Looking for the Income Tax Slab for FY 2018-19 or Assessment year 2019-2020? This article might help you find out the same.
Indian Income Tax System follows Income Tax slabs for levying the tax on the income of an individual or non-individual. Various slabs are accounted for.
In India, the income tax is charged on the income earned. This tax applies to the range of income, which is called Income Tax Slabs. The slabs of income tax keep changing from year to year. The Finance Minister announces the slab rates of Income Tax in the Union Budget each year. The Income Tax Slabs can be categorised into four slabs,
Surcharge (EC) and secondary and higher secondary education cess (SHEC) are also charged over and above the tax.
No. | Income Slab | Income Tax rate |
1. | Upto 250,000 | Nil |
2. | 250,000 to 500,000 | 5% of the amount exceeding 250,000 |
3. | 500,000 to 1,000,000 | Rs.12,500 + 20% of the amount exceeding 500,000 |
4. | 1,000,000 & above | Rs.112,500 + 30% of the amount exceeding 1,000,000 |
No. | Income Slab | Income Tax rate |
1. | Upto 300,000 | Nil |
2. | 300,000 to 500,000 | 5% of the amount exceeding 300,000 |
3. | 500,000 to 1,000,000 | Rs.10,000 + 20% of the amount exceeding 500,000 |
4. | 1,000,000 & above | Rs.110,000 + 30% of the amount exceeding 1,000,000 |
No. | Income Slab | Income Tax rate |
1. | Upto 500,000 | Nil |
2. | 500,000 to 1,000,000 | 20% of the amount exceeding 500,000 |
3. | 1,000,000 & above | Rs.100,000 + 30% of the amount exceeding 1,000,000 |
No. | Income Slab | Income Tax rate |
1. | Upto Rs. 10,000 | 10% of the income |
2. | Rs. 10,000 – Rs. 20,000 | Rs. 1000 + 20% of (total income minus Rs. 10,000) |
3. | Above Rs. 20,000 | Rs. 3,000 + 30% of (total income minus Rs.20,000) |
No. | Income Slab | Income Tax rate |
1. | Total Income | 30% |
No. | Income Slab | Income Tax rate |
1. | Total Income | 30% |
No. | Turnover particulars | Income Tax rate |
1. | Gross turnover upto 250 Cr. in the previous year | 25% |
2. | Gross turnover exceeding 250 Cr. in the previous year | 30% |
No. | Income Slab | Income Tax rate |
|
On total income as consists of
(a) royalties received from government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after 31-3-1961 but before 1-4-1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after 29-2-1964 but before 1-4-1976, and where such agreement has, in either case, been approved by the Central Government |
50% |
|
On the balance, if any, of the total income | 40% |
Suggested Read: Income tax Slab/rates for the FY year 2022-23 and AS 2023-24
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