Income Tax

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Education cess has been replaced by “Health and Education Cess on income-tax” at the rate of four per cent of the total of Income Tax and Surcharge.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

Share

View Comments

Leave a Comment

Recent Posts

  • arbitration

Limitation u/s 34 of Arbitration Act commences on disposal of application u/s 33 by Arbitral Tribunal – SC

Limitation for filing application u/s 34 of Arbitration Act commence from date on which application u/s 33 is disposed of…

2 days ago
  • Income Tax

Case remanded in absence of finding if disallowance u/s 40A(3) covered by Rule 6DD

Case remanded as no finding was given whether cash payments disallowed u/s 40A(3) were covered by Rule 6DD under Income…

3 days ago
  • Income Tax

For investment in share capital, source of investment is outside the control of the investee company

In case of investment in share capital, the source of investment may remain outside the control of the investee company.…

4 days ago
  • ICAI

ICAI issues revised Code of Ethics (13th edition)- Applicable Dates

ICAI issues revised Code of Ethics (13th edition) ICAI has released revised Code of Ethics (13th edition). The revised Code…

5 days ago
  • SEBI

Modified Norms for Nomination in Demat Accounts and Mutual Fund Folio

Modified Norms for Nomination in Demat Accounts and Mutual Fund Folio SEBI has modified Norms on Nomination to be implemented…

1 week ago
  • Companies Act

CSR implementation through zero coupon zero principal instruments

Corporate Social Responsibility implementation through zero coupon zero principal instruments Ministry of Corporate Affairs (MCA) has authorised Corporate Social Responsibility…

1 week ago