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Income Tax Slab for Financial Year 2018-19 and 2019-20

Click here for Income Tax Slab for Financial Year 2019-20 (Assessment Year 2020-21)

Income Tax Slab for Financial Year 2018-19 (Assessment Year 2019-20)

1. Individual resident below 60 years of age (i.e. born on or after 1st April 1959) or any Non-resident Individual, HUF, AOP, BOI or Artificial Judicial Person

S No.Income SlabTax Rates
1.Where the total income does not exceed Rs. 2,50,000NIL
2.Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,0005% of the amount by which the total income exceeds Rs. 2,50,000.
Rebate under section 87A up to Rs. 2,500 is also allowed to resident individuals whose income does not Rs. 3,50,000
3.Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000Rs. 12,500 + 20% of the amount by which the total income exceeds Rs. 5,00,000
4.Where the total income exceeds Rs. 10,00,000Rs. 1,12,500 + 30% of the amount by which the total income exceeds Rs. 10,00,000

Surcharge: 10% of such income tax where the total income is more than Rs. 50 lakhs and up to Rs. 1 Crore. 15% of the income tax where the taxable income is more than Rs. 1 Crore. Marginal relief is allowed from the surcharge.

Education Cess: 4% of the Income Tax and Surcharge

2. Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year (i.e. born on or after 1st April 1939 but before 1st April 1959)

S no.Income SlabsTax Rates
1.Where the total income does not exceed Rs. 3,00,000NIL
2.Where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,0005% of the amount by which the total income exceeds Rs. 3,00,000
Rebate under section 87A up to Rs. 2,500 is allowed to taxpayers whose income not exceeding Rs.3,50,000
3.Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000Rs. 10,000 + 20% of the amount by which the total income exceeds Rs. 5,00,000
4.Where the total income exceeds Rs. 10,00,000Rs. 1,10,000 + 30% of the amount by which the total income exceeds Rs. 10,00,000

Surcharge: 10% of such income tax where the total income is more than Rs. 50 lakhs and up to Rs. 1 Crore. 15% of the income tax where the taxable income is more than Rs. 1 Crore. Marginal relief is allowed from the surcharge.

Education Cess: 4% of the Income Tax and Surcharge

3. Individual resident who is of the age of 80 years or more at any time during the previous year (i.e. born before 1st April 1939)

S no.Income SlabsTax Rates
1.Where the total income does not exceed Rs. 5,00,000NIL
2.Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,00020% of the amount by which the total income exceeds Rs. 5,00,000
3.Where the total income exceeds Rs. 10,00,000Rs. 100,000 + 30% of the amount by which the total income exceeds Rs. 10,00,000

Surcharge: 10% of such income tax where the total income is more than Rs. 50 lakhs and up to Rs. 1 Crore. 15% of the income tax where the taxable income is more than Rs. 1 Crore. Marginal relief is allowed from the surcharge.

Education Cess: 4% of the Income Tax and Surcharge

4. Co-operative Society

S no.Income SlabsTax Rates
1.Where the total income does not exceed Rs. 10,00010% of the income.
2.Where the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000Rs. 1,000 + 20% of income in excess of Rs. 10,000
3.Where the total income exceeds Rs. 20,000Rs. 3,000 + 30% of the amount by which the total income exceeds Rs. 20,000

Surcharge: 12% of such income tax, where total taxable income is more than Rs. 1 crore. Marginal relief is allowed from the surcharge.
Education Cess: 4% of the Income Tax and Surcharge

5. Partnership Firm

When a firm is assessed as a firm.

Income Tax: 30% of total income.

Surcharge: 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Marginal relief is allowed from the surcharge.

Education Cess: 4% of the Income Tax and Surcharge

6. Local Authority

Income Tax: 30% of total income.

Surcharge: 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Marginal relief is allowed from the surcharge.

Education Cess: 4% of the Income Tax and Surcharge

7. Domestic Company

Income Tax: 30% of total income (25% if the turnover or total receipts in the financial year 2015-16 is Rs. 250 crores or less)

Surcharge: 7% of such income tax, provided that the total income exceeds Rs. 1 crore. At the rate of 12% of such income tax, provided that the total income exceeds Rs. 10 crores. Marginal relief is allowed from the surcharge.

Education Cess: 4% of the Income Tax and Surcharge

8. Foreign Company (Company other than a Domestic Company)

  • @ 50% of on so much of the total income as consist 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 the 31st day of March, 1961 but before the 1st day of April, 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 the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
  • @ 40% of the other income

Surcharge: At the rate of 2% of such income tax, provided that the total income exceeds Rs. 1 crore. Marginal relief is allowed from the surcharge. At the rate of 5% of such income tax, provided that the total income exceeds Rs. 10 crores.

Education Cess: 4% of the Income Tax and Surcharge

 

Income Tax Slab for Financial Year 2019-20 (Assessment Year 2020-21)

1. Individual resident below 60 years of age (i.e. born on or after 1st April 1960) or any Non-resident Individual, HUF, AOP, BOI or Artificial Judicial Person

S No.Income SlabTax Rates
1.Where the total income does not exceed Rs. 2,50,000NIL
2.Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,0005% of the amount by which the total income exceeds Rs. 2,50,000.
Rebate under section 87A up to Rs. 12,500 is also allowed to resident individuals whose income does not Rs.5,00,000
3.Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000Rs. 12,500 + 20% of the amount by which the total income exceeds Rs. 5,00,000
4.Where the total income exceeds Rs. 10,00,000Rs. 1,12,500 + 30% of the amount by which the total income exceeds Rs. 10,00,000

Surcharge: 10% of such income tax where the total income is more than Rs. 50 lakhs and up to Rs. 1 Crore. 15% of the income tax where the taxable income is more than Rs. 1 Crore. Marginal relief is allowed from the surcharge.

Education Cess: 4% of the Income Tax and Surcharge

2. Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year (i.e. born on or after 1st April 1939 but before 1st April 1959)

S no.Income SlabsTax Rates
1.Where the total income does not exceed Rs. 3,00,000NIL
2.Where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,0005% of the amount by which the total income exceeds Rs. 3,00,000
Rebate under section 87A up to Rs. 12,500 is allowed to taxpayers whose income not exceeding Rs. 5,00,000
3.Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000Rs. 10,000 + 20% of the amount by which the total income exceeds Rs. 5,00,000
4.Where the total income exceeds Rs. 10,00,000Rs. 1,10,000 + 30% of the amount by which the total income exceeds Rs. 10,00,000

Surcharge: 10% of such income tax where the total income is more than Rs. 50 lakhs and up to Rs. 1 Crore. 15% of the income tax where the taxable income is more than Rs. 1 Crore. Marginal relief is allowed from the surcharge.

Education Cess: 4% of the Income Tax and Surcharge

3. Individual resident who is of the age of 80 years or more at any time during the previous year (i.e. born before 1st April 1939)

S no.Income SlabsTax Rates
1.Where the total income does not exceed Rs. 5,00,000NIL
2.Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,00020% of the amount by which the total income exceeds Rs. 5,00,000
3.Where the total income exceeds Rs. 10,00,000Rs. 100,000 + 30% of the amount by which the total income exceeds Rs. 10,00,000

Surcharge: 10% of such income tax where the total income is more than Rs. 50 lakhs and up to Rs. 1 Crore. 15% of the income tax where the taxable income is more than Rs. 1 Crore. Marginal relief is allowed from the surcharge.

Education Cess: 4% of the Income Tax and Surcharge

4. Co-operative Society

S no.Income SlabsTax Rates
1.Where the total income does not exceed Rs. 10,00010% of the income.
2.Where the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000Rs. 1,000 + 20% of income in excess of Rs. 10,000
3.Where the total income exceeds Rs. 20,000Rs. 3,000 + 30% of the amount by which the total income exceeds Rs. 20,000

Surcharge: 12% of such income tax, where total taxable income is more than Rs. 1 crore. Marginal relief is allowed from the surcharge.
Education Cess: 4% of the Income Tax and Surcharge

5. Partnership Firm

When a firm is assessed as a firm.

Income Tax: 30% of total income.

Surcharge: 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Marginal relief is allowed from the surcharge.

Education Cess: 4% of the Income Tax and Surcharge

6. Local Authority

Income Tax: 30% of total income.

Surcharge: 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Marginal relief is allowed from the surcharge.

Education Cess: 4% of the Income Tax and Surcharge

7. Domestic Company

Income Tax: 30% of total income (25% if the turnover or total receipts in the financial year 2015-16 is Rs. 250 crores or less)

Surcharge: 7% of such income tax, provided that the total income exceeds Rs. 1 crore. At the rate of 12% of such income tax, provided that the total income exceeds Rs. 10 crores. Marginal relief is allowed from the surcharge.

Education Cess: 4% of the Income Tax and Surcharge

8. Foreign Company (Company other than a Domestic Company)

  • @ 50% of on so much of the total income as consist 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 the 31st day of March, 1961 but before the 1st day of April, 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 the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
  • @ 40% of the other income

Surcharge: At the rate of 2% of such income tax, provided that the total income exceeds Rs. 1 crore. Marginal relief is allowed from the surcharge. At the rate of 5% of such income tax, provided that the total income exceeds Rs. 10 crores.

Education Cess: 4% of the Income Tax and Surcharge

About Rohit Pithisaria

Rohit Pithisaria is a Practicing Chartered Accountant from Jaipur and been in practice for more than 7 years. He is actively writing from very beginning of his professional career and is author of various tax articles and blogs.

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