India income tax | Historical tax reference
Income Tax Slabs for FY 2018-19 and AY 2019-20 in India
A comprehensive reference to income tax rates for individuals, Hindu Undivided Families (HUFs), senior citizens, domestic and foreign companies, partnership firms, LLPs and co-operative societies for financial year 2018-19 (assessment year 2019-20).
1. Income tax slabs for individuals below 60 years and HUFs
For resident and non-resident individuals below age 60, and for HUFs, the following progressive rates applied under the First Schedule to the Finance Act, 2018. Age-based basic exemption limits for senior citizens were available only to qualifying resident individuals.
| Total taxable income | Income tax rate |
|---|---|
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Tax is charged at each marginal slab rate, not at one rate on the entire income. A non-resident individual did not qualify for the higher senior-citizen basic exemption solely because of age.
2. Income tax rates for senior citizens
Resident individuals aged 60 years or more but below 80
| Total taxable income | Income tax rate |
|---|---|
| Up to Rs. 3,00,000 | Nil |
| Rs. 3,00,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Resident individuals aged 80 years or more
| Total taxable income | Income tax rate |
|---|---|
| Up to Rs. 5,00,000 | Nil |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
For this purpose, age is determined at any time during the relevant previous year. These age-based thresholds do not apply to HUFs, partnership firms or companies.
3. Surcharge and Health and Education Cess
| Taxpayer and total income | Surcharge on income tax |
|---|---|
| Individuals, HUFs, AOPs and BOIs: above Rs. 50 lakh up to Rs. 1 crore | 10% |
| Individuals, HUFs, AOPs and BOIs: above Rs. 1 crore | 15% |
| Domestic companies: above Rs. 1 crore up to Rs. 10 crore | 7% |
| Domestic companies: above Rs. 10 crore | 12% |
| Foreign companies: above Rs. 1 crore up to Rs. 10 crore | 2% |
| Foreign companies: above Rs. 10 crore | 5% |
| Partnership firms and LLPs: above Rs. 1 crore | 12% |
| Co-operative societies: above Rs. 1 crore | 12% |
Health and Education Cess: 4% of income tax plus applicable surcharge for FY 2018-19, replacing the earlier 3% education cess framework. Surcharge is subject to statutory marginal relief where applicable. The cess is calculated on the tax and surcharge, not directly on taxable income.
4. Corporate income tax rates for FY 2018-19
| Company classification | Basic income tax rate |
|---|---|
| Domestic company with total turnover or gross receipts not exceeding Rs. 250 crore in FY 2016-17 | 25% |
| Other domestic companies | 30% |
| Foreign companies (general rate) | 40% |
The Rs. 250 crore threshold was based on turnover or gross receipts during FY 2016-17, not taxable profit or FY 2018-19 turnover. Special rates or provisions could apply to particular categories of income, including certain royalty and technical-services income of foreign companies. Corporate surcharge and 4% cess were additional.
The later optional concessional domestic-company regimes under sections 115BAA and 115BAB were introduced after this financial year and must not be applied retrospectively to FY 2018-19.
5. Partnership firms and LLPs
A partnership firm, including a limited liability partnership (LLP) taxed as a firm, was subject to a flat 30% income tax rate. A 12% surcharge applied when total income exceeded Rs. 1 crore, subject to marginal relief, plus 4% Health and Education Cess. Eligible partner remuneration and interest were governed by the conditions and limits in section 40(b) of the Income-tax Act, 1961.
6. Co-operative society tax slabs
| Total taxable income | Income tax rate |
|---|---|
| Up to Rs. 10,000 | 10% |
| Rs. 10,001 to Rs. 20,000 | 20% |
| Above Rs. 20,000 | 30% |
For FY 2018-19, the third slab started above Rs. 20,000, not Rs. 30,000. A 12% surcharge applied when total income exceeded Rs. 1 crore, with applicable marginal relief, and 4% Health and Education Cess was added. Later special co-operative tax regimes should not be applied to this historical year.
7. Rebate, standard deduction and key deductions
Section 87A rebate
For AY 2019-20, a resident individual whose total income did not exceed Rs. 3,50,000 could claim a rebate of up to Rs. 2,500 against income tax, or the amount of income tax, whichever was lower. This rebate did not extend to non-residents or HUFs.
Standard deduction from salary
The Finance Act, 2018 introduced a Rs. 40,000 standard deduction under section 16(ia) for salary income, subject to the amount of salary. The general medical reimbursement exemption of Rs. 15,000 and transport allowance exemption of Rs. 1,600 per month were withdrawn for ordinary employees, subject to specified exceptions.
Common deductions
| Provision | General FY 2018-19 position |
|---|---|
| Section 80C | Up to Rs. 1,50,000 for qualifying investments and payments, subject to conditions |
| Section 80CCD(1B) | Additional deduction up to Rs. 50,000 for qualifying NPS contributions |
| Section 80D | Medical insurance deductions subject to age, payment and other statutory conditions |
| Section 24(b) | Interest on qualifying housing loans; self-occupied house limit generally Rs. 2,00,000 subject to conditions |
| Section 80TTA / 80TTB | Savings interest deduction for eligible non-seniors / specified deposit interest for eligible resident senior citizens |
These deductions are not automatic: each has eligibility, documentation and statutory limitations. For a detailed explanation, see income tax saving options in India.
8. Meaning of financial year and assessment year
Financial year (FY) 2018-19: The period from 1 April 2018 to 31 March 2019 in which the income was earned; generally referred to as the previous year under section 3 of the Income-tax Act, 1961.
Assessment year (AY) 2019-20: The twelve-month period beginning 1 April 2019 in which income for the preceding financial year was assessed, as defined in section 2(9).
Total income: Taxable income computed under the Act after permitted exemptions and deductions. The relevant rates apply to total income, with any special-rate income handled under the applicable statutory provisions.
9. Official tax law and reference links
For authoritative legal text and historical assessment-year guidance, consult the Finance Acts published by the Income Tax Department, the Income-tax Act, 1961, the Income Tax e-Filing Portal and India Code. The Finance Act, 2018 and its First Schedule govern the rates discussed on this page.
Current-year caution: For income earned in later years, consult the legislation and tax portal applicable to that year. Do not use these historical slabs for a current tax return.
Frequently asked questions
What is the basic exemption limit for FY 2018-19?
Rs. 2.5 lakh for most individuals below 60 and HUFs; Rs. 3 lakh for eligible resident individuals aged 60 to below 80; and Rs. 5 lakh for eligible resident individuals aged 80 or above.
What was the Health and Education Cess for AY 2019-20?
It was 4% of income tax plus applicable surcharge.
Was the new tax regime available for FY 2018-19?
No. The optional new tax regime for individuals was introduced for later financial years.