A fee charged by a government on a product, income, or activity. If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax. The purpose of taxation is to finance government expenditure. One of the most important uses of taxes is to finance public goods and services, such as street lighting and street cleaning. Since public goods and services do not allow a non-payer to be excluded, or allow exclusion by a consumer, there cannot be a market in the good or service, and so they need to be provided by the government or a quasi-government agency, which tend to finance themselves largely through taxes.
Tax Information – FY 2019 -2020
| India Income tax slabs 2019 – 2020 for General tax payers Women | ||
| Sr No | Income tax Slabs (in Rs.) | Tax Percentage |
| 1 | 0 to 2,00,000 | No Tax |
| 2 | 2,00,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 10,00,000 | 20% |
| 4 | Above 10,00,000 | 30% |
| Income tax slabs 2019-2020 – for Senior citizen (Aged 60 years but less than 80 years) | ||
| Sr No | Income tax Slabs (in Rs.) | Tax Percentage |
| 1 | 0 to 2,50,000 |
No Tax |
| 2 | 2,50,001 to 5,00,000 |
10% |
| 3 | 5,00,001 to 10,00,000 |
20% |
| 4 | Above 10,00,000 |
30% |
| Income tax slabs 2019-2020 – for Very Senior citizen (Above 80 years) | ||
| Sr No |
Income tax Slabs (in Rs.) |
Tax Percentage |
| 1 | 0 to 5,00,000 |
No Tax |
| 2 | 5,00,001 to 10,00,000 |
20% |
| 3 | Above 10,00,000 |
30% |
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In addition an rebate of Rs 2000 will be available for income less than Rs 5 lakhs
- Income above 1 crore to attract 10% tax surcharge.