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INCOME TAX SLABS & TAX RATES for FY 2018-19 (AY 2019-20)

  • No tax for individuals having total taxable income less than Rs. 2.5 lakhs
  • No tax on senior citizens on income upto Rs. 3 lakhs
  • Tax reduced for corporates reduced to 25% for turnover upto 250 crores
  • Tax reduced for corporates reduced to 29% for turnover upto 250 crores
  • Investment upto 1.5 lakhs under 80C exempt from tax

CATEGORIES OF 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)

31 July, 2018 is the due date to file your income tax returns (ITR) for FY 2017-18  which is AY 2018-19

One to One Tax Planning Session with Expert CA @ 990/- for 1 hour

Introduction to Income Tax Slabs

In India, there are multiple tax slabs for various taxpayers. Thus, it is important to know the basic facts about category of taxpayers in India. Every year in the Union Budget, the tax slabs are generally revised. However, budget 2018 has not made any changes in tax slabs.

Income Tax Slabs

Tax Slabs for Individuals and HUFs

(less than 60 years age) FY 2018-19; AY 2019-20

Income Tax Slabs Tax Rate Health and Education Cess
Income up to Rs 2,50,000* No tax
Income from Rs 2,50,000 – Rs 5,00,000 5% 4% of Income Tax
Income from Rs 5,00,000 – 10,00,000 20% 4% of Income Tax
Income more than Rs 10,00,000 30% 4% of Income Tax
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.

 

tax rates

Tax Slabs for Senior Citizens

(More than 60 years age) FY 2018-19; AY 2019-20

Income Tax Slabs Tax Rate
Income up to Rs 3,00,000* No tax
Income from Rs 3,00,000 – Rs 5,00,000 10%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
Higher education and secondary cess: 3% of Income Tax.

 

Tax Slabs for Super Senior Citizens

(age more than 80 years) FY 2018-19; AY 2019-20

Income Tax Slabs Tax Rate
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: 15% of income tax, where the total income exceeds Rs.1 crore.
Higher education and secondary cess: 3% of Income Tax.
income tax rates

Tax Slabs for Domestic Indian Companies

FY 2018-19; AY 2019-20

Turnover Particulars Tax Rate
Gross turnover upto 5 Cr. in the previous year 2014-15 29%
Gross turnover exceeding 5 Cr. in the previous year 2014-15 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%

 

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