Income Tax Rates in India FY 2018-19, AY 2019-20 in India

Income tax Rates and Slab for Financial Year 2018-2019, Assessment Year 2019-2020 is as under:

Individuals & HUF Senior Citizens 60 - 80 years Senior Citizens 80 year above Partnership Firms Cooperative Society Companies

 

1. Individuals and HUF

Income tax slab for Individuals below 60 years men and women and HUF for FY 2018-19

Income Slab Tax Rate Surcharge Education Cess
Income upto Rs. 2,50,000 Nil 10% Surcharge for total income from Rs. 50 laksh to Rs. 1 Crore.

15% Surcharge where total income Exceeds Rs. 1 Crore

4% Education cess on Total income tax + surcharge
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Rs. 10,00,000 above 30%

 

2. Senior Citizens 60 years to 80 years

Income tax slab for Senior Citizens 60 year to 80 years men and women for FY 2018-19

Income Slab Tax Rate Surcharge Education Cess
Income upto Rs. 3,00,000 Nil 10% Surcharge for total income from Rs. 50 laksh to Rs. 1 Crore.

15% Surcharge where total income Exceeds Rs. 1 Crore

4% Education cess on Total income tax + surcharge
Rs. 3,00,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Rs. 10,00,000 above 30%

 

 

 

3. Senior Citizen 80 years and above men and women

Income Slab Tax Rate Surcharge Health & Education Cess
Upto Rs. 2,50,000 Nil 10% Surcharge for total income from Rs. 50 laksh to Rs. 1 Crore.

15% Surcharge where total income Exceeds Rs. 1 Crore

4% Education cess on Total income tax + surcharge
Rs. 2,50,000 to Rs. 5,00,000 Nil
Rs. 5,00,000 to Rs. 10,00,000 20%
Rs. 10,00,000 above 30%

 

 

4. Partnership Firm

Income Slab Tax Rate Health & Education Cess
Income Tax Rate 30% 4%
Surcharge

Income Less than Rs. 1 Crore

More than Rs. 1 Crore

 

Nil

12%

 

 

 

 

5. Cooperative Society

Income Slab Tax Rate Health & Education Cess
Income Tax Upto Rs. 10,000 10% 4% Education cess on Total income tax + surcharge
Income Rs. 10,000 to Rs. 20,000 20%
Income above Rs. 30,000 30%

 

6. Companies

Income Slab Tax Rate Health & Education Cess
Turnover upto 250 Crores in Previous Year 25% 4% Education cess on Total income tax + surcharge
Turnover Exceeding 250 Crores 30%
Foreign Company 40%
Surcharge

Domestic Company

Income Less than Rs. 1 Crore

Income Rs. 1 Crore to Rs. 10 Crore

More than Rs. 10 Crore

 

 

 

Nil

7%

12%

 

 

Foreign Company

Income Less than Rs. 1 Crore

Income Rs. 1 Crore to Rs. 10 Crore

More than Rs. 10 Crore

 

Nil

2%

5%

 

 

 

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