We know that in Finance Bill 2019 tax rate for FY 2019-20 for individuals / HUF has not been changed except the fact that rebate u/s 87A has revised to Rs 12,500 if Total Income is upto Rs 5,00,000 (previously it was Rs 2500 if total Income is upto Rs 3,50,000).
Tax rates for Individuals / HUF (be it resident or non resident) for FY 2018-19 is as below:
For Men/ Women below 60 years of age:
| Basic Exemption upto Rs | Rs 2,50,000 |
| Tax @ 5% | Rs 2.50 lac to 5 Lacs |
| Tax @ 10% | Not Applicable |
| Tax @ 20% | Rs 5 Lac to 10 Lacs |
| Tax @ 30% | in Excess of Rs 10 Lacs |
| Surcharge | @10% if Total Income > 50 Lacs but <=1 Crore & @ 15% If Total Income > Rs 1 Crore |
| Health and Education Cess | @ 4% |
| Deduction u/s 87A | Lower of (Rs 12,500 or actual tax payable) for Individual having Total Income <= Rs 5 Lacs |
For Senior citizen (i.e => 60 years but < 80 years of age)
| Basic Exemption upto Rs | Rs 3,00,000 |
| Tax @ 5% | Rs 3.00 lac to 5 Lacs |
| Tax @ 10% | Not Applicable |
| Tax @ 20% | Rs 5 Lac to 10 Lacs |
| Tax @ 30% | in Excess of Rs 10 Lacs |
| Surcharge | @10% if Total Income > 50 Lacs but <=1 Crore & @ 15% If Total Income > Rs 1 Crore |
| Health and Education Cess | @ 4% |
| Deduction u/s 87A | Lower of (Rs 12,500 or actual tax payable) for Individual having Total Income <= Rs 5 Lacs |
For Super Senior citizen (i.e =>80 years of age)
| Basic Exemption upto Rs | Rs 5,00,000 |
| Tax @ 5% | Not Applicable |
| Tax @ 10% | Not Applicable |
| Tax @ 20% | Rs 5 Lac to 10 Lacs |
| Tax @ 30% | in Excess of Rs 10 Lacs |
| Surcharge | @10% if Total Income > 50 Lacs but <=1 Crore & @ 15% If Total Income > Rs 1 Crore |
| Health and Education Cess | @ 4% |
| Deduction u/s 87A | Nil Impact |
We attach Income Tax calculator which contains the rate of Income tax for last 23 financial year (i.e Financial year 1997-98 to 2019-20) and income tax calculator for last 13 years (i.e Financial year 2006-07 to 2019-20) for Individuals/HUF (Resident or Non resident).
Hope users will find it useful.
Author Bio
Hi,
For FY 2006-07, rate of education cess was 2% (not 3%, as mentioned in the calculator available here).