Income Tax slabs and rates for AY 2019-20 FY 2018-19

Income Tax slabs and rates for the AY 2019-20 FY 2018-19-No Changes Proposed

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Education cess has been replaced by “Health and Education Cess on income-tax” at the rate of four per cent of the total of Income Tax and Surcharge.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.

pradeep says:

June 24, 2019 at 4:59 pm

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
sathiyanarayanan v says:

February 1, 2018 at 8:54 am

I thing EC has increased to 4% but in the above article it is 3%. Pl clarify
- administrator says:
  
  February 1, 2018 at 11:55 am
  
  Yes True.

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