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

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

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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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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

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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

[su_table]

Income Slabs

Tax rate
Upto Rs. 5 lakhs

Nil

Rs. 5 lakhs to Rs. 10 lakhs

20 percent
Above Rs. 10 lakhs

30 percent

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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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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 percent

Lower of

Income above Rs. 1 Crore

(Tax+surcharge) – (Tax on Rs. 1 Crore)

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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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Disclaimer: The above content is for general info purpose only and does not constitute professional advice. The author/ website will not be liable for any inaccurate / incomplete information and any reliance you place on the content is strictly at your risk.

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