income tax rate

Welcome. In this post we will discuss about the income tax rates or slab for the FY 2018-19 for different categories.

[Updated Dec 2018]

1: For individuals (up to 60 yrs) / HUF

This is also applicable for: – Association of People / Body of individuals / Artificial Juridical Person for FY 2018-19 (AY 2019-20)

Range of Income (in INR) Tax Rate (in %)
Zero – 2,50,000 Nil
2,50,000 – 5,00,000 5%
5,00,000 – 10,00,000 20%
10,00,000 & Above 30%
Less: Rebate u/s 87A – Applicable only to resident individuals with income up to Rs. 3,50,000. The Maximum allowed rebate amount is Rs. 2500
Add: Surcharge is applicable at 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore. If total income exceeds Rs.1 crore, Surcharge is applicable at 15% of income tax
Add: Health and Education Cess at the rate of 4%, on the amount of tax computed, inclusive of surcharge

2: For Resident Senior Citizens

Above 60 years and below 80 years for FY 2018-19 (AY 2019-20)

Range of Income (in INR) Tax Rate (in %)
Zero – 3,00,000 Nil
3,00,000 – 5,00,000 5%
5,00,000 – 10,00,000 20%
10,00,000 & Above 30%
Less: Rebate u/s 87A – Applicable only to resident individuals with income up to Rs. 3,50,000. The Maximum allowed rebate amount is Rs. 2500
Add: Surcharge is applicable at 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore. If total income exceeds Rs.1 crore, Surcharge is applicable at 15% of income tax
Add: Health and Education Cess at the rate of 4%, on the amount of tax computed, inclusive of surcharge

3: For Resident Super Senior Citizens

Above 80 years for FY 2018-19 (AY 2019-20)

Range of Income (in INR) Tax Rate (in %)
Zero – 5,00,000 Nil
5,00,000 – 10,00,000 20%
10,00,000 & Above 30%
Add: Surcharge is applicable at 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore. If total income exceeds Rs.1 crore, Surcharge is applicable at 15% of income tax
Add: Health and Education Cess at the rate of 4%, on the amount of tax computed, inclusive of surcharge

4: For Partnership Firm

Including LLP / Local Authority for FY 2018-19 (AY 2019-20)

Tax Rate Surcharge Health and Education Cess
30% of taxable income 12% of income tax 4% of the total of Income Tax & Surcharge

5: For Domestic Company

FY 2018-19 (AY 2019-20)

Turnover Tax Rate
Up to Rs. 250 Crores 25% of taxable income
exceeding Rs. 250 crores 30% of taxable income
Add: Surcharge is applicable at 7% of income tax, where the total income exceeds Rs.1 Crore up to Rs.10 Crore. If total income exceeds Rs.10 crore, Surcharge is applicable at 12% of income tax
Add: Health and Education Cess at the rate of 4%, on the amount of tax computed, inclusive of surcharge
NOTE: 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.

6: For Foreign Company

FY 2018-19 (AY 2019-20)

Income Type Tax Rate
Royalty received from government or Indian concern* 50% of taxable income
Any other income 40% of taxable income
 

  • Royalty received from the government or an Indian concern in pursuance of an agreement (approved by the Central government) between April 1, 1961, and  March 31, 1976.
  • Fees for providing technical services in pursuance of an agreement (approved by the Central government) made between February 29, 1964, and April 1, 1976.
Add: Surcharge is applicable at 2% of income tax, where the total income exceeds Rs.1 Crore up to Rs.10 Crore. If total income exceeds Rs.10 crore, Surcharge is applicable at 5% of income tax
Add: Health and Education Cess at the rate of 4%, on the amount of tax computed, inclusive of surcharge

7: For Co-operative Society

FY 2018-19 (AY 2019-20)

Range of Income (in INR) Tax Rate (in %)
Zero – 10,000 10%
10,000 – 20,000 20%
20,000 & Above 30%
Add: Surcharge is applicable at 12% of income tax, where the total income exceeds Rs.1 crore.
Add: Health and Education Cess at the rate of 4%, on the amount of tax computed, inclusive of surcharge

That is all for this post. If you have any questions, drop them in the comment section below.

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