Income Tax Slabs for AY 2019-20 ( FY 2018-19 )

By | August 9, 2018
(Last Updated On: August 9, 2018)

Income Tax Slabs for AY 2019-20 ( FY 2018-19 )

Here are the Income Tax Slabs for AY 2019-20 ( FY 2018-19 ) for Individuals , Partnership Firms ,Local Authority,Domestic Company,Foreign Company and Co-operative Society

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For Individual/HUF/AOP/BOI/AJP : Income Tax Slabs for AY 2019-20 ( FY 2018-19 )

1. In case of an Individual (resident or non-resident) or Hindu Undivided Family or Association of Person or Body of Individual or any other artificial juridical person

Assessment Year 2019-20

Taxable IncomeTax Rate
Up to Rs. 2,50,000Nil
Above Rs. 2,50,000 to Rs 5,00,0005%
Above Rs. 5,00,000 to Rs. 10,00,00020%
Above Rs. 10,00,00030%

Less: Rebate under Section 87A [see Note]

Add Surcharge (If Applicable)  [see Note]

Add: Health and Education Cess [see Note]

2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)

Assessment Year 2019-20

Taxable IncomeTax Rate
Up to Rs. 3,00,000Nil
Above  Rs. 3,00,000 to Rs 5,00,0005%
Above  Rs. 5,00,000 to Rs. 10,00,00020%
Above Rs. 10,00,00030%

Less: Rebate under Section 87A [see Note]

Add Surcharge (If Applicable)  [see Note]

Add: Health and Education Cess [see Note]

3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)

Assessment Year 2019-20

Taxable IncomeTax Rate
Up to Rs. 5,00,000Nil
Above  Rs. 5,00,000 to Rs. 10,00,00020%
Above Rs. 10,00,00030%

Add: Surcharge and Education Cess [see Note]

Assessment Year 2019-20

 a)  Surcharge:

  i)   The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty lakh rupees but does not exceed one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds fifty lakh rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees).

 ii)   The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

 b)  Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

 c)  Rebate under Section 87A: The rebate is available to a resident individual 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.

For Partnership Firm : Income Tax Slabs for AY 2019-20 ( FY 2018-19 )

4. Partnership Firm

For the Assessment Year 2019-20, a partnership firm (including LLP) is taxable at 30%.

Add:

 a)  Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

 b)  Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge

For Local Authority : Income Tax Slabs for AY 2019-20 ( FY 2018-19 )

5. Local Authority

For the Assessment Year 2019-20, a local authority is taxable at 30%.

Add:

 a)  Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

 b)  Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

For Domestic Company : Income Tax Slabs for AY 2019-20 ( FY 2018-19 )

6. Domestic Company

 For the assessment year 2019-20, a domestic company is taxable at 30%. However, the tax rate would be 25% if turnover or gross receipt of the company does not exceed Rs. 250 crore in the previous year 2016-17.

Add:

 a)  Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

 (i)  Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

 (ii)  Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

 b)  Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

For Foreign Company : Income Tax Slabs for AY 2019-20 ( FY 2018-19 )

7. Foreign Company

Assessment Year 2019-20

Nature of IncomeTax Rate
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government50%
Any other income40%

 

Add:

 a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

 (i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

 (ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

For Co-operative Society : Income Tax Slabs for AY 2019-20 ( FY 2018-19 )

8. Co-operative Society

 Assessment Year 2019-20

Taxable incomeTax Rate
Up to Rs. 10,00010%
Above Rs. 10,000 to Rs. 20,00020%
Above Rs. 20,00030%

Add:

 a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

References : https://www.incometaxindia.gov.in/ 

Income Tax Slabs Rates  FY 2017-18 (AY 2018-19)

Income Tax Slab Rates for FY 2016-17 (AY 2017-18)

Income Tax Slabs for AY 2019-20 ( FY 2018-19 )

Individual Income Tax Slabs for AY 2019-20 ( FY 2018-19 ),HUF Income Tax Slabs for AY 2019-20 ( FY 2018-19 ),Association of Person Income Tax Slabs for AY 2019-20 ( FY 2018-19 ),Body of Individual Income Tax Slabs for AY 2019-20 ( FY 2018-19 ),artificial juridical person Income Tax Slabs for AY 2019-20 ( FY 2018-19 ),senior citizen Income Tax Slabs for AY 2019-20 ( FY 2018-19 ), super senior citizen Income Tax Slabs for AY 2019-20 ( FY 2018-19 ),Partnership Firm  Income Tax Slabs for AY 2019-20 ( FY 2018-19 ), Local Authority Income Tax Slabs for AY 2019-20 ( FY 2018-19 ),Domestic Company Income Tax Slabs for AY 2019-20 ( FY 2018-19 ),Foreign Company Income Tax Slabs for AY 2019-20 ( FY 2018-19 ),Co-operative Society Income Tax Slabs for AY 2019-20 ( FY 2018-19 ).

 

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