INCOME TAX RATES (SLABS) FOR FINANCIAL YEAR 2018-19

(ASSESSMENT YEAR 2019-20)

For Male Individuals below 60 years (Resident of India)

INCOME
UP TO 250000

0

250001 TO 300000

5%

300001 TO 500000

5%

500001 to 1000000

20%

 EXCEEDING 1000000             30%
Notes:
Add: Health & Education Cess @ 4% on Income Tax Payable and Surcharge
Surcharge will be charged @ 10% on Income Tax where total taxable income –
is more than 50 lakh but does not exceed 1 crore and 15% of
 income tax if taxable income exceeds 1 crore.
Tax Credit u/s 87-A, up to maximum amount of Rs.2500/= shall be allowed if
taxable income is up to Rs.350000/= (In case of Resident Individuals only)
Illustration:
Total Taxable Income of Mr. X for Financial Year 2018-19 is Rs.1200000/=
Calculate Income Tax Payable. Mr. X is 55 years old.
Solution:
 Slabs Taxable Tax Rate Income
Income Tax
Up to 250000

250000

0

0

250001 to 500000

250000

5%

12500

500001 to 1000000

500000

20%

100000

1000001 to 1200000

200000

30%

60000

TOTAL

1200000

172500

Income Tax

172500

Add: H & E.C. @ 4%

6900

Total Tax Payable

179400

   

For Women below 60 years (Resident of India)

INCOME TAX RATES
UP TO 250000

0

250001 TO 500000

5%

500001 TO 1000000

20%

1000001 and above

30%

Notes:
Add: H & E.C. Cess @ 4% on Income Tax Payable
Surcharge will be charged @ 10% on Income Tax where total taxable income –
is more than 50 lakh but does not exceed 1 crore and 15% of
income tax if taxable income exceeds 1 crore.
Tax Credit u/s 87-A up to maximum amount of Rs.2500/= shall be allowed if
taxable income is up to Rs.350000/= (In case of Resident Individuals only)
Illustration:
Total Taxable Income of Mrs. X for Financial Year 2018-19 is Rs.1400000/=
Calculate Income Tax Payable. Mrs. X is 58 years old.
Solution:
 Slabs Taxable Tax Rate Income
Income Tax
Up to 250000

250000

0

0

250001 to 500000

250000

5%

12500

500001 to 1000000

500000

20%

100000

1000001 to 1400000

400000

30%

120000

TOTAL

1400000

232500

Income Tax

232500

Add:H & E.C. @ 4%

9300

Total Tax Payable

241800

For Senior Citizens – 60 and above but below 80 years (Resident of India)
INCOME TAX RATES
UP TO 300000

0

300001 TO 500000

5%

500001 TO 1000000

20%

1000001 and above

30%

Notes:
Add: H & E.C. @ 4% on Income Tax Payable
Surcharge will be charged @ 10% on Income Tax where total taxable income –
is more than 50 lakh but does not exceed 1 crore and @ 15% of
income tax if taxable income exceeds Rs.1 crore.
Tax Credit u/s 87-A up to maximum amount of Rs.2500/= shall be allowed if
taxable income is upto Rs.350000/= (In case of Resident Individuals only)
Senior Citizen means every individual, who is of the age of
sixty years or more but less than eighty years at any time during the
financial year 2018-19 (Assessment Year 2019-20)

For Very Senior Citizens – Age 80 years and above (Resident of India)

INCOME TAX RATES
UP TO 500000

0

500001 TO 1000000

20%

1000001 and above

30%

Add: H & E.C. @ 4% on Income Tax Payable
Surcharge will be charged @ 10% on Income Tax where total taxable income –
is more than 50 lakh but does not exceed Rs. 1 crore and @
15% of income tax if taxable income exceeds 1 crore
Very Senior Citizen means every individual, who is of the age of
eighty years or more at any time during the
financial year 2018-19 (Assessment Year 2019-20)

INCOME TAX RATES  FOR REGISTERED PARTNERSHIP FIRMS

(FINANCIAL YEAR 2018-19)

Flat rate @ 30% on net income of registered partnership firm .

Note:

  • Surcharge shall be levied on income tax @ 12% (where taxable income including capital gain, exceeds Rs. one crore.
  • Health & Education Cess @ 4% will be added on amount of Income Tax plus Surcharge.

 DEOMESTIC COMPANIES  (FINANCIAL YEAR 2018-19)

Flat rate @ 25% on net income of domestic companies (whether public limited companies or private limited companies) if the turnover if the company is up to 50 crore and @ 30% if the turover of the company is more than 50 crore.

Note:

  • Surcharge shall be levied on income tax @ 7% (where taxable income exceeds Rs. one crore but does not exceeds 10 crore. If total income exceeds 10 crore then surcharge will be added @ 12%.
  • 4% Health & Education Cess  will be added on amount of Income Tax plus Surcharge.

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