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

income tax slab rates FY 18-19 (AY 19- 20)
Share This Post

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.

Use pre-filled ITRs to make return filing easy. Click here to know what all details will automatically get filled using the pre-filled XML

Related Posts

None found


Share This Post
About CA Ankita Khetan 164 Articles
Ankita is a Chartered Accountant in practice and holds a Diploma in IFRS (from ACCA, UK). She is also a Commerce PG and Certified Independent Director (from IICA). She holds a certification in Forex and Treasury Management. Her area of expertise is GST and Income tax. She is passionate about reading, writing, and sharing knowledge on areas related to finance and taxation.

Be the first to comment

Leave a Reply

Your email address will not be published.