Latest income tax slabs and rates applicable for financial year 2018-19 (assessment year 2019-20),These will be applicable for FY 2019-20 as well.
September 18, 2019
What is Income Tax Slabs ?
In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab.
Such tax slabs tend to undergo a change during every budget.
Further, since the budget 2018 has not announced any changes in income tax slabs this time, it remains the same as that of last year.
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)
New Income Tax Slabs and Rates for Financial Year – 2019-20
Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2019-20 – Part I
Income Tax Slabs | Tax Rate for Individual & HUF Below the Age Of 60 Years |
---|---|
Up to ₹2,50,000* | Nil |
₹2,50,001 to ₹5,00,000 | 5% of total income exceeding ₹2,50,000 |
₹5,00,001 to ₹10,00,000 | ₹12,500 + 20% of total income exceeding ₹5,00,000 |
Above ₹10,00,000 | ₹1,12,500 + 30% of total income exceeding ₹10,00,000 |
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
*Income tax exemption limit for FY 2019-20 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)
Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2019-20 – Part II
Income Tax Slabs | Tax Rate for Senior cetizens aged 60 Years But Less than 80 Years |
Income up to Rs 3,00,000* | No tax |
Income from Rs 3,00,000 – Rs 5,00,000 | 5% |
Income from Rs 5,00,000 – 10,00,000 | 20% |
Income more than Rs 10,00,000 | 30% |
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
*Income tax exemption limit for FY 2019-20 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)
Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20 – Part III
Income Tax Slabs | Tax Rate for Super Senior Citizens (Aged 80 Years And Above) |
Income up to Rs 5,00,000* | No tax |
Income from Rs 5,00,000 – 10,00,000 | 20% |
Income more than Rs 10,00,000 | 30% |
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
*Income tax exemption limit for FY 2019-20 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)
Income Tax Slabs for Domestic Companies for FY 2019-20 – Part IV
Turnover Particulars | Tax Rate |
Gross turnover upto 250 Cr. in the previous year | 25% |
Gross turnover exceeding 250 Cr. in the previous year | 30% |
In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax
Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%Taxable income is more than 10Cr. :12%
Income Tax Slabs Rates for FY 2018-19(AY 19-20)
Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I
Income Tax Slabs | Tax Rate for Individual & HUF Below the Age Of 60 Years |
---|---|
Up to ₹2,50,000* | Nil |
₹2,50,001 to ₹5,00,000 | 5% of total income exceeding ₹2,50,000 |
₹5,00,001 to ₹10,00,000 | ₹12,500 + 20% of total income exceeding ₹5,00,000 |
Above ₹10,00,000 | ₹1,12,500 + 30% of total income exceeding ₹10,00,000 |
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
*Income tax exemption limit for FY 2018-19 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)
Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19 – Part II
Income Tax Slabs | Tax Rate for 60 Years Old Or More but Less than 80 Years Old |
Income up to Rs 3,00,000* | No tax |
Income from Rs 3,00,000 – Rs 5,00,000 | 5% |
Income from Rs 5,00,000 – 10,00,000 | 20% |
Income more than Rs 10,00,000 | 30% |
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
*Income tax exemption limit for FY 2018-19 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)
Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2018-19 – Part III
Income Tax Slabs | Tax Rate for Super Senior Citizens (Aged 80 Years And Above) |
Income up to Rs 5,00,000* | No tax |
Income from Rs 5,00,000 – 10,00,000 | 20% |
Income more than Rs 10,00,000 | 30% |
Note: An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
*Income tax exemption limit for FY 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)
Income Tax Slabs for Domestic Companies for FY 2018-19 – Part IV
Turnover Particulars | Tax Rate |
Gross turnover upto 250 Cr. in the previous year | 25% |
Gross turnover exceeding 250 Cr. in the previous year | 30% |
In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax
Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%Taxable income is more than 10Cr. :12%
Income Tax Slabs Rates for FY 2017-18(AY 2018-19)
Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2017-18 – Part I
Income Tax Slabs | Tax Rate for Individual & HUF Below the Age Of 60 Years |
Income up to Rs 2,50,000* | No tax |
Income from Rs 2,50,000 – Rs 5,00,000 | 5% |
Income from Rs 5,00,000 – 10,00,000 | 20% |
Income more than Rs 10,00,000 | 30% |
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
*Income tax exemption limit for FY 2017-18 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)
Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2017-18 – Part II
Income Tax Slabs | Tax Rate for Senior cetizens aged 60 Years But Less than 80 Years |
Income up to Rs 3,00,000* | No tax |
Income from Rs 3,00,000 – Rs 5,00,000 | 5% |
Income from Rs 5,00,000 – 10,00,000 | 20% |
Income more than Rs 10,00,000 | 30% |
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
*Income tax exemption limit for FY 2017-18 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)
Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2017-18 – Part III
Income Tax Slabs | Tax Rate for Super Senior Citizens (Aged 80 Years And Above) |
Income up to Rs 5,00,000* | No tax |
Income from Rs 5,00,000 – 10,00,000 | 20% |
Income more than Rs 10,00,000 | 30% |
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
*Income tax exemption limit for FY 2017-18 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)
Income Tax Slabs for Domestic Companies for FY 2017-18 – Part IV
Turnover Particulars | Tax Rate |
Gross turnover upto 50 Cr. in the previous year 2015-16 | 25% |
Gross turnover exceeding 50 Cr. in the previous year 2015-16 | 30% |
In addition cess and surcharge is levied as follows: Cess: 3% of corporate tax
Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%Taxable income is more than 10Cr. :12%