Income Tax Slab Rates – FY 2018-19 (AY 2019-20)

Last updated on July 4th, 2022 at 02:17 pm

Income Tax Slab Rates – FY 2018-19 (AY 2019-20)

Income tax slab rates for Individuals in India is based  on the age of the assessee and their residential status. Individuals are not taxed upto a predetermined level of income which is more commonly known as basic exemption limit. Government announces if there is any cahnge in the the income tax slab, appllcabel tax rates or basic exemption limits etc are in the Union Budget applicable for the following financial year.

Individuals aged less than 60 years – Non-Senior Citizen 

An individual who is less than 60 years of age will be considered Non-Senior Citizen irrespective of their residential status  will be required to pay tax on income on the following tax slab rates

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Note: Assessee should not be 60 years or more than 60 years old on or before the last day of the relevant previous year. Age is to be checked for the previous financial year and not the assessment year.

Individuals aged between 60 to 80 years – Senior Citizen 

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Note: Assessee should be 60 years or more but not 80 years or above on or before the last day of the relevant previous year. Age is to be checked for the previous financial year and not the assessment year.

Individuals aged above 80 years – Super Senior Citizen

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Note: Assessee should be 80 years or above on or before the last day of the relevant previous year. Age is to be checked for the previous financial year and not the assessment year.

Surcharge, Education Cess and Rebate u/s 87A

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Health & Education Cess will be calculated @  4%  on total income tax+surcharge.

Rebate can be availed only be a resident individual whose total income does not exceed Rs. 3, 50,000. It will be lower of 100% of income tax or Rs. 2500.

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CA Ankita Khetan

Founder at Financepost.in

Chartered Accountant in practice, DipIFRS (from ACCA, UK), Post Graduate in Commerce, Certified Independent Director (from IICA), and holds a certification in Forex and Treasury Management course (by ICAI).

She can be contacted at info.financepost@gmail.com

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