Income Tax

Income Tax Rate Chart for the Financial Year 2018-2019 Assessment Year 2019-2020 for Individual & Companies as Proposed by Financial Bill 2018

Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19  AY 2019-20 

 

Income Slabs Rate of Tax for Individual & HUF Below the age of 60 Years
Upto Rs.250,000/- NIL
250,001 – 500,000 5%
500,001-   1,000,000 20%
1,000,001 – & Above 30%

 

Income Tax Slabs & Rates for Senior Citizen aged above 60 Years but below 80 Years for FY 2018-19  AY 2019-20 

 

Income Slabs Rate of Tax for Senior Citizen aged above 60 Years but below 80 Years
Upto Rs.300,000/- NIL
300,001 – 500,000 5%
500,001-   1,000,000 20%
1,000,001 – & Above 30%

Income Tax Slabs & Rates for Super Senior Citizen aged above 80 Years old or above for FY 2018-19  AY 2019-20  

 

Income Slabs Rate of Tax for Senior Citizen aged above 60 Years but below 80 Years
Upto Rs.500,000/- NIL
500,001-   1,000,000 20%
1,000,001 – & Above 30%

 

 

Surcharge –

The surcharge is payable over and above the income tax rates tabulated above –

Particulars Surcharge Rates
Total income exceeds INR 50 Lakhs but not exceeding INR 1 Crore 10% of the income tax
Total income exceeds INR 1 Crore but not exceeding INR 2 Crore 15% of the income tax

 

Health and Education Cess –

Health and education cess are to be calculated on the sum total of income tax and surcharge. Health and education cess are payable @4% on income tax plus a surcharge.

 

Rebate (under section 87A) –

Tax rebate under section 87A of the Income Tax Act, 1961 has been revised for the Financial Year 2018-2019, maximum tax rebate available under section 87A is INR 2500.

Tax rebate is available only to the resident individual earning net taxable income up to INR 3.5 Lakhs. Tax rebate is to be applied to the total tax before adding ‘Surcharge’ and Health Education Cess.

Income Tax Slabs for Domestic Companies for FY 2018-19  AY 2019-20 – Part IV

Turnover Limit for Domestic Company Tax Rate 
Gross Turnover upto Rs. 250 Cr. In the previous year 25%
Gross Turnover exceeding Rs. 250 Cr. In the previous year 30%

 

Surcharge applicable to a domestic company –

The surcharge is payable over and above the income tax rates tabulated above –

Particulars Surcharge rate
Income between INR 1 Crore to 10 Crore 7% on the amount of the income tax
Income above INR 10 Crore 12% on the amount of the income tax

 

Health and Education Cess applicable to a domestic company –

 

Health and education cess @4% is payable on the sum total of Income Tax plus Surcharge.

 

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