Income Tax Slabs Rates for F.Y. 2018-19 (A.Y. 2019-20)

INTRODUCTION FOR INCOME TAX SLABS

  • In India, Income Tax is to be paid by individual taxpayers on the basis of a slab system where different tax rates is prescribed for different slabs.
  • There are three categories of individual taxpayers:
  • 1.Individuals (below the age of 60 years) which includes residents as well as non-residents
  • 2.Resident Senior citizens (60 years and above but below 80 years of age)
  • 3.Resident Super senior citizens (above 80 years of age)

Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for F.Y. 2018-19 – Part 1

Income Tax SlabsTax RateHealth and Education Cess
Income up to Rs. 2,50,000No Tax
Income above Rs. 2,50,000 up to Rs. 5,00,0005%4% of Income Tax
Income above Rs. 5,00,000 up to Rs. 10,00,00020% 4% of Income Tax
Income above Rs. 10,00,00030% 4% of Income Tax
  • Surcharge will be 10% of Income Tax , in case total income exceeds Rs. 50 lacs up to 1 Cr.
  • Surcharge will be 15% of Income Tax , in case total income exceeds Rs. 1 Cr.

Income Tax Exemption limit for F.Y. 2018-19 is up to Rs. 2,50,000 for individual and HUF other than those covered in Part 2 or 3

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for F.Y. 2018-19 – Part 2

Income Tax Slabs Tax Rate Health and Education Cess
Income up to Rs. 3,00,000No Tax
Income above Rs. 3,00,000 up to Rs. 5,00,0005% 4% of Income Tax
Income above Rs. 5,00,000 up to Rs. 10,00,00020% 4% of Income Tax
Income above Rs. 10,00,00030% 4% of Income Tax
  • Surcharge will be 10% of Income Tax , in case total income exceeds Rs. 50 lacs up to 1 Cr.
  • Surcharge will be 15% of Income Tax , in case total income exceeds Rs. 1 Cr.

Income Tax Exemption limit for F.Y. 2018-19 is up to Rs. 3,00,000 for Individual and HUF other than those covered in Part 1 or 3

Income Tax Slabs for Senior Citizens (80 Years Old Or More) for F.Y. 2018-19 – Part 3

Income Tax SlabsTax Rate Health and Education Cess
Income up to Rs. 5,00,000No Tax
Income above Rs. 5,00,000 up to Rs. 10,00,00020% 4% of Income Tax
Income above Rs. 10,00,00030% 4% of Income Tax
  • Surcharge will be 10% of Income Tax , in case total income exceeds Rs. 50 lacs up to 1 Cr.
  • Surcharge will be 15% of Income Tax , in case total income exceeds Rs. 1 Cr.

Income Tax Exemption limit for F.Y. 2018-19 is up to Rs. 5,00,000 for Individual and HUF other than those covered in Part 1 or 2

Income Tax Slabs for Domestic Companies for F.Y. 2018-19 – Part 4

Turnover ParticularsTax Rate
Gross Turnover up to Rs. 250 Cr. in the Previous Year25%
Gross Turnover Exceeding 250 Cr. in the Previous Year29%
  • In addition H & E Cess and Surcharge will be Levied as mentioned below
    1. H & E Cess will be 4% of Corporate Tax
    2. Surcharge at the rate of 7% is applicable, if taxable income of Domestic Company is more than 1 Cr. but Less than 10 Cr.
    3. Surcharge at the rate of 12% is applicable, if taxable income of Domestic Company is more than 10 Cr.
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