Last modified - 01.02.2018

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

Income Tax Rates and Slabs for Financial Year 2018-19 (AY 2019-20) as per Budget proposals placed before Parliament on 1st February 2018 by Hon. Finance Minister Shri Arun Jailey. Please click on the links below to view the Income Tax Slabs and Rates for the AY 2019-20 (applicable on income earned during 01.04.2018 to 31.03.2019) for various categories of Indian Income Tax payers.

Content :

Individual resident aged below 60 years (i.e. born on or after 1st April 1959)

Income Tax :Use Tax Calculator for AY 2019-20

  • Standard Deduction of Rs. 40,000/- available under Section 16(ia) w.e.f. 1st April 2018 in lieu of Transport Allowance and Reimbursement of Miscellaneous Medical Expenditure to Salaried Tax Payers.
  • The exemption limit for expenditure incurred on Health Insurance of Senior Citizen parents under section 80D increased from ₹ 30,000/- to ₹ 50,000/- w.e.f. 01.04.2018.
  • The exemption limit for expenditure incurred on medical treatment of specified diseases of senior citizens and very senior citizens available under section 80DDB increased to ₹ 1,00,000/- w.e.f. 01.04.2018.
Income SlabsTax Rates
i. Where the taxable income does not exceed ₹ 2,50,000/-. NIL
ii. Where the taxable income exceeds ₹ 2,50,000/- but does not exceed ₹ 5,00,000/-. 5% of amount by which the taxable income exceeds ₹ 2,50,000/-.
Tax Relief u/s 87A - In case of tax payers, having total income not increasing ₹ 3,50,000/-, income tax chargeable on the income or ₹ 2,500/-, whichever is less.
iii. Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-. ₹ 12,500/- + 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iv. Where the taxable income exceeds ₹ 10,00,000/-. ₹ 112,500/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.

Surcharge :

  • 10% of the Income Tax, where taxable income is more than ₹ 50 lacs and upto ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.

Health & Education Cess : 4% of the total of Income Tax and Surcharge.

Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years i.e. born on or after 1st April 1939 but before 1st April 1959)

Income Tax :Use Tax Calculator for AY 2019-20

  • Standard Deduction of Rs. 40,000/- available under Section 16(ia) w.e.f. 1st April 2018 in lieu of Transport Allowance and Reimbursement of Miscellaneous Medical Expenditure to Salaried Tax Payers
  • The exemption limit for expenditure incurred on Health Insurance of Senior Citizens and their Senior Citizen parents under section 80D increased from ₹ 30,000/- to ₹ 50,000/- w.e.f. 01.04.2018.
  • The exemption limit for expenditure incurred on medical treatment of specified diseases of senior citizens and very senior citizens available under section 80DDB increased to ₹ 1,00,000/- w.e.f. 01.04.2018.
Income SlabsTax Rates
i. Where the taxable income does not exceed ₹ 3,00,000/- NIL
ii. Where the taxable income exceeds ₹ 3,00,000/- but does not exceed ₹ 5,00,000/- 5% of the amount by which the taxable income exceeds ₹ 3,00,000/-.
Tax Relief u/s 87A - In case of tax payers, having total income not increasing ₹ 3,50,000/-, income tax chargeable on the income or ₹ 2,500/-, whichever is less.
iii. Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/- ₹ 10,000/- + 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iv. Where the taxable income exceeds ₹ 10,00,000/- ₹ 110,000/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.

Surcharge :

  • 10% of the Income Tax, where taxable income is more than ₹ 50 lacs and upto ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.

Health & Education Cess : 4% of the total of Income Tax and Surcharge.

Very Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1939)

Income Tax :Use Tax Calculator for AY 2019-20

  • Standard Deduction of Rs. 40,000/- available under Section 16(ia) w.e.f. 1st April 2018 in lieu of Transport Allowance and Reimbursement of Miscellaneous Medical Expenditure to Salaried Tax Payers
  • The exemption limit for expenditure incurred on Health Insurance of Senior Citizens and their Senior Citizen parents under section 80D increased from ₹ 30,000/- to ₹ 50,000/- w.e.f. 01.04.2018.
  • The exemption limit for expenditure incurred on medical treatment of specified diseases of senior citizens and very senior citizens available under section 80DDB increased to ₹ 1,00,000/- w.e.f. 01.04.2018.
Income SlabsTax Rates
i. Where the taxable income does not exceed ₹ 5,00,000/-. NIL
ii. Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/- 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iii. Where the taxable income exceeds ₹ 10,00,000/- ₹ 100,000/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.

Surcharge :

  • 10% of the Income Tax, where taxable income is more than ₹ 50 lacs and upto ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.

Health & Education Cess : 4% of the total of Income Tax and Surcharge.

Any NRI or HUF or AOP or BOI or AJP

Income Tax :

Income SlabsTax Rates
i. Where the taxable income does not exceed ₹ 2,50,000/-. NIL
ii. Where the taxable income exceeds ₹ 2,50,000/- but does not exceed ₹ 5,00,000/-. 5% of amount by which the taxable income exceeds ₹ 2,50,000/-.
iii. Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-. ₹ 12,500/- + 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iv. Where the taxable income exceeds ₹ 10,00,000/-. ₹ 112,500/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.

Surcharge :

  • 10% of the Income Tax, where taxable income is more than ₹ 50 lacs and upto ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.

Health & Education Cess : 4% of the total of Income Tax and Surcharge.

* Abbreviations used :
   NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

Co-operative Society

Income Tax :

Income SlabsTax Rates
i. Where the taxable income does not exceed ₹ 10,000/-. 10% of the income.
ii. Where the taxable income exceeds ₹ 10,000/- but does not exceed ₹ 20,000/-. ₹ 1,000/- + 20% of income in excess of ₹ 10,000/-.
iii. Where the taxable income exceeds ₹ 20,000/- ₹ 3.000/- + 30% of the amount by which the taxable income exceeds ₹ 20,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.

Health & Education Cess : 4% of the total of Income Tax and Surcharge.

Firm

Income Tax : 30% of taxable income.

Surcharge : 12% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.

Health & Education Cess : 4% of the total of Income Tax and Surcharge.

Local Authority

Income Tax : 30% of taxable income.

Surcharge : 12% of the Income Tax, where taxable income is more than ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.

Health & Education Cess : 4% of the total of Income Tax and Surcharge.

Domestic Company - Turnover upto ₹ 250 crores

Income Tax : 25% of taxable income.

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

  • At the rate of 7% of such income tax, provided that the taxable income exceeds ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.
  • At the rate of 12% of such income tax, provided that the taxable income exceeds ₹ 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 10 crores by more than the amount of increase in taxable income.

Health & Education Cess : 4% of the total of Income Tax and Surcharge.

Domestic Company - Turnover exceeding ₹ 250 crores

Income Tax : 30% of taxable income.

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

  • At the rate of 7% of such income tax, provided that the taxable income exceeds ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.
  • At the rate of 12% of such income tax, provided that the taxable income exceeds ₹ 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 10 crores by more than the amount of increase in taxable income.

Health & Education Cess : 4% of the total of Income Tax and Surcharge.

Company other than a Domestic Company

Income Tax :

  • @ 50% of on so much of the taxable 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 balance

Surcharge :

The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under

  • At the rate of 2% of such income tax, provided that the taxable income exceeds ₹ 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.
  • At the rate of 5% of such income tax, provided that the taxable income exceeds ₹ 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 10 crore by more than the amount of increase in taxable income.

Health & Education Cess : 4% of the total of Income Tax and Surcharge.

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