Income Tax Rates or Slabs for Assessment year 2019–20

Income Tax Rates or Slabs for the AY 2019–20 Finan­cial Year 2018–19

In case of an Indi­vid­ual (res­i­dent or non-res­i­dent) or HUF or Asso­ci­a­tion of Per­son or Body of Indi­vid­ual or any oth­er arti­fi­cial juridi­cal per­son

Tax Rate Men Women Senior Cit­i­zen Super Senior Cit­i­zen Age equal or above 80 years
0.00% Upto Rs. 2,50,000 Up to Rs. 2,50,000 Up to Rs. 3,00,000 Up to Rs. 5,00,000
5.00% 2,50,001 to 5,00,000 2,50,001 to 5,00,000 3,00,001 to 5,00,000
20.00% 5,00,001 to 10,00,000 5,00,001 to 10,00,000 5,00,001 to 10,00,000 5,00,001 to 10,00,000
30.00% Above 10,00,000 Above 10,00,000 Above 10,00,000 Above 10,00,000

Note :- 1) 10% on Tax if Total Income above Rs. 50 Lacs but with­in Rs.1 crore. 15% if Total Income cross Rs. 1 Crore

2) 4% Cess will be charged on Above Tax and applic­a­ble sur­charge

3) Age of Senior Cit­i­zen is = 60 Years or more but less 80 years.

4)  Rebate under sec­tion 87A – A res­i­dent indi­vid­ual (whose net income does not exceed Rs.3,50,000) can avail rebate under sec­tion 87A. It is deductible from income-tax before cal­cu­lat­ing edu­ca­tion cess. The amount of rebate is 100 per cent of income-tax or Rs. 2,500, whichev­er is less

Part­ner­ship Firm and Local Author­i­ty

a part­ner­ship firm (includ­ing LLP) is tax­able at 30%.

 a)  Sur­chargeThe amount of income-tax shall be increased by a sur­charge at the rate of 12% of such tax, where total income exceeds one crore rupees. How­ev­er, the sur­charge shall be sub­ject to mar­gin­al relief (where income exceeds one crore rupees, the total amount payable as income-tax and sur­charge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

 b)  Health and Edu­ca­tion Cess: The amount of income-tax and the applic­a­ble sur­charge, shall be fur­ther increased by health and edu­ca­tion cess cal­cu­lat­ed at the rate of four per­cent of such income-tax and sur­charge

Domes­tic Com­pa­ny

a domes­tic com­pa­ny is tax­able at 30%. How­ev­er, 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.

 a)  Sur­charge: The amount of income-tax shall be increased by a sur­charge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceed­ing ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. How­ev­er, the sur­charge shall be sub­ject to mar­gin­al relief, which shall be as under:

  •  (i)  Where income exceeds one crore rupees but not exceed­ing ten crore rupees, the total amount payable as income-tax and sur­charge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
  •  (ii)  Where income exceeds ten crore rupees, the total amount payable as income-tax and sur­charge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

 b)  Health and Edu­ca­tion Cess: The amount of income-tax and the applic­a­ble sur­charge, shall be fur­ther increased by health and edu­ca­tion cess cal­cu­lat­ed at the rate of four per­cent of such income-tax and sur­charge.

For­eign Com­pa­ny

Nature of IncomeTax Rate
Roy­al­ty received from Gov­ern­ment or an Indi­an con­cern in pur­suance of an agree­ment made with the Indi­an con­cern after March 31, 1961, but before April 1, 1976, or fees for ren­der­ing tech­ni­cal ser­vices in pur­suance of an agree­ment made after Feb­ru­ary 29, 1964 but before April 1, 1976 and where such agree­ment has, in either case, been approved by the Cen­tral Gov­ern­ment50%
Any oth­er income40%

 Sur­charge: The amount of income-tax shall be increased by a sur­charge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceed­ing ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. How­ev­er, the sur­charge shall be sub­ject to mar­gin­al relief, which shall be as under:

  •  (i) Where income exceeds one crore rupees but not exceed­ing ten crore rupees, the total amount payable as income-tax and sur­charge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
  •  (ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and sur­charge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

Health and Edu­ca­tion Cess: The amount of income-tax and the applic­a­ble sur­charge, shall be fur­ther increased by health and edu­ca­tion cess cal­cu­lat­ed at the rate of four per­cent of such income-tax and sur­charge.

Co-oper­a­tive Soci­ety

Tax­able incomeTax Rate
Up to Rs. 10,00010%
Rs. 10,000 to Rs. 20,00020%
Above Rs. 20,00030%

Sur­charge: The amount of income-tax shall be increased by a sur­charge at the rate of 12% of such tax, where total income exceeds one crore rupees. How­ev­er, the sur­charge shall be sub­ject to mar­gin­al relief (where income exceeds one crore rupees, the total amount payable as income-tax and sur­charge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

Health and Edu­ca­tion Cess: The amount of income-tax and the applic­a­ble sur­charge, shall be fur­ther increased by health and edu­ca­tion cess cal­cu­lat­ed at the rate of four per­cent of such income-tax and sur­charge.

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