Income Tax Rates AY 2019-2020 – Income Tax Circular 2019 Income Tax Circular 2019 – Income Tax Rates AY 2019-20 Income Tax Rates as per the Income Tax Circular No.01/2019 published by the Central Board of Direct Taxes on 1.1.2019 for the Financial Year 2018-19 (Assessment Year 2019-20) RATES OF INCOME-TAX AS PER FINANCE ACT, 2018: As per the Finance Act, 2018, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2018-19 (i.e. Assessment Year 2019-20) at the following rates: RATES OF TAX A. Normal Rates of tax SL NO. TOTAL INCOME RATE OF TAX 1.  Where the total income does not exceed Rs. 2,50,000/-. Nil 2. Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 5 per cent of the amount by which the total income exceeds Rs. 2,50,000/- 3 . Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 12,500/- plus 20 per cent of the...