Income Tax rates for FY 2018-19

  • Income Tax rates for FY 2018-19 (Financial Year 2018-19)and AY (Assessment Year)2019-20

A. Individuals/HUFs/AOPs/BOI/Artificial Judicial Person

A1.  FOR RESIDENT MEN and WOMEN (Age less than or equal to 60 Years) 

Income Slab Rates (INR)PercentageRemarks
Upto 2,50,000NIL
2,50,001 to 5,00,0005%Tax Credit U/S 87A is available upto Rs.2500 or 100% of tax whichever is less in case of resident individual whose total income doesn’t exceed Rs.3,50,000
5,00,001 to 10,00,00020%

Above 10,00,000

30%

Refer Note 1 to 2

A2.FOR SENIOR CITIZENS (Age 60-80 Years)

Income Slab Rates (INR)PercentageRemarks
Upto Rs. 3,00,000NIL
3,00,001 to 5,00,0005%Tax Credit U/S 87A is available
upto Rs.2500 or 100% of
tax whichever is less in case
of resident individual whose
total income doesn’t exceed
Rs.3,50,000
5,00,001 to 10,00,00020%
Above 10,00,00030%

Refer Note 1 to 2

A3.FOR VERY SENIOR CITIZENS (Age Above 80 Years)

Income Slab Rates (INR)Percentage
Upto 5,00,000NIL
5,00,001 to 10,00,00020%
Above 10,00,00030%

Refer Note 1 to 2

Note:

1.Surcharge of 10% on Income tax where taxable income exceeds Rs. 50,00,000  but does not exceeds one crores rupees.  Surcharge of 15% on Income-tax where taxable income exceeds Rs.1 crore however margin relief  in surcharge is available , if applicable in both cases .

2. Health and Education Cess is 4% on income-tax and surcharge.

B.Co-operative Societies

Income Slab Rates (INR)Percentage
Upto  10,00010%
10,000 to 20,00020%
Above 20,00030%

Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief  in surcharge is available , if applicable.

Health and Education Cess is 4% on income-tax and surcharge.

C.Partnership Firms including LLP

Income Tax 30%

Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief  in surcharge is available , if applicable.

Health and Education Cess is 4% on income-tax and surcharge.

D. Domestic Company

Income Tax – 25% if turnover or gross receipt of the company does not exceed Rs.250 crore in previous year 2016-17 . In case of other domestic company,Income Tax rate is 30%

Surcharge of 7% of Income Tax  if total income exceeds Rs.1 crore but does not exceeding Rs.10 crores and Surcharge of 12% of Income Tax if total income exceeds Rs.10 crores on Income-tax however margin relief  in surcharge is available , if applicable.

Health and Education Cess is 4 % on income-tax and surcharge.

E.Local Authority

Income Tax 30%

Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief  in surcharge is available , if applicable.

Health and Education Cess is 4% on income-tax and surcharge.

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