Income tax slab
Income tax slab for the financial year 2018-19 (AY 2019-20)
A. For individual (below 60 yrs)
Income. Rate
Income up to rs 250000 nil
Income up to rs 250001-rs 500000 5%
Income up to rs 500001-rs 1000000 20%
Income above rs 1000000 30%
B.senior citizen ( above 60yrs but below 80 yrs)
Income. Rate
Income up to rs 300000 nil
Income up to rs 300001-rs 500000 5%
Income up to rs 500001-rs 1000000 20%
Income above rs 1000000 30%
C. For supper senior citizen ( above 80 yrs)
Income. Rate
Income up to rs 500000 nil
Income up to rs 500001-rs 1000000 20%
Income above rs 1000000 30%
Important points:
- Standard deduction for salary and pension is RS 40000.
- 80TTB deduction for senior citizen and super senior citizen is up to RS 50000.
- Health and education cess Is 4%
- Up to income RS 350000 there will be a rebate of RS 2500.
- Long term capital gain exemption is up to 100000
- Total income between 50 lakhs to 1crs then surcharge will be 10% of tax
- Total income above 1crs then surcharge will be 15% of tax
D. Partnership firms
Partnership firms and LLPs are taxed at the rate of 30%.
Health and education cess 4% of tax.
Total income exceeds RS 1cr surcharge will be 12% of tax.
E. Local authorities
Local authorities are taxed at the rate of 30%.
Health and education cess 4% of tax.
Total income exceeds RS 1cr surcharge will be 12% of tax.
F.Domestic Companies
Domestic Company are taxed at the rate of 30%.However, tax rate will be 25% if turnover of the company does not exceed RS 250cr
Health and education cess 4% of tax.
Total income exceeds RS 1cr surcharge will be 7% of tax
Total income exceeds RS10cr surcharge will be 12% of tax
G. Co-operative societies
Income. Rate
Up to rs 10000 . 10% of income
Rs 10000 to rs 20000. 20% of income exceeding rs10000
Over rs 20000 . 30% of income exceeding rs20000
Health and education cess 4% of tax.
Total income exceeds RS 1cr surcharge will be 12% of tax.
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