Income Tax Slab Rates for FY 2018-19 | AY 2019-20

Income Tax Slab Rates for FY 2018-19 | AY 2019-20

Income Slabs & Income Tax Rates  for the Financial Year 2018-19 i.e. Assessment Year 2019-20 (these will be effective  on income earned during 01.04.2018 to 31.03.2019) for various categories of Indian Income Tax payers.

There is no change in income tax slabs  and tax rates for Individuals.

From assessment year 2018-19 instead of 3% Education Cess  4%  Health and Education Cess will be chargeable to all the taxpayers.

New simplified forms for filing income tax return will be provided for persons having non business income less than Rs. 5 lakhs.

Categorized based on age group

Categorized based on age group

Particulars Category Based on Age Based on date of Birth
 

Individual-Resident

 

Non Senior Citizen Aged below 60 years  Born on or after 01.04.1959
Senior Citizen Aged 60 or above but     below 80 years  Born on or after 01.04.1939 but before 01.04.1959
Super Senior Citizen Aged above 80 years  Born before 01.04.1939

Income Tax Slab Rates for Residential Individual FY 2018-19 i.e. AY 2019-20

Particulars Income Tax Rates
Income Slabs Non- senior Citizens Senior Citizens Super Senior Citizens
Upto Rs. 2,50,000 Nil Nil Nil
 Rs. 2,50,001 to Rs. 3,00,000 5% Nil Nil
 Rs. 3,00,001 to Rs. 5,00,000 5% 5% Nil
 Rs. 5,00,001 to Rs. 10,00,000 20% 20% 20%
 Above Rs. 10,00,000 30% 30% 30%

Rebate under section 87A :

Benefits under this section are  applicable to  individual resident in India whose total income does not exceed Rs. 3,50,000/- .this section  provides for a rebate of an amount equal to hundred percent of such income-tax or an amount of Rs. 5000/- (Rs. 2500 from Financial Year 2017-18), whichever is less, from the amount of income-tax.

Surcharge: .

Surcharge for different Income Tax Slabs for FY 2018-19 i.e. AY 2019-20
Income Slabs Rate of Surcharge
Upto Rs. 50 lakhs Nil
Above Rs. 50 lakhs upto Rs. 1 crore 10%
Above Rs. 1 crore 15%

It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable income. Following are the rates of surcharge applicable for various income slabs

Health & Education Cess

It is levied at 4% on total income tax and surcharge.

Income Tax Slab Rates for For NRI or HUF or AOP or BOI or AJP FY 2018-19 i.e. AY 2019-20

Particulars Assessee
Income Slabs Income Tax Rates
Upto Rs. 2,50,000 Nil
 Rs. 2,50,001 to Rs. 5,00,000 5%
 Rs. 5,00,001 to Rs. 10,00,000 20%
 Above Rs. 10,0,000 30%

(NRI – Non Resident Individual ; HUF – Hindu Undivided Family ; AOP – Association of Persons ; BOI – Body of Individuals;  AJP – Artificial Judicial Persons)

Rebate under section 87A :

Benefits under this section are not applicable to  NRI or HUF or AOP or BOI or AJP

Surcharge: 

Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Particulars 50 Lacs to 1 cr. 1 cr. to 10 cr Exceeding 10 Cr
Individual /HUF 10% 15% 15%
Firm/Local Authority/ Co-operative Society NIL 12% 12%
Doestic Company NIL 7% 12%
Foreign Company NIL 2% 5%
Co-operative Societies NIL 12% 12%

It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable income. Following are the rates of surcharge applicable for various income slabs

Health & Education Cess 

It is levied at 4% on total income tax and surcharge.

Income Tax Slab Rates for Co-operative Society  FY 2018-19 i.e. AY 2019-20

Particulars Assessee
Income Slabs Income Tax Rates
Upto Rs. 10,000 10%
 Rs. 10,000 to Rs. 20,000 20%
 Above Rs. 20,000 30%

Rebate under section 87A :

Benefits under this section is not available to Co – operative Society.

Surcharge:

Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Particulars 50 Lacs to 1 cr. 1 cr. to 10 cr Exceeding 10 Cr
Individual /HUF 10% 15% 15%
Firm/Local Authority/ Co-operative Society NIL 12% 12%
Doestic Company NIL 7% 12%
Foreign Company NIL 2% 5%
Co-operative Societies NIL 12% 12%

It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable income. Following are the rates of surcharge applicable for various income slabs

 

Health & Education Cess including secondary and higher education cess

It is levied at 4% on total income tax and surcharge.

Income Tax Slab Rates for Firm or Local Authority FY 2018-19 i.e. AY 2019-20

Particulars Assessee
Income Slabs Income Tax Rates
Taxable Income 30 %

Rebate under section 87A :

Benefits under this section is not available to firm or local authority.

Surcharge:

Surcharge for different Income Tax Slabs for FY 2018-19 i.e. AY 2019-20
Income Slabs Rate of Surcharge
Upto. Rs. 1 crore Nil
Above Rs. 1 crore 12%

It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable.

Health & Education Cess including secondary and higher education cess

It is levied at 4% on total income tax and surcharge.

Income Tax Slab Rates for  Domestic Company FY 2018-19 i.e. AY 2019-20

Particulars Income Tax Rates
Income Slabs Turnover upto Rs. 250 crores in P.Y 2016-17 Turnover above Rs. 250 crores
Taxable Income 25% 30%

Rebate under section 87A :

Benefits under this section is not available to domestic company.

Surcharge:

Surcharge for different Income Tax Slabs for FY 2018-19 i.e. AY 2019-20
Income Slabs Rate of Surcharge
Turnover upto Rs. 250 crores Turnover above Rs. 250 crores
Upto. Rs. 1 Crore Nil Nil
Above Rs. 1 Crore to Rs. 10 Crores 7% 7%
Above Rs. 10 Crores 12% 12%

It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable.

Health & Education Cess

It is levied at 4% on total income tax and surcharge.

Income Tax Slab Rates for Company other than domestic company FY 2018-19 i.e. AY 2019-20

Particulars Assessee
Taxable Income Income Tax Rates
Company other Than domestic company (Foreign company) 40%

Rebate under section 87A :

Benefits under this section is not available to company other than domestic company

Surcharge:

Surcharge for different Income Tax Slabs for FY 2018-19 i.e. AY 2019-20
Income Slabs Rate of Surcharge
Upto. Rs. 1 crore Nil
Above Rs. 1 crore upto 10 Crore 2%
Above Rs. 10 crores 5%

It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable.

Health & Education Cess

It is levied at 4% on total income tax and surcharge.


Income Tax Slab Rates for FY 2017-18 | AY 2018-19

Income Slabs & Income Tax Rates  for the Financial Year 2017-18 i.e. Assessment Year 2018-19 (these will be effective  on income earned during 01.04.2017 to 31.03.2018) for various categories of Indian Income Tax payers.

Categorized based on age group

Categorized based on age group
Particulars Category Based on Age Based on date of Birth
 

 

Individual-Resident

 

Non Senior Citizen Aged below 60 years  Born on or after 01.04.1958
Senior Citizen Aged 60 or above but     below 80 years  Born on or after 01.04.1938 but before 01.04.1958
Super Senior Citizen Aged above 80 years  Born before 01.04.1938

Income Tax Slab Rates for Residential Individual FY 2017-18 i.e. AY 2018-19

Particulars Income Tax Rates
Income Slabs Non- senior Citizens Senior Citizens Super Senior Citizens
Upto Rs. 2,50,000 Nil Nil Nil
 Rs. 2,50,001 to Rs. 3,00,000 5% Nil Nil
 Rs. 3,00,001 to Rs. 5,00,000 5% 5% Nil
 Rs. 5,00,001 to Rs. 10,00,000 20% 20% 20%
 Above Rs. 10,00,000 30% 30% 30%

Rebate under section 87A :

Benefits under this section are  applicable to  individual resident in India whose total income does not exceed Rs. 3,50,000/- .this section  provides for a rebate of an amount equal to hundred percent of such income-tax or an amount of Rs. 5000/- (Rs. 2500 from Financial Year 2017-18), whichever is less, from the amount of income-tax.

Surcharge: .

Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Income Slabs Rate of Surcharge
Upto Rs. 50 lakhs Nil
Above Rs. 50 lakhs upto Rs. 1 crore 10%
Above Rs. 1 crore 15%
It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable income. Following are the rates of surcharge applicable for various income slabs

Education Cess including secondary and higher education cess

It is levied at 3% on total income tax and surcharge.

Income Tax Slab Rates for For NRI or HUF or AOP or BOI or AJP FY 2017-18 i.e. AY 2018-19

Particulars Assessee
Income Slabs Income Tax Rates
Upto Rs. 2,50,000 Nil
 Rs. 2,50,001 to Rs. 5,00,000 5%
 Rs. 5,00,001 to Rs. 10,00,000 20%
 Above Rs. 10,0,000 30%

(NRI – Non Resident Individual ; HUF – Hindu Undivided Family ; AOP – Association of Persons ; BOI – Body of Individuals;  AJP – Artificial Judicial Persons)

Rebate under section 87A :

Benefits under this section are not applicable to  NRI or HUF or AOP or BOI or AJP

Surcharge: .

Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Income Slabs Rate of Surcharge
Upto Rs. 50 lakhs Nil
Above Rs. 50 lakhs upto Rs. 1 crore 10%
Above Rs. 1 crore 15%
It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable income. Following are the rates of surcharge applicable for various income slabs

Education Cess including secondary and higher education cess

It is levied at 3% on total income tax and surcharge.

Income Tax Slab Rates for Co-operative Society  FY 2017-18 i.e. AY 2018-19

Particulars Assessee
Income Slabs Income Tax Rates
Upto Rs. 10,000 10%
 Rs. 10,000 to Rs. 20,000 20%
 Above Rs. 20,000 30%

Rebate under section 87A :

Benefits under this section is not available to Co – operative Society.

Surcharge:

Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Income Slabs Rate of Surcharge
Upto. Rs. 1 crore Nil
Above Rs. 1 crore 12%

It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable income. Following are the rates of surcharge applicable for various income slabs

Education Cess including secondary and higher education cess

It is levied at 3% on total income tax and surcharge.

Income Tax Slab Rates for Firm or Local Authority FY 2017-18 i.e. AY 2018-19

Particulars Assessee
Income Slabs Income Tax Rates
Taxable Income 30 %

Rebate under section 87A :

Benefits under this section is not available to firm or local authority.

Surcharge:

Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Income Slabs Rate of Surcharge
Upto. Rs. 1 crore Nil
Above Rs. 1 crore 12%

It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable.

Education Cess including secondary and higher education cess

It is levied at 3% on total income tax and surcharge.

Income Tax Slab Rates for  Domestic Company FY 2017-18 i.e. AY 2018-19

Particulars Income Tax Rates
Income Slabs Turnover upto Rs. 50 crores in P.Y 2015-16 Turnover above Rs. 50 crores
Taxable Income 25% 30%

Rebate under section 87A :

Benefits under this section is not available to domestic company.

Surcharge:

Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Income Slabs Rate of Surcharge
Turnover upto Rs. 50 crores Turnover above Rs. 50 crores
Upto. Rs. 1 Crore Nil Nil
Above Rs. 1 Crore to Rs. 10 Crores 7% 7%
Above Rs. 10 Crores 12% 12%

It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable.

Education Cess including secondary and higher education cess

It is levied at 3% on total income tax and surcharge.  

Income Tax Slab Rates for Company other than domestic company FY 2017-18 i.e. AY 2018-19

Particulars Assessee
Taxable Income Income Tax Rates
Royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976  50%
Fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.  

50%

Others 40%

Rebate under section 87A :

Benefits under this section is not available to company other than domestic company

Surcharge:

Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Income Slabs Rate of Surcharge
Upto. Rs. 1 crore Nil
Above Rs. 1 crore 2%
Above Rs. 10 crores 5%

It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable.

Education Cess including secondary and higher education cess

It is levied at 3% on total income tax and surcharge.


YOU MAY ALSO LIKE:

Advance Tax Liability for the F.Y 2017-18 | A.Y. 2018-19

TDS Rates Chart for FY 2017-18 | AY 2018-19

Due Dates for E-Filing of TDS/TCS Return FY 2017-18 | AY 2018-19

Revised Form No. 3CD Tax Audit Report for A.Y 2017-18

Income Tax Slab Rates for FY 2017-18 | AY 2018-19

Rebate under Section 87A of Income Tax Act,1961

DEDUCTIONS FROM GROSS TOTAL INCOME (CHAPTER VI-A)








Author Bio
Name :
Qualification :
Company Name :
Designation :
State:
City :
Bio :

You Might Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *