Tax Rates: Income Tax Slab For AY 2018-19
1. Income Tax Slab Rate for AY 2018-19 for Individuals:
1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
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%
|
1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
Taxable income
|
Tax Rate
|
Up to Rs. 3,00,000
|
Nil
|
Rs. 3,00,000 - Rs. 5,00,000
|
5%
|
Rs. 5,00,000 - Rs. 10,00,000
|
20%
|
Above Rs. 10,00,000
|
30%
|
1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 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 - Rs. 10,00,000
|
20%
|
Above Rs. 10,00,000
|
30%
|
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
15% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge
Note: A resident individual is entitled for rebate u/s 87A 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.
2. Income Tax Rates for HUF/AOP/BOI/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%
|
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
15% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge
3. Tax Rate For Partnership Firm:
A partnership firm (including LLP) is taxable at 30%.
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge
4. Income Tax Slab Rate for Local Authority:
A local authority is taxable at 30%.
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge
5. Tax Slab Rate for Domestic Company:
A domestic company is taxable at 30%. However, tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 50 crore.
Plus:
Surcharge: 7% of tax where total income exceeds Rs. 1 crore
12% of tax where total income exceeds Rs. 10 crore
Education cess: 3% of tax plus surcharge
6. Tax Rates for Foreign Company:
A foreign company is taxable at 40%
Plus:
Surcharge: 2% of tax where total income exceeds Rs. 1 crore
5% of tax where total income exceeds Rs. 10 crore
Education cess: 3% of tax plus surcharge
7. Income Tax Slab for 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%
|
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge
