Commerce Minister Piyush Goyal in February's interim budget announced a full tax rebate to individuals earning an income of Rs 5 lakh annually. This translates to a benefit of Rs 18,500 crore to more than 3 crore taxpayers, applicable from April 1 of the current fiscal year.

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These income tax slabs are applicable for the financial year 2019-20.

Under the Income Tax Act, the basic exemption limit for an individual depends on his/her age as well as the residential status, and are divided into three categories:

Resident individuals below the age of 60 years.

Resident senior citizens of age between 60 years and above but below 80 years.

Resident super senior citizens of above 80 years of age.

Below are the latest tax slabs for the three sections:

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For co-operative societies: 10 percent tax will be applicable on the total income which does not exceed Rs 10,000. Rs 1,000 plus 20 percent tax is applicable where the total income exceeds Rs 10,000 but does not exceed Rs 20,000 and Rs 3,000 plus 30 percent tax where the total income exceeds Rs 20,000.

Every firm and the local authority has been charged with 30 percent income tax by the finance minister.

In case of a domestic company where the turnover in the previous year 2016-17 does not exceed Rs 250 crore, 25 percent of the total income as tax.

Additionally, the standard deduction has been increased to Rs 50,000 from Rs 40,000 currently. Also, TDS threshold on interest earned on bank/post office deposits is being raised from Rs 10,000 to Rs 40,000.