Income Tax Slabs/ Rates for Resident Individuals (FY 2018-19/ AY 2019-20)

Income Tax Slabs/ Rates for Resident Individuals (FY 2018-19/ AY 2019-20)

Income Tax Slabs or  Rates applicable for Resident Individuals (including for Women Assessees) in respect of FY 2018-19/ PY 2018-19 (AY 2019-20), as per the Finance Act, 2018, are as under:

A. Resident Individual of Age 80 Years or more (Very/ Super Senior Citizens)

These income tax rates are applicable to very/ super senior citizen resident individuals of age 80 years or above.

Income Slabs Income Tax Rates
Upto Rs. 5 Lacs Nil
Above Rs. 5 Lacs but upto Rs. 10 Lacs 20%
Above Rs. 10 Lacs 30% plus Rs. 1,00,000

B. Resident Individual of Age 60 Years or more but less than 80 years (Senior Citizens)

These income tax rates are applicable to senior citizen resident individuals of age above 60 years but below 80 years.

Income Slabs Income Tax Rates
Upto Rs. 3 Lacs Nil
Above Rs. 3 Lacs but upto Rs. 5 Lacs 5%
Above Rs. 5 Lacs but upto Rs. 10 Lacs 20% plus Rs. 10,000
Above Rs. 10 Lacs 30% plus Rs. 1,10,000

C. Resident Individuals of Age below 60 Years:

These income tax rates are applicable to resident individuals of age below 60 years. Besides, these rates are applicable for non-resident individuals (NRIs) of all age groups, HUFs, AOPs, BOIs and AJPs.

Income Slabs Income Tax Rates
Upto Rs. 2.5 Lacs Nil
Above Rs. 2.5 Lacs but upto Rs. 5 Lacs 5%
Above Rs. 5 Lacs but upto Rs. 10 Lacs 20% plus Rs. 12,500
Above Rs. 10 Lacs 30% plus Rs. 1,12,500

Note:

1. Income Tax Rates for resident individuals in each slab, as mentioned above, are inclusive of income tax liability upto previous slab(s). To arrive at total income tax liability, Health & Education Cess and Surcharge are to be applied, as under:

i) Health & Education Cess @ 4% in all cases; and

ii) Surcharge @ 10%/ 15% in cases where total income exceeds Rs. 50 Lacs/ Rs. 1 crore, subject to provisions relating to marginal relief, if applicable.

2. Resident individuals having taxable income upto Rs. 3,50,000 can claim tax rebate of upto Rs. 2,500 u/s 87A of Income Tax Act, 1961.

It may be noted that the tax rates/ slabs applicable for FY 2017-18/ AY 2018-19 have remained the same for FY 2018-19/ AY 2019-20 and there is no change in the basic exemption limits.

Related Posts:

Income Tax Slabs/ Rates: Income Tax Cess, Surcharge & Rebate
Resident Individuals Education Cess Rates
NRIs/ HUFs/ AOP/ BOI/ AJP Surcharge Rates
Partnership Firms and LLPs Marginal Relief from Surcharge on Income Tax
Domestic Companies Income Tax Rebate u/s 87A for Individuals
Foreign Companies
Co-operative Societies
Local Authorities

Related Posts:

Completion of Age of 60/ 80 for Senior/ Very Senior Citizen Status Benefit under Income Tax

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