super Senior (80 and Above)
No tax,where the total income does not exceed 2,50,000/-  No tax,where the total income does not exceed 3,00,000/-  No tax,where the total income does not exceed 5,00,000/- 
 5 % of the amount by which the total income exceeds Rs. 2,50,000/- 5 % of the amount by which the total income exceeds Rs. 3,00,000/-
 Rs. 12,500/- plus 20 % of the amount by which the total income exceeds Rs. 5,00,000/-.  Rs. 10,000/- plus 20 % of the amount by which the total income exceeds Rs. 5,00,000/-. 20 % of the amount by which the total income exceeds Rs. 5,00,000/-.
 Rs. 1,12,500/- plus 30 % of the amount by which the total income exceeds Rs. 10,00,000/-  Rs. 1,10,000/- plus 30 % of the amount by which the total income exceeds Rs. 10,00,000/-  Rs. 1,00,000/- plus 30 %t of the amount by which the total income exceeds Rs. 10,00,000/-
 Health & Education Cess -4%  Health & Education Cess -4%  Health & Education Cess -4%
 Standard Deduction u/s 16 (ia) -50,000/- Standard Deduction u/s 16 (ia) -50,000/- Standard Deduction u/s 16 (ia) -50,000/-
 Tax rebate u/s 87A - 12,500/-  Tax rebate u/s 87A - 10,500/-  Tax rebate u/s 87A - Nil

 

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