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Wednesday, February 13, 2019
income tax slab rates for fy 2018-19

income tax slab rates for fy 2018-19


Income tax slab rates for A.Y: 2019-20/ F.Y: 2018-19 for 

Individual
Senior Citizen 
Super Senior Citizen and
Surcharge
Health and Education Cess

  • General Person earning INR. 2.5 lakh annually has been exempted from paying taxes, while those having income up to INR. 5 lakh will be charged income tax at 5 % 
  • Senior Citizen (60 - 79 years) earning INR.3 lakh annually has been exempted from paying taxes.
  • Super Senior (80 years above) earning INR.5 lakh annually has been exempted from paying taxes.


Normal Rates of Income Tax for F.Y: 2018-19




Income Tax Slab Rates for Senior Citizen for F.Y: 2018-19



Income Tax Slab Rates for Super Senior Citizen for F.Y: 2018-19



Surcharge on Income tax:

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Act, shall be increased by a surcharge for the purpose of the Union, calculated, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act,-

(a) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten percent of such income-tax and

(b) having a total income exceeding one crore rupees, at the rate of fifteen percent of such income-tax:

Provided that in the case of persons mentioned above having total income exceeding;-

(a) Fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees;

(b) one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

Health and Education Cess

Education Cess on income-tax and Secondary and Higher Education Cess on income-tax shall be discontinued. However, a new cess, by the name “Health and Education Cess” shall be levied at the rate of four percent of income tax including surcharge wherever applicable, No marginal relief shall be available in respect of such cess.

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