Income Tax Slabs FY 2018-19 (Assessment Year 2019-20)

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.

it 1

(ii) Resident senior citizen (Resident in India and Age >=60 but less than 80 years at any time during the previous year:

it 2

(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:

it 3

In addition to above

  1. Surcharge:
    • 10% of tax where total income exceeds ₹ 50 lakh
    • 15% of tax where total income exceeds ₹ 1 crore
  2. 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:

it 4

In addition to above

  1. Surcharge:
    • 10% of tax where total income exceeds ₹ 50 lakh
    • 15% of tax where total income exceeds ₹ 1 crore
  2. 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

  1. Surcharge:
    • 12% of tax where total income exceeds ₹ 1 crore
  2. 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

  1. Surcharge:
    • 12% of tax where total income exceeds ₹ 1 crore
  2. 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

  1. Surcharge:
    • 7% of tax where total income exceeds ₹ 1 crore
    • 12% of tax where income exceeds ₹ 10 crore
  2. Education cess:
    • 3% of tax plus surcharge

6. Tax Rates for Foreign Company:

A foreign company is taxable at 40%

In addition to above

  1. Surcharge:
    • 2% of tax where total income exceeds ₹ 1 crore
    • 5% of tax where income exceeds ₹ 10 crore
  2. Education cess:
    • 3% of tax plus surcharge

7. Income Tax Slab for Co-operative Society:

it 5

In addition to above

  1. Surcharge:
    • 12% of tax where total income exceeds ₹ 1 crore
  2. Education cess:
    • 3% of tax plus surcharge

 

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