This Article Contains Income Tax Rate / Income Tax Chart/ Income Tax Slab as applicable for Financial Year (FY) 2018-19 or Assessment Year 2019-20 (AY) to Individual (resident or non-resident) or HUF or Association of Person (AOP) or Body of Individual (BOI) or any other artificial juridical person, Partnership Firm, LLP, Local Authority, Domestic Company, Foreign Company and Co-operative Society.

1. Income Tax Rates for AY 2019-20 / FY 2018-19 In case of an Individual (resident or non-resident) or HUF or AOP or BOI or 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%

Less: Rebate under Section 87A [see Note]

Add: Health and Education Cess [see Note]

2. Income Tax Rates for AY 2019-20 / FY 2018-19 In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)

Taxable Income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 to Rs 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Less: Rebate under Section 87A [see Note]

Add: Health and Education Cess [see Note]

3. Income Tax Rates for AY 2019-20 / FY 2018-19 In case of a resident super senior citizen (who is 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 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Add: Surcharge and Education Cess [see Note]

Notes on Surcharge, Health and Education Cess and Rebate under Section 87A

a)  Surcharge:

i)   The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty lakh rupees but does not exceed one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds fifty lakh rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees).

ii)   The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b)  Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

c)  Rebate under Section 87A: The rebate is available to a resident individual 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.

4. Income Tax Rates for AY 2019-20 / FY 2018-19 for Partnership Firm and LLP

For the Assessment Year 2019-20, a partnership firm (including LLP) is taxable at 30%.

Add:

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

5. Income Tax Rates for AY 2019-20 / FY 2018-19 for Local Authority

For the Assessment Year 2019-20, a local authority is taxable at 30%.

Add:

a)  Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b)  Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

6. Income Tax Rates for AY 2019-20 / FY 2018-19 for Domestic Company

For the assessment year 2019-20, a domestic company is taxable at 30%. However, the tax rate would be 25% if turnover or gross receipt of the company does not exceed Rs. 250 crore in the previous year 2016-17.

Add:

a)  Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

 (i)  Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

 (ii)  Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

b) Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

7. Income Tax Rates for AY 2019-20 / FY 2018-19 for Foreign Company

Nature of Income Tax Rate
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government 50%
Any other income 40%

Add:

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

 (i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

 (ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

b. Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

8. Income Tax Rates for AY 2019-20 / FY 2018-19 applicable to 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%

Add:

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

(Compiled by Taxguru Team)

(Compiled by Taxguru Team)

More Under Income Tax

17 Comments

  1. Ashok Kumar Asopa says:

    Sir,
    I am a Govt employee working (Ministry Of Railway) working on deputation to Dedicated Freight Corridor Corporation (a Govt of India Undertaking).
    (1) Will you kindly let me know whether following allowances are taxable:
    (i) Magazine Allowance (Rs 300 pm)
    (ii) Grant for Prof. Books (Rs 208 pm)
    (iii) Sumptuary Allowance (Rs 1000 pm)
    (iv) Birthday gift (Rs 1000)

    (2) Mobile/Telephone charges reimbursement @ Rs 1500 pm received. actual amount spent for mobile is around Rs. 2200/- but I could not submit the bills to my office and they have prepared Form 16. Can I claim this exemption (wrt mobile exp) while filing ITR.

    Thanks

    Ashok Kumar Asopa
    New Delhi

  2. Deepak says:

    If the taxable income after all deductions is Rs 51 lakhs ( which includes Rs 2 Lakhs as short term gains ), then how much tax will have to be paid ?

  3. Sumit gupta says:

    Since tax rate for domestic company is 25% if it’s turnover is less than 250 Cr in py 2016-17
    My question is if Company is newly register in py 2018-19
    Than what will be the tax rate applicable

  4. lrishnanand.kumble says:

    sir how to arrive say 2018 nov sr 64 age if gets 8crores arrive total tax how to save maximum say buying agriculture land and farm house etc few vehicles..cultivate farmproducts and buying few house property..

  5. Tapan Ghorai says:

    for HBL loan what is the section for principle amount and interest deduction?
    what is the rate foreducation cess & higher education cess?

  6. D.S.SAXENA says:

    I AM A RETIRED SENIOR CITIZEN OF 69 YEARS.
    VERY USEFUL FOR ALL, SPECIALLY FOR THE SENIOR CITIZENS, WHO ARE NOT GETTING SUITABLE CORRECT VIEWS.
    WISHING ALL THE BEST.

  7. DHIRENKUMAR GANDHI. says:

    In my view, “any time during the previous year” means that if an Individual completes his 80th year on 31st March, 2019, i.e. if his birth date falls on or before 31st March, 2019, then he can avail the benefits of Super Senior Citizen.

  8. Ramesh Sinvhal says:

    “Income Tax Rates for AY 2019-20 / FY 2018-19 In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)”

    What is meant by any time during the previous year.
    Please clarify/explain with help of an example.
    Thanks

  9. Ramesh Sinvhal says:

    “Income Tax Rates for AY 2019-20 / FY 2018-19 In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)”

    What is meant by any time during the previous year?
    Please clarify with example.
    Thanks

  10. M. Moni says:

    What about Standard Deduction of Rs.50,000/- under 80TTB? Is Super Sr. Citizens also eligible for this deduction? PL. CLARIFY.
    Example:
    Income. 700,000/-
    Less 80TTB. 50,000/-
    Less 80C. 150,000/-
    Taxable. 500,000/-
    Super SC ALLCE 500,000/- Tax: NIL

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