India Income Tax Rate for Financial Year 2018-19, Assessment Year 2019-20 in India for Individuals, Sr. Citizen, Partnership Firms, Body of Individuals Trust and Companies.

 

 

 

TAX RATE FOR INDIVIDUALS AND HUF

Income tax slab for Individuals and HUF below 60 years men and women for FY 2018-19

Income Slab Tax Rate Health & Education Cess
Income upto Rs. 2,50,000 Nil Nil
Rs. 2,50,000 to Rs. 5,00,000 5% 4%
Rs. 5,00,000 to Rs. 10,00,000 20% 4%
Rs. 10,00,000 above 30% 4%

 

Surcharge

10% Surcharge for total income from Rs. 50 laksh to Rs. 1 Crore.

15% Surcharge where total income Exceeds Rs. 1 Crore

 

Education cess

4% Education cess on Total income tax + surcharge

 

 

 

 

Income tax slab for Senior Citizens 60 year to 80 years men and women for FY 2018-19

Income Slab Tax Rate Health & Education Cess
Income upto Rs. 3,00,000 Nil Nil
Rs. 3,00,000 to Rs. 5,00,000 5% 4%
Rs. 5,00,000 to Rs. 10,00,000 20% 4%
Rs. 10,00,000 above 30% 4%

 

Surcharge

10% Surcharge for total income from Rs. 50 laksh to Rs. 1 Crore.

15% Surcharge where total income Exceeds Rs. 1 Crore

 

Education cess

4% Education cess on Total income tax + surcharge

 

Income tax slab for Senior Citizen 80 years and above men and women for FY 2018-19

Income Slab Tax Rate Health & Education Cess
Income upto Rs. 2,50,000 Nil Nil
Rs. 2,50,000 to Rs. 5,00,000 Nil Nil
Rs. 5,00,000 to Rs. 10,00,000 20% 4%
Rs. 10,00,000 above 30% 4%

 

Surcharge

15% Surcharge where Total Income Exceeds Rs. 1 Crore

 

Education cess

4% Education cess on Total income tax + surcharge

 

 

TAX RATE FOR BUSINESS

Income Tax Rate for Companies for Financial Year 2018-19 (AY 2019-2020)

Income Slab Tax Rate Health & Education Cess
Turnover upto 250 Crores in Previous Year 25% 4%
Turnover Exceeding 250 Crores 30% 4%
Foreign Company 40% 4%
Surcharge

Domestic Company

Income Less than Rs. 1 Crore

Income Rs. 1 Crore to Rs. 10 Crore

More than Rs. 10 Crore

Foreign Company

Income Less than Rs. 1 Crore

Income Rs. 1 Crore to Rs. 10 Crore

More than Rs. 10 Crore

 

 

Nil

7%

12%

 

Nil

2%

5%

 

 

Education cess

4% Education cess on Total income tax + surcharge

 

 

Income Tax on Partnership Firms for Financial Year 2018-19 (AY 2019-2020)

Income Slab Tax Rate Health & Education Cess
Income Tax Rate 30% 4%
Surcharge

Income Less than Rs. 1 Crore

More than Rs. 1 Crore

 

Nil

12%

 

 

Surcharge

Income Exceeding Rs. 1 Crore 12%

Education cess

4% Education cess on Total income tax + surcharge

 

Income Tax Rate for Cooperative Societies for for Financial Year 2018-19 (AY 2019-2020)

Income Slab Tax Rate Health & Education Cess
Income Tax Upto Rs. 10,000 10% 4%
Income Rs. 10,000 to Rs. 20,000 20% 4%
Income above Rs. 30,000 30% 4%

 

Education cess

4% Education cess on Total income tax + surcharge

 

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