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Income Tax Slab For Individual ( AY 2018-19 & AY 2019-20)


What is Income Tax Slab and Why it is important?

Income tax slab means categorizing income into different groups by the government for taxation purpose. Income tax is charged on the basis of Income tax slab. Different tax rates for different tax slabs. Income tax is a progressive tax system. As Income increases, rate of tax also increases on that portion of income.

For example: Mr. Varun having taxable income of Rs. 4,00,000, Now for income tax purpose, he falls under 2 categories. For income upto Rs. 2,50,000, tax rate will be ‘NIL’ and for Income above 2,50,000, tax rate will be 5% for AY 2018-19.

 

Income Tax Slab
Income Tax Slab Rates

(A) INCOME TAX SLAB FOR INDIVIDUAL (AY 2018-19).

 

  • Income Tax Rates –In case of an resident Individual less than 60 years of age or non-resident individual( age is irrelevant).

                                                       Assessment Year 2018-19

Taxable income
Income Tax Slab
Up to Rs. 2,50,000Nil
Rs. 2,50,000 to Rs. 5,00,0005%
Rs. 5,00,000 to Rs. 10,00,00020%
Above Rs. 10,00,00030%

 

  • Income Tax Rates – In case of a resident senior citizen (who is 60 years of age or more at any time during the previous year but less than 80 years of age on the last day of the previous year)

                                                      Assessment Year 2018-19

Taxable income
Income Tax Slab
Up to Rs. 3,00,000Nil
Rs. 3,00,000 – Rs. 5,00,0005%
Rs. 5,00,000 – Rs. 10,00,00020%
Above Rs. 10,00,00030%

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  • Income Tax Rates – In case of a resident super senior citizen (who is 80 years of age or more on the last day of the previous year)

                                                        Assessment Year 2018-19

Taxable income
Income Tax Slab
Up to Rs. 5,00,000Nil
Rs. 5,00,000 – Rs. 10,00,00020%
Above Rs. 10,00,00030%

Important Note:

  1. Surcharge10% of Income tax where total income exceed Rs. Fifty lakhs but not more than one crore, 15% of Income tax where total income exceeds one crore rupees.( the surcharge shall be subject to marginal relief)
  2.  Education Cess :-   2% of  income-tax and surcharge.
  3.  Secondary and Higher Education Cess :-  1% of  income-tax and surcharge.
  4.  Rebate under Section 87A :-   The rebate is available to a resident individual 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.

Also Read : Income Tax Rates for all Assessee for AY 2018-19 & AY 2019-20.

 

(B) INCOME TAX SLAB FOR INDIVIDUAL (AY 2019-20)

 

  • Income Tax Rates – In case of an resident Individual less than 60 years of age or non-resident individual(age is irrelevant)

                                                       Assessment Year 2019-20

Taxable income
 Income Tax Rates
Up to Rs. 2,50,000Nil
Rs. 2,50,000 to Rs. 5,00,0005%
Rs. 5,00,000 to Rs. 10,00,00020%
Above Rs. 10,00,00030%

 

  • Income Tax Rates – In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year).

                                                     Assessment Year 2019-20

Taxable income
 Income Tax Rates
Up to Rs. 3,00,000Nil
Rs. 3,00,000 – Rs. 5,00,0005%
Rs. 5,00,000 – Rs. 10,00,00020%
Above Rs. 10,00,00030%

 

  • Income Tax Rates – In case of a resident super senior citizen (who is 80 years of age or more on the last day of the previous year)

                                                      Assessment Year 2019-20

Taxable income
 Income Tax Rates
Up to Rs. 5,00,000Nil
Rs. 5,00,000 – Rs. 10,00,00020%
Above Rs. 10,00,00030%

Important Note:

  1.  Surcharge: 10% of Income tax where total income exceed Rs. Fifty lakhs but not more than one crore, 15% of Income tax where total income exceeds one crore rupees.( the surcharge shall be subject to marginal relief)
  2.  Health & Education Cess: 4 % of  income-tax and surcharge.
  3.  Rebate under Section 87A: The rebate is available to a resident individual 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.

Also Read : Income Tax Rates for all Assessee for AY 2018-19 & AY 2019-20.

 

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