Thread Rating:
  • 12 Vote(s) - 3 Average

Ghanshyam ParmarIncome Tax Slabs Rates for Financial Year 2018-19 (Assessment year 2019-20)

#1
                 
[h1]Income Tax Slabs Rates for Financial Year 2018-19 (Assessment year 2019-20)[/h1]

Income tax slabs for resident Individual below 60 years of age


Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
                   
Net Income RangeIncome tax rates and cess
Up to Rs 2.5 lakhNil
Rs 2,50,001 to Rs 5,00,0005% of (Total income minus Rs 2,50,000) + 4% cess
Rs 5,00,001 to Rs 10,00,000Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and aboveRs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Income tax slabs for resident individual between 60 and 80 years of age (Senior Citizen)



Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
                                       
Net Income RangeIncome tax rates and cess
Up to Rs 3 lakhNil
Rs 3,00,001 to Rs 5,00,0005% of (Total income minus Rs 3,00,000) + 4% cess
Rs 5,00,001 to Rs 10,00,000Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and aboveRs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess


Income tax slabs for resident individual above 80 years of age (Super Senior Citizen )



Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:
                               
Net Income RangeIncome tax rates and cess
Up to Rs 5 lakhNil
Rs 5,00,001 to Rs 10,00,00020% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and aboveRs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
           15% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge 
Note: A resident individual is entitled for rebate u/s 87A if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.


Income Tax Rates for HUF/AOP/BOI/Any other Artificial Juridical Person:


                                     
Taxable incomeTax Rate
Up to Rs. 2,50,000
 
Nil
 
Rs. 2,50,000 to Rs. 5,00,000
 
5%
 
Rs. 5,00,000 to Rs. 10,00,000
 
20%
 
 Above Rs. 10,00,000
 
30%
 
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
           15% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge


Tax Rate For Partnership Firm:


A partnership firm (including LLP) is taxable at 30%.
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge 

Income Tax Slab Rate for Local Authority:


A local authority is taxable at 30%.
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge 

Tax Slab Rate for Domestic Company:


A domestic company is taxable at 30%. However, tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 50 crore.
Plus:
Surcharge: 7% of tax where total income exceeds Rs. 1 crore
           12% of tax where total income exceeds Rs. 10 crore
Education cess: 3% of tax plus surcharge 

Tax Rates for Foreign Company:


A foreign company is taxable at 40%
Plus:
Surcharge: 2% of tax where total income exceeds Rs. 1 crore
           5% of tax where total income exceeds Rs. 10 crore
Education cess: 3% of tax plus surcharge

Income Tax Slab for Co-operative Society:


                             
Taxable income
 
Tax Rate
 
Up to Rs. 10,000
 
10%
 
Rs. 10,000 to Rs. 20,000
 
20% 
 
Above Rs. 20,000
 
 30%
 
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge
  Reply


Possibly Related Threads…
Thread Author Replies Views Last Post
  Income Tax Slabs Rates for Financial Year 2017-18 (Assessment year 2018-19) Ghanshyam Parmar 0 325 09-02-2019.03:19 PM
Last Post: Ghanshyam Parmar



Users browsing this thread: 1 Guest(s)