Income-tax rates AY 2019-20 — Finance (No. 2) Act, 2019

Independently re-read on 2 September 2026

A second pass went back to the department’s text at the sources listed at the foot of this page and read these figures again. That check is recorded in the record itself as verified_on: 2026-09-02.

What this year’s reading did not reach

The batch supplied only the section 2 URL; the First Schedule was located on the same API (id 5302499, taxonomy '2019 (No. 2)', 'Finance Acts'). Local authority (Paragraph D): 30 per cent, surcharge twelve per cent above one crore rupees. The rebate under section 87A is not in section 2 or the First Schedule - it sits in the Income-tax Act - so no rebate figure is recorded. No new regime existed for this assessment year: section 115BAC is not mentioned in Part I.

Which Act set these rates

Act

Finance (No. 2) Act, 2019

Assessment year

2019-20

Income of the previous year

2018-19

What was read

the charging section and the First Schedule

The Act itself

Finance (No. 2) Act, 2019 in this library

Finance (No. 2) Act, 2019 charged income-tax for the assessment year commencing 1 April 2019. What it charged was the income of the previous year 2018-19. The two are a year apart and the difference matters: a table headed by the wrong one is useless.

The slabs

Old

every individual other than the individual referred to in items (II) and (III) of Paragraph A, Hindu undivided family, association of persons, body of individuals whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of Part I applies

Maximum amount not chargeable to income-tax: Rs 2,50,000

Total income	Rate of income-tax
Up to Rs 2,50,000	Nil
Rs 2,50,001 – Rs 5,00,000	5%
Rs 5,00,001 – Rs 10,00,000	20%
Rs 10,00,001 and above	30%

Section 2(1): for the assessment year commencing on the 1st day of April, 2019, income-tax shall be charged at the rates specified in Part I of the First Schedule.

Senior citizens, very senior citizens, and women

Only where the Act for this year set a separate threshold or a separate table. Where it did not, this page says so.

Resident senior citizens

resident in India, sixty years or more but less than eighty years at any time during the previous year; Nil up to Rs. 3,00,000; 5 per cent of the amount exceeding Rs. 3,00,000 up to Rs. 5,00,000; Rs. 10,000 plus 20 per cent of the amount exceeding Rs. 5,00,000 up to Rs. 10,00,000; Rs. 1,10,000 plus 30 per cent of the amount exceeding Rs. 10,00,000

Maximum amount not chargeable to income-tax: Rs 3,00,000

Resident very senior citizens

resident in India, eighty years or more at any time during the previous year; Nil up to Rs. 5,00,000; 20 per cent of the amount exceeding Rs. 5,00,000 up to Rs. 10,00,000; Rs. 1,00,000 plus 30 per cent of the amount exceeding Rs. 10,00,000

Maximum amount not chargeable to income-tax: Rs 5,00,000

Resident women

This year’s record carries no separate table or threshold under this head.

Surcharge

Total income	Surcharge on the income-tax
Rs 50,00,000 – Rs 1,00,00,000	10%
Rs 1,00,00,000 and above	15%

Part I, Paragraph A states only two rates: ten per cent where total income exceeds fifty lakh rupees but not one crore rupees, and fifteen per cent where it exceeds one crore rupees. No twenty-five per cent or thirty-seven per cent tier appears in Part I (confirmed by two separate fetches of the same passage); those tiers appear only in Part III of this Act, which is for the following year. Section 2(3) states no surcharge rates of its own - it refers to Paragraph A, B, C, D or E, as the case may be, of Part I of the First Schedule.

Cess

Cess	Rate
Health and Education Cess	4%

Marginal relief

Part I contains marginal-relief provisos: the total of income-tax and surcharge on a total income above a threshold shall not exceed the total of income-tax (and surcharge, where applicable) on a total income equal to that threshold by more than the amount of income that exceeds the threshold. Equivalent provisos appear at the one crore rupee threshold in Paragraphs B, C and D and at the one crore and ten crore rupee thresholds in Paragraph E.

Companies, firms, co-operative societies and local authorities

Reproduced in the Act’s own words, because these rates carry conditions a single percentage cannot.

Assessee	Rate as the Act states it
Domestic company	25 per cent of the total income where its total turnover or the gross receipt in the previous year 2016-17 does not exceed two hundred fifty crore rupees; otherwise 30 per cent. Surcharge: seven per cent where total income exceeds one crore rupees but not ten crore rupees; twelve per cent where it exceeds ten crore rupees.
Foreign company	50 per cent on royalties and fees for technical services received under agreements made with the Government or an Indian concern and approved by the Central Government (pre-1976 agreements as described in Paragraph E); 40 per cent on the balance of the total income. Surcharge: two per cent where total income exceeds one crore rupees but not ten crore rupees; five per cent where it exceeds ten crore rupees.
Firms and limited liability partnerships	30 per cent of the total income; surcharge twelve per cent of such income-tax where the total income exceeds one crore rupees
Co-operative societies	10 per cent of the total income where it does not exceed Rs. 10,000; Rs. 1,000 plus 20 per cent of the amount exceeding Rs. 10,000 where the total income exceeds Rs. 10,000 but not Rs. 20,000; Rs. 3,000 plus 30 per cent of the amount exceeding Rs. 20,000 where the total income exceeds Rs. 20,000. Surcharge twelve per cent where the total income exceeds one crore rupees.
Local authorities	The Act’s text for this was not reached. No figure is recorded, and none has been supplied from another year.

What changed from the year before

Worked out by comparing this record with the one for the preceding assessment year in this collection. Where a figure is absent from either record, that is said rather than guessed.

Against assessment year 2018-19 (Finance Act, 2018): the old regime’s exemption limit is unchanged at Rs 2,50,000.
The top slab rate is unchanged at 30%.
The surcharge is unchanged: 2 tiers, topping out at 15%.
The cess changes from Education Cess 2%; Secondary and Higher Education Cess 1% to Health and Education Cess 4%.
The company rates are stated differently this year; read both years’ wording rather than taking a single number from either.
The firm rate are stated differently this year; read both years’ wording rather than taking a single number from either.
The co-operative society rates are stated differently this year; read both years’ wording rather than taking a single number from either.
The local authority rate are not reached this year, so they cannot be compared with the previous record’s.
The separate threshold for resident senior citizens is unchanged at Rs 3,00,000.
The separate threshold for resident very senior citizens is unchanged at Rs 5,00,000.

Sources

The Income Tax Department’s own records for this Act. These are the documents the figures above were read out of.

The department’s index of Finance Acts is at https://www.incometaxindia.gov.in/finance-acts.

The years either side

← AY 2018-19 · AY 2020-21 →

What this page is, and what it is not

The figures are the Finance Act’s own. Every rate, threshold and exemption on this page was taken out of the Income Tax Department’s own text of the Act that charged the year — the charging section and the First Schedule — and the records we read are linked under Sources on each year’s page. The writing around the figures is ours: the arrangement, the headings, the comparison with the year before and every sentence of explanation. Those are not the Act.

These tables are for orientation. The Act governs. A rate table is a finding aid, not the law. The Act, its First Schedule and the provisos in it decide what is payable, and a table cannot carry the provisos. If you are about to rely on a figure here — in a return, in a computation, in a reply to a notice — open the source linked on the year’s page and read the figure in the Act for yourself. Where a record did not reach a rate, this library says so rather than filling the gap.

Income-tax rates for assessment year 2019-20