Income Tax calculator: As per the latest Income Tax slabs 2019, the individual taxpayers with net taxable income up to Rs 5 lakh get full rebate under section 87A. As per the Finance Bill, the new rebate amount has been increased to Rs 12,500 from Rs 2,500, earlier. After this, the taxpayers with taxable income up to Rs 5 lakh will need not pay any tax from FY2019-20 onwards.

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Meanwhile, for individuals with net taxable income over Rs 5 lakh will need to pay income tax as per the existing tax slabs. Here is how to calculate your income tax amount as per the latest I-T slabs of 2019. You can also find the latest income tax slabs for the FY2019-20 below.

Latest Income Tax Calculator

Income tax slabs for individuals below 60 years of age

- Up to Rs 2.5 lakh: Nil

- Rs 2,50,001 to Rs 5,00,000: A 5% of (Total income minus Rs 2,50,000) + 4% cess

- Rs 5,00,001 to Rs 10,00,000: Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess

- Rs 10,00,001 and above: Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Income tax slabs for an individual between 60 and 80 years of age (Senior Citizen)

- Up to Rs 3 lakh: Nil

- Rs 3,00,001 to Rs 5,00,000: 5% of (Total income minus Rs 3,00,000) + 4% cess

- Rs 5,00,001 to Rs 10,00,000: Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess

- Rs 10,00,001 and above: Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Income tax slabs for an individual over 80 years of age (Super Senior Citizen)

- Up to Rs 5 lakh: Nil

- Rs 5,00,001 to Rs 10,00,000: 20% of (Total income minus Rs 5,00,000) + 4% cess

- Rs 10,00,001 and above: Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess