Income tax Rates Slab for FY 2018-19 or AY 2019-20
Looking for the Income Tax Slab for FY 2018-19 or Assessment year 2019-2020? This article might help you find out the same.
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What is an Income tax Slab in India?
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,
- Income is chargeable to Nil rate of Tax;
- An Income is chargeable to 10%;
- Income is chargeable to 20%; and
- Income is chargeable to 30%.
Surcharge (EC) and secondary and higher secondary education cess (SHEC) are also charged over and above the tax.
The income tax slab can be mainly bifurcated as under:
- By Gender
- Male; and
- Female.
- By Age
- Resident; and
- Non-resident in India.
- For Hindu Undivided Family (HUF)/ Association Of Person (AOP)/ Body Of Individual (BOI)/ Artificial Judicial Person (AJP)
- On Non-individuals
- Partnership Firms or LLPs;
- Domestic Company;
- Foreign Company;
- Co-operative Societies; and
- Local Authorities.
Income Tax Rates for Individual
Income tax slabs for
- Individual men and women below the age of 60 years
- A HUF
- NRI
- Association of Person, Body of Individuals and Artificial Judicial Person:
| 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 |
Income tax slabs for Senior citizens(above 60 years but below 80 years):
| 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 |
Income tax slabs for very senior citizens (above the age of 80 years):
| 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 |
- Surcharge on Income tax:
-
- 10% of Income Tax, where the total income exceeds Rs.50 lakhs upto Rs.1 crore.
- 15% of the Income Tax, where total taxable income exceeds Rs.1 crore.
- Surcharge amount of 10% or 15% as applicable, shall not exceed the amount of income that exceeds Rs. 50 lakhs or Rs. 1 crore, as applicable.
- Health and Education Cess on Income tax
- The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of 4% of Income Tax plus Surcharge
Income Tax Rates For Non-Individual
Income tax slabs for Co-operative Society:
| 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) |
Income tax slabs for Local Authority:
| No. | Income Slab | Income Tax rate |
| 1. | Total Income | 30% |
Income tax slabs for Partnership Firm & LLP:
| No. | Income Slab | Income Tax rate |
| 1. | Total Income | 30% |
Income tax slabs for Domestic Company:
| 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% |
Income tax slabs or Foreign Company:
| 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% |
- Surcharge on Income tax:
- There will be 12% of surcharge on income tax payments by partnership firm, local authorities and co-operative society while
- For Domestic company If taxable income is more than Rs 1 crore but less than Rs 10 crore surcharge would be 7% and If taxable income is more than Rs 10 crore surcharge would be 12% and
- 2% on foreign companies if income is between 1 crore and 10 crores and 5% if income is greater than 10 crores.
- Health and Education Cess on Income tax:
-
- The amount of income-tax shall be increased by health and Education Cess on Income Tax at the rate of 4% percent of the income-tax payable by both resident and non-resident assessees.
Suggested Read: Income tax Slab/rates for the FY year 2022-23 and AS 2023-24
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