Income Tax rates
Individuals are taxed on the basis of income slabs. The slab rates for Financial Year (FY) 2018-19 & 2019-20 are as follows:
Income Tax Slab |
Income Tax Rates |
Income upto Rs. 2,50,000 |
Nil |
Income between Rs. 2,50,001 - Rs. 500,000 |
5% of Income exceeding Rs. 2,50,000 |
Income between Rs. 500,001 - Rs. 10,00,000 |
20% of Income exceeding Rs. 5,00,000 |
Income above Rs. 10,00,000 |
30% of Income exceeding Rs. 10,00,000 |
Plus:
1. Surcharge:
10% of tax where total income exceeds Rs. 50 lak
15% of tax where total income exceeds Rs. 1 crore
2. Health & Education cess: 4% of tax plus surcharge (applicable for FY 2019-20)
Education Cess: 3% of tax plus surcharge (applicable for FY 2018-19)
Income Tax Slab Rate for Senior Citizens (Age 60 years or more but less than 80 years)
Income Tax Slab |
Income Tax Rates |
Income upto Rs. 3,00,000 |
Nil |
Income between Rs. 3,00,001 - Rs. 500,000 |
5% of Income exceeding Rs. 3,00,000 |
Income between Rs. 500,001 - Rs. 10,00,000 |
20% of Income exceeding Rs. 5,00,000 |
Income above Rs. 10,00,000 |
30% of Income exceeding Rs. 10,00,000 |
Plus:
1. Surcharge:
10% of tax where total income exceeds Rs. 50 lak
15% of tax where total income exceeds Rs. 1 crore
2. Health & Education cess: 4% of tax plus surcharge (applicable for FY 2019-20)
Education Cess: 3% of tax plus surcharge (applicable for FY 2018-19)
Income Tax Slab Rate for Super Senior Citizens (Age 80 years and above)
Income Tax Slab |
Income Tax Rates |
Income upto Rs. 5,00,000 |
Nil |
Income between Rs. 500,001 - Rs. 10,00,000 |
20% of Income exceeding Rs. 5,00,000 |
Income above Rs. 10,00,000 |
30% of Income exceeding Rs. 10,00,000 |
Plus:
1. Surcharge:
10% of tax where total income exceeds Rs. 50 lak
15% of tax where total income exceeds Rs. 1 crore
2. Health & Education cess: 4% of tax plus surcharge (applicable for FY 2019-20)
Education Cess: 3% of tax plus surcharge (applicable for FY 2018-19)
