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

income tax slab rates FY 18-19 (AY 19- 20)
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Income Tax Slab Rates – FY 2018-19 (AY 2019-20)

In India, income tax slab rates are dependent upon the age of the assessee as well as the residential status. Upto certain income there will be no tax applicable on individuals that are called the basic exemption limit. These basic exemption limits defer based on the age of the assessee. Different tax rates have been prescribed for different income slabs and it keeps on increasing with an increase in the income slab.

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.

 

Non-Senior Citizen (Age – less than 60 years)

An Individual whether an Indian resident or non-resident Indian who is less than 60 years of age will be considered as Non-Senior Citizen and would be taxed at the following rates depending upon the slabs of income.

Income Slabs

Tax rate

Upto Rs. 2.5 lakh

Nil

2.5lakh to 5 lakh

5%

5 lakh to 10 lakh

20%

Above 10 lakh

30%

Note: For checking the age – 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 assessment year.

Senior Citizen (Age – between 60 to 80 years)

Income Slabs

Tax Rate
Upto Rs. 3 lakhs

Nil

3 lakhs to 5 lakhs

5%
5 lakhs to 10 lakhs

20%

Above 10 lakhs

30%

Note: For checking the age – 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 assessment year.

Super Senior Citizen (Age – above 80 years)

Income Slabs

Tax rate
Upto Rs. 5 lakhs

Nil

Rs. 5 lakhs to Rs. 10 lakhs

20%
Above Rs. 10 lakhs

30%

Note: For checking the age – 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 assessment year.

 

Surcharge, Education Cess and Rebate u/s 87A

Surcharge will also be applicable if the total income exceeds Rs. 50 lakhs.

    • If the total income is upto Rs. 50 Lakhs there will no surcharge.
    • If the total income exceeds  Rs. 50 lakhs but upto Rs. 1 crore then surcharge will be 10% on applicable income tax.
    • If the total income exceeds  Rs. 1 crore then surcharge will be 15% on applicable income tax.

Note: It is not like income tax slabs, the surcharge will be applicable on total tax calculated on income.

Note: Surcharge will be subject to marginal relief.  So the maximum increase in tax payable due to surcharge will be lower from the following

    • Income above Rs. 50 lakhs/Rs. 1 Crore
    • Total amount payable as income-tax and surcharge less the Total amount payable as income-tax on total income of Rs. 50 lakhs/Rs. 1 Crore.

Health & Education Cess of 4% will be applicable on the total of the income tax and applicable surcharge.

Rebate is the amount equivalent to lower of 100% of income-tax or Rs. 2,500.

Note: Rebate u/s 87A can be availed only be a resident individual whose total income does not exceed Rs. 3, 50,000.

 

Due dates of filing Income Tax Return

The due date for filing an Income tax return for AY 2019-20 for the individual assessee is 31st July 2019.

The due date for filing an Income tax return for AY 2019-20 for the individual assessee whose books of accounts are subject to audit u/s 44AB is 30th September 2019.

Click here for further details >>>Due Dates for filing Income Tax Return for AY 19-20

 

 

The article is compiled by CA Ankita Khetan. If you have any queries concerning the above article. Please write to us either in the comments section below or email us on info.financepost@gmail.com.

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