Income T?ax Slab Rates

Income Tax Slab Rates for AY 2018-19 and AY 2019-20

I. Income Tax Slab Rates in case of Individual (Resident as well as Non-Resident) less than 60 years of age on last day of the relevant previous year (Both Men and Women)/HUF/AOP/BOI or any other artificial juridical person:

Income Tax Slab Rates

II. Income Tax Slab Rates in case Resident Senior Citizen more than 60 years old but less than 80 years old at any time during the relevant previous year (Both Men and Women):

Income Tax Slab Rates Senior Citizens

III. Income Tax Slab Rates in case Resident Super Senior Citizen more than 80 years old at any time during the relevant previous year (Both Men and Women):

Income Tax Slab Rates Super Senior Citizen

Surcharge will be levied on income tax computed in (I), (II) and (III) as follows:

  • 10% where total income exceeds ₹ 50 Lakhs.
  • 15% where total income exceeds ₹ 1 Crore.

Education Cess at the rate of 3% on tax plus surcharge will be levied for AY 2018-19. From AY 2019-20 instead of education cess, Health and Education Cess of 4% will be levied on tax plus surcharge.

Note: Rebate u/s 87A is also available to resident individual whose total income does not exceed ₹ 3,50,000. The amount of rebate will be 100% of income-tax or ₹ 2500, whichever is less.

IV. Income Tax Slab Rates for Partnership Firms/Limited Liability Partnership (LLP):

A partnership firm including LLP is taxable at the rate of 30% of the total income.

Surcharge is levied at the rate of 12% on tax if total income exceeds ₹ 1 Crore.

Education Cess at the rate of 3% on tax plus surcharge will be levied for AY 2018-19. From AY 2019-20 instead of education cess, Health and Education Cess of 4% will be levied on tax plus surcharge.

V. Income Tax Slab Rates for Local Authorities:

A local authority such as municipal corporations is taxable at the rate of 30% of the total income.

Surcharge is levied at the rate of 12% on tax if total income exceeds ₹ 1 Crore.

Education Cess at the rate of 3% on tax plus surcharge will be levied for AY 2018-19. From AY 2019-20 instead of education cess, Health and Education Cess of 4% will be levied on tax plus surcharge.

VI. Income Tax Slab Rates for Domestic Companies

Income Tax Slab Rates Domestic

Surcharge will be levied on income tax computed as follows:

  • 7% where total income exceeds ₹ 1 Crore.
  • 12% where total income exceeds ₹ 10 Crores.

Education Cess at the rate of 3% on tax plus surcharge will be levied for AY 2018-19. From AY 2019-20 instead of education cess, Health and Education Cess of 4% will be levied on tax plus surcharge.

VII. Income Tax Slab Rates for Foreign Companies

In case of foreign companies tax is levied at the rate of 40% on total income.

Surcharge will be levied on income tax computed as follows:

  • 2% where total income exceeds ₹ 1 Crore.
  • 5% where total income exceeds ₹ 10 Crores.

Education Cess at the rate of 3% on tax plus surcharge will be levied for AY 2018-19. From AY 2019-20 instead of education cess, Health and Education Cess of 4% will be levied on tax plus surcharge.

Pratik Gelda

I'm a qualified Chartered Accountant and I love to write about economics, finance, taxation and investments. My aim is to make my readers economically literate and financially independent

  • manivasagamsn says:

    What tax payable if income Rs.360000/ at age 0f 67 years

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