"For A Secured & Wealthier Tomorrow..."

Income Tax Slab And Rates For FY 2018-19 (AY 2019-20)

What are Income Tax Slab And Rates In India

Income Tax Slab And Rates In India

In Budget 2018 no changes had been done in Income Tax Slab Rates for FY 2018-19 (AY 2019-20). Therefore, the applicable tax slabs will be as follow:

Income Tax Slabs & Rates for FY 2018-19 (AY 2019–20)

Income Tax Slabs for Individual Taxpayers
Income Tax Slab
Income Tax Rate
Income upto Rs. 2,50,000
Nil
Income between Rs. 2,50,001 - Rs. 500,000
5%
Income between Rs. 500,001 - Rs. 10,00,000
20%
Income above Rs. 10,00,000
30%
Income Tax Slabs for Senior Citizens (Age 60 years or more but less than 80 years)
Income Tax Slab
Income Tax Rate
Income upto Rs. 3,00,000
Nil
Income between Rs. 3,00,001 - Rs. 500,000
5%
Income between Rs. 500,001 - Rs. 10,00,000
20%
Income above Rs. 10,00,000
30%
Income Tax Slabs for Senior Citizens (Age 80 years or more)
Income Tax Slab
Income Tax Rate
Income upto Rs. 5,00,000
Nil
Income between Rs. 500,001 - Rs. 10,00,000
20%
Income above Rs. 10,00,000
30%
Surcharges and Cess
>10% surcharge is applicable on income tax if the total income exceeds Rs. 50 lakhs but below 1 crore.
>15% surcharge is applicable on income tax if the total income exceeds Rs 1 crore.
>2% Education cess, 1% Secondary and Higher Education Cess and 1% Health Cess is applicable on the income tax and applicable surcharge.
**For individuals whose income is equal to or less than Rs 3.5 lakh, a tax rebate of Rs. 2,500 or 100% of income tax (whichever is lower) is available under section 87A.
***There is no separate tax slab for men and women.
If you liked this post, then do share, spread and comment below. Your opinion matters. Thank you!
Labels:
Reactions:

Post a Comment

[blogger][facebook][disqus]

MKRdezign

Contact Form

Name

Email *

Message *

Powered by Blogger.
Javascript DisablePlease Enable Javascript To See All Widget