Income Tax Slabs for FY 2018-2019

income tax slabs for financial Year 2018-2019

The income tax in India is calculated by applying distinctive tax rates to various yearly income gatherings, which are called Income Tax Slabs. For ascertaining income tax, as a matter of first importance, actual yearly taxable income is determined according to the  provisions of various sections of the governing Act, accommodating distinctive income incorporations and avoidances for the equivalent.

Income Tax slabs for taxpayers aged less than 60 years

Income range (per annum)

Tax Rate (AY 2019-2020)

Up to Rs. 2.5 lacs

No tax

Above Rs. 2.5 lacs but below Rs. 5 lacs

5% + 4% cess

Above Rs. 5 lacs but below 10 lacs 

20% + 4% cess

Above Rs. 10 lacs but below Rs. 50 lacs 

30% + 4% cess 

Above Rs. 50 lacs but below Rs. 1 crore 

30% + 10% surcharge + 4% cess

Above Rs. 1 crore 

30% + 15% surcharge + 4% cess


NOTE
Taxpayer is entitled for rebate under Section 87A of the Income Tax Act, if his income does not exceed Rs. 3.50 lacs in a financial year. The amount of rebate shall be 100% of income tax or Rs. 2500, whichever is less.

Tax Slabs For Taxpayers Aged More Than 60 Years But Less Than 80 Years

Income range (per annum)

Tax Rate (AY 2019-2020)

Up to Rs.3 lacs

No tax 

Above Rs. 3 lacs but below Rs. 5 lacs 

5% + 4% cess 

Above Rs. 5 lacs but below 10 lacs 

20% + 4% cess 

Above Rs. 10 lacs but below Rs. 50 lacs 

30% + 4% cess 

Above Rs. 50 lacs but below Rs. 1 crore

30% + 10% surcharge + 4% cess 

Above Rs. 1 crore 

30% + 15% surcharge + 4% cess


NOTE:
Taxpayer is entitled for rebate under Section 87A of the Income Tax Act, if his income does not exceed Rs. 3.50 lacs in a financial year. The amount of rebate shall be 100% of income tax or Rs. 2500, whichever is less.

Income Tax Slabs For Taxpayers Aged More Than 80 Years

Income range (per annum)

Tax Rate (AY 2019-2020)

Up to Rs.2.5 lacs

No tax

Up to Rs. 5 lacs

No tax

Above Rs. 5 lacs but below 10 lacs 

20% + 4% cess

Above Rs. 10 lacs but below Rs. 50 lacs

30% + 4% cess

Above Rs. 50 lacs but below Rs. 1 crore

30% + 10% surcharge + 4% cess

Above Rs. 1 crore

30% + 15% surcharge + 4% cess

Tax Slabs for HUF/AOP/BOI/Any other Artificial Juridical Person

Income range (per annum)

Tax Rate (AY 2019-2020)

Up to Rs. 2.5 lacs

Nil

Above Rs. 2.5 lacs but below Rs. 5 lacs

5% + 4% cess

Above Rs. 5 lacs but below 10 lacs

20% + 4% cess

Above Rs. 10 lacs but below Rs. 50 lacs

30% + 4% cess

Above Rs. 50 lacs but below Rs. 1 crore 

30% + 10% surcharge + 4% cess

Above Rs. 1 crore

30% + 15% surcharge + 4% cess

Income Tax slabs for domestic companies
  • A domestic company is taxable at 30%. However, tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 50 crore.
  • Surcharge of 7% is applicable, if the income is more than Rs. 1 crore but less than Rs. 10 crores.
  • Surcharge of 12% is applicable, if the income is more than Rs. 10 crores.
tax slabs for partnership firms - General and Limited Liability

Income range (per annum)

Tax Rate (AY 2019-2020)

Up to Rs. 1 crore

30% + 4% cess

Above Rs. 1 crore

30% + 12% surcharge + 4% cess

tax slabs for local authority

Income (per annum)

Tax Rate (AY 2019-2020)

Up to Rs. 1 crore

30% + 4% cess

Above Rs. 1 crore

30% + 12% surcharge + 4% cess

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