Hello friends, lets understand income tax slabs for Financial Year 2018-19 (Assessment Year 2019-20).
1 (i) Individuals (resident or non-resident) (Age < 60 years on the last day of the relevant previous year.
(ii) Resident senior citizen (Resident in India and Age >=60 but less than 80 years at any time during the previous year:
(iii) Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:
In addition to above
- Surcharge:
- 10% of tax where total income exceeds ₹ 50 lakh
- 15% of tax where total income exceeds ₹ 1 crore
- Education cess:
- 3% of tax plus surcharge
Note: A resident individual is entitled for rebate u/s 87A if his total income does not exceed ₹ 3,50,000. The amount of rebate shall be 100% of income-tax or ₹ 2,500, whichever is less.
2. Income Tax Rates for HUF/AOP/BOI/Any other Artificial Juridical Person:
In addition to above
- Surcharge:
- 10% of tax where total income exceeds ₹ 50 lakh
- 15% of tax where total income exceeds ₹ 1 crore
- Education cess:
- 3% of tax plus surcharge
3. Tax Rate for Partnership Firm:
A partnership firm (including LLP) is taxable at 30%.
In addition to above
- Surcharge:
- 12% of tax where total income exceeds ₹ 1 crore
- Education cess:
- 3% of tax plus surcharge
4. Income Tax Slab Rate for Local Authority:
A local authority is taxable at 30%.
In addition to above
- Surcharge:
- 12% of tax where total income exceeds ₹ 1 crore
- Education cess:
- 3% of tax plus surcharge
5. Tax Slab Rate for Domestic Company:
A domestic company is taxable at 30%. However, tax rate is 25% if turnover or gross receipt of the company does not exceed ₹ 50 crore.
In addition to above
- Surcharge:
- 7% of tax where total income exceeds ₹ 1 crore
- 12% of tax where income exceeds ₹ 10 crore
- Education cess:
- 3% of tax plus surcharge
6. Tax Rates for Foreign Company:
A foreign company is taxable at 40%
In addition to above
- Surcharge:
- 2% of tax where total income exceeds ₹ 1 crore
- 5% of tax where income exceeds ₹ 10 crore
- Education cess:
- 3% of tax plus surcharge
7. Income Tax Slab for Co-operative Society:
In addition to above
- Surcharge:
- 12% of tax where total income exceeds ₹ 1 crore
- Education cess:
- 3% of tax plus surcharge