Income Tax slabs and rates for the AY 2019-20 FY 2018-19
No changes have been proposed in either Individual tax rates or slabs for the AY 2019-20. The slabs and rates shall remain the same as are currently for the AY -2018-19 which are as under:
(A) Individual resident aged below 60 years
| Income Slabs | Tax Rates | |
|---|---|---|
| i. | Where the taxable income does not exceed Rs. 2,50,000/-. | NIL |
| ii. | Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. | 5% |
| iii. | Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
| iv. | Where the taxable income exceeds Rs. 10,00,000/-. | Rs. 112,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
(B) Senior Citizen of the age of 60 years or more but below the age of 80 years
| Income Slabs | Tax Rates | |
|---|---|---|
| i. | Up to Rs. 3,00,000/- | NIL |
| ii. | Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/- | 5% |
| iii. | Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- | 10,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
| iv. | Where the taxable income exceeds Rs. 10,00,000/- | Rs. 110,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
(C) Super Senior Citizen individual resident of the age of 80 years or more
| Income Slabs | Tax Rates | |
|---|---|---|
| i. | Up to Rs. 5,00,000/-. | Nil |
| ii. | Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- | 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-. |
| iii. | Where the taxable income exceeds ₹ 10,00,000/- | Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-. |
Surcharge :
- 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore.
- 15% of the Income Tax, where taxable income is more than Rs. 1 crore.
Health and Education Cess:
Education cess has been replaced by “Health and Education Cess on income-tax” at the rate of four per cent of the total of Income Tax and Surcharge.
Tax Relief u/s 87A:
In case of tax payers, having total income Up to Rs. 3,50,000/- rebate is limited to income tax applicable or Rs. 2,500/-, whichever is less.
----------- Similar Posts: -----------
sir mere tax 35404 kata h meri gross sal 841161 रूपया h
mera 2016 se 2018 ka ek sath rupe aaye the 384000 kya aap mujhe 10E ko bharne me madad karoge
I thing EC has increased to 4% but in the above article it is 3%. Pl clarify
Yes True.