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
Individual who is less than 60 years of age will be considered a Non-Senior Citizen irrespective of the residential status will be required to pay tax on income on the following tax slab rates
Income Slabs |
Tax rate |
Upto Rs. 2.5 lakhs |
Nil |
Rs. 2.5 lakhs to Rs. 5 lakhs |
5 percent |
Rs. 5 lakh to Rs. 10 lakhs |
20 percent |
Above Rs. 10 lakhs |
30 percent |
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
Income Slabs |
Tax Rate |
Upto Rs. 3 lakhs |
Nil |
Rs. 3 lakhs to Rs. 5 lakhs |
5 percent |
Rs. 5 lakhs to Rs. 10 lakhs |
20 percent |
Above Rs. 10 lakhs |
30 percent |
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
Income Slabs |
Tax rate |
Upto Rs. 5 lakhs |
Nil |
Rs. 5 lakhs to Rs. 10 lakhs |
20 percent |
Above Rs. 10 lakhs |
30 percent |
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
Income Slabs |
Rate of surcharge | Marginal Relief |
Upto Rs. 50 lakhs |
Nil | Nil |
Rs. 50 lakhs to Rs. 1 Crore | 10 percent |
Lower of Income above Rs 50 lakhs (Tax+surcharge) – (Tax on Rs. 50 lakhs) |
Above Rs. 1 Crore | 15 percetn |
Lower of Income above Rs. 1 Crore (Tax+surcharge) – (Tax on Rs. 1 Crore) |
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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