Income tax slab for Financial Year 2018 – 19

The below given income tax slab is applicable for financial year 2018 – 19 and assessment year 2019 – 20.

Income tax slab for financial year 2018 -19 & assessment year 2019 – 20

(Amounts are in Indian rupees)

For Men and Women:

RateMenWomen
Exemption limitUp to 2,50,000Up to 2,50,000
5% of taxable incomeIncome between 2,50,001 to 5,00,000Income between 2,50,001 to 5,00,000
20% of taxable incomeIncome between 5,00,001 to 10,00,000Income between 5,00,001 to 10,00,000
30% of taxable incomeIncome more than 10,00,000Income more than 10,00,000

 

For Senior citizens (Age between 60 and 80) and very senior citizens (Age above 80):

RateSenior citizensVery senior citizens (Aged 80 and above)
Exemption limitUp to 3,00,000Up to 5,00,000
5% of taxable incomeIncome between 3,00,001 to 5,00,000Nil up to 5,00,000
20% of taxable incomeIncome between 5,00,001 to 10,00,000Income between 5,00,001 to 10,00,000
30% of taxable incomeIncome more than 10,00,000Income more than 10,00,000

Surcharge: 10% of tax amount, where taxable income is between 50,00,000 to 1 crore.

15% of the tax amount, where taxable income is more than 1 crore.

Health and Education Cess : 4% of tax amount along with surcharge.

Rebate: As per section 87A of Income tax act 1961, rebate of INR 2,500 will be given to those individual tax payers whose total taxable income doesn’t exceed INR 3,50,000.

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