Tax

Income tax slabs for Financial Year 2018 – 2019

  1. Income Tax Slab for Annual Year 2018-19 for Individuals:

1.1 Individual (resident or non-resident), who is less than 60 years on the last day of the relevant previous financial year:

 

Taxable income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

 

1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is 60 years or more but less than 80 years at any time during the previous financial year:

 

Taxable income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 – Rs. 5,00,000 5%
Rs. 5,00,000 – Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

 

1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is 80 years or more at any time during the previous year:

 

Taxable income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,000 – Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

 

Plus,

Surcharge: 10% of tax where total income more than Rs. 50 lakh
15% of tax where total income more than Rs. 1 crore

Education cess: 3% of tax plus surcharge

Note: A resident individual is entitled to rebate u/s 87A if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

  1. Income Tax Rates for HUF/AOP/BOI/Any other Artificial Juridical Individual:
Taxable income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

 

Plus:

Surcharge: 10% of tax where the total income more than Rs. 50 lakh
15% of tax where the total income more than Rs. 1 crore

Education cess: 3% of tax plus surcharge

  1. Tax Rate For Partnership Firms:

A partnership firm (including Limited Liability Partnership) is taxable at 30%.

Plus:

Surcharge: 12% of tax where the total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

 

  1. Income Tax Slab Rate for Local Authority:

A local authority is taxable at 30%.

Plus,

Surcharge: 12% of tax where the total income more than Rs. 1 cr.

Education cess: 3% of tax plus surcharge

  1. Tax Slab for Domestic Company:

A domestic company is taxable at 30%. However, the tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 50 crore.

Plus,

Surcharge: 7% of tax where the total income exceeds Rs. 1 crore

12% of tax where the total income exceeds Rs. 10 crore

Education cess: 3% of tax plus surcharge

  1. Tax Rates for Foreign Company:

A foreign company is taxable at 40%

Plus,

Surcharge: 2% of tax where the total income exceeds Rs. 1 crore

5% of tax where total income exceeds Rs. 10 crore

Education cess: 3% of tax plus surcharge

  1. Income Tax Slab rate for Co-operative Society:
Taxable income Tax Rate
Up to Rs. 10,000 10%
Rs. 10,000 to Rs. 20,000 20%
Above Rs. 20,000 30%

 

Plus:

Surcharge: 12% of tax where the total income more than Rs. 1 crore

Education cess: 3% of tax plus surcharge

We hope now you understood latest Income Tax Slab Rates for FY 2018-19 (AY 2019-20) and also how to calculate income tax. Any doubts??

 

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