Tax Rates: Income Tax Slab For AY 2018-19
- Blog|Income Tax|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 21 March, 2023
Latest from Taxmann
1. Income Tax Slab Rate for AY 2018-19 for Individuals:
1.1 Individual ( Resident or non-resident ), who is of the age of fewer than 60 years on the last day of the relevant previous year:
|
Taxable income |
Tax Rate |
|
Up to Rs. 2,50,000 |
Nil |
|
Rs. 2,50,000 to Rs. 5,00,000 |
5% |
|
Rs. 5,00,000 to Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
1.2 Resident senior citizen, i.e every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
|
Taxable income |
Tax Rate |
|
Up to Rs. 3,00,000 |
Nil |
|
Rs. 3,00,000 – Rs. 5,00,000 |
5% |
|
Rs. 5,00,000 – Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
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1.3 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:
|
Taxable income |
Tax Rate |
|
Up to Rs. 5,00,000 |
Nil |
|
Rs. 5,00,000 – Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
-
- Plus: Surcharge: 10% of tax where total income exceeds Rs. 50 lakh 15% of tax where total income exceeds Rs. 1 crore
- Education cess: 3% of tax plus surcharge
Note: A resident individual is entitled to rebate u/s 87A 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.
2. Income Tax Rates for HUF/AOP/BOI/any other artificial juridical person:
|
Taxable income |
Tax Rate |
|
Up to Rs. 2,50,000 |
Nil |
|
Rs. 2,50,000 to Rs. 5,00,000 |
5% |
|
Rs. 5,00,000 to Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
-
- Plus: Surcharge: 10% of tax where total income exceeds Rs. 50 lakh 15% of tax where total income exceeds Rs. 1 crore
- Education cess: 3% of tax plus surcharge
3. Tax Rate for Partnership firm:
A partnership firm (including LLP) is taxable at 30%.
-
- Plus: Surcharge: 12% of tax where total income exceeds Rs. 1 crore
- Education cess: 3% of tax plus surcharge
4. Income Tax Slab Rate for Local Authority:
A local authority is taxable at 30%.
-
- Plus: Surcharge: 12% of tax where total income exceeds Rs. 1 crore
- Education cess: 3% of tax plus surcharge
5. Tax Slab Rate for Domestic Company:
A domestic company is taxable at 30%. However, the tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 50 crore.
-
- Plus: Surcharge: 7% of tax where total income exceeds Rs. 1 crore 12% of tax where total income exceeds Rs. 10 crore
- Education cess: 3% of tax plus surcharge
6. Tax Rates for Foreign Company:
A foreign company is taxable at 40%
-
- Plus: Surcharge: 2% of tax where total income exceeds Rs. 1 crore 5% of tax where total income exceeds Rs. 10 crore
- Education cess: 3% of tax plus surcharge
7. Income Tax slab for Co-operative Society:
|
Taxable income |
Tax Rate |
|
Up to Rs. 10,000 |
10% |
|
Rs. 10,000 to Rs. 20,000 |
20% |
|
Above Rs. 20,000 |
30% |
-
- Plus: Surcharge: 12% of tax where total income exceeds Rs. 1 crore
- Education cess: 3% of tax plus surcharge
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