Surcharge Rates on Income Tax for FY 2018-19 (AY 2019-20)

Surcharge Rates on Income Tax for FY 2018-19 (AY 2019-20)

Surcharge on Income Tax is payable if taxable income of a taxpayers exceeds a specified threshold limit, i.e. Rs. 50 Lacs in the case of Individuals and Rs. 1 Crore in the case of Companies, etc. during the FY 2018-19/ AY 2019-20.

Further, different surcharge rates are applicable for different type of persons/ taxpayers, like Individuals, HUF, AOP, BOI, AJP, Firms, Co-op. Societies, Local Authorities, Domestic or Foreign Companies, etc.

For Individuals, HUFs, Association of Persons (AOPs), Body of Individuals (BOIs) and Artificial Juridicial Persons (AJPs)

Rates of Surcharge on Income Tax applicable in the case of Individuals (irrespective of residential status or age), HUFs, Association of Persons (AOPs), Body of Individuals (BOIs) and Artificial Juridicial Persons (AJPs), for FY 2018-19/ AY 2019-20, are as under:

Taxable Income Income Tax Surcharge RateĀ 
Upto Rs. 50 Lacs 0%
Above Rs. 50 Lacs but upto Rs. 1 Crore 10%
Above Rs. 1 Crore 15%

In other words, the amount of income-tax for such individual assessees shall attract 10% surcharge in case total income exceeds Rs. 50 lacs but is upto Rs. 100 Lacs and 15% surcharge in case income exceeds Rs. 100 lacs. However, marginal relief from Income Tax Surcharge shall be available.

Further, the amount of income-tax plus surcharge shall attract 4% ‘Health and Education Cess’. However, no marginal relief shall be available in respect of the Health and Education Cess.

For Firms, Co-operative Societies and Local Authorities

Rates of Surcharge on Income Tax applicable in the case of Partnership Firms (including LLPs), Co-operative Societies and Local Authorities, for FY 2018-19/ AY 2019-20, are as under:

Taxable Income Income Tax Surcharge Rate
Upto Rs. 1 Crore 0%
Above Rs. 1 Crore 12%

In other words, the amount of income-tax for Firms/ Co-op. Societies/ Local Authorities shall attract 12% surcharge in case total income exceeds Rs. 100 lacs. However, marginal relief from Income Tax Surcharge shall be available.

Further, the amount of income-tax plus surcharge shall attract 4% ‘Health and Education Cess’. However, no marginal relief shall be available in respect of the Health and Education Cess.

For Domestic Companies

Rates of Surcharge on Income Tax, applicable in the case of Domestic Companies, for FY 2018-19/ AY 2019-20, are as under:

Taxable Income Income Tax Surcharge Rate
Upto Rs. 1 Crore 0%
Above Rs. 1 Crore but upto Rs. 10 Crore 7%
Above Rs. 10 Crore 12%

In other words, the amount of income-tax for domestic companies shall attract 7% surcharge in case total income exceeds Rs. 1 crore but upto Rs. 10 crore and 12% surcharge in case income exceeds Rs. 10 crore. However, marginal relief from Income Tax Surcharge shall be available.

Further, the amount of income-tax plus surcharge shall attract 4% ‘Health and Education Cess’. However, no marginal relief shall be available in respect of the Health and Education Cess.

For Foreign Companies

Rates of Surcharge on Income Tax, applicable in the case of Foreign Companies, for FY 2018-19/ AY 2019-20, are as under:

Taxable Income Income Tax Surcharge Rate
Upto Rs. 1 Crore 0%
Above Rs. 1 Crore but upto Rs. 10 Crore 2%
Above Rs. 10 Crore 5%

In other words, the amount of income-tax for foreign companies shall attract 2% surcharge in case total income exceeds Rs. 1 crore but upto Rs. 10 crore and 5% surcharge in case income exceeds Rs. 10 crore. However, marginal relief from Income Tax Surcharge shall be available.

Further, the amount of income-tax plus surcharge shall attract 4% ‘Health and Education Cess’. However, no marginal relief shall be available in respect of the Health and Education Cess.

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

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