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Thursday, 27 September 2018

Income Tax Slabs for F.Y 2018-19 (AY 2019-20)


On first Feb 2018, Finance Minister Mr.Arun Jaitley tabled the Union Budget 2018-19 in the Parliament. In Budget 2018, following tax provisions have been announced in relation to slabs of income tax tax slabs and rates :


No Change in the Personal Income Tax Rate :




Budget 2018 has kept the slabs and the slab rates of an individual unaltered. Moreover, no modifications has been done in surcharge and rebate u/s 87A.
In simple words, the personal income tax slabs for 2018-19 would be same as of F.Y 17-18 as well. For detailed slab rates of F.Y 17-18

Latest Income Tax Slab Rate for the F.Y. 2017-18 (A.Y. 2018-19) are
I. Income Tax Slab for Indian Individuals

Income Tax Slab for Individuals less than 60 years for F.Y. 2017-18 ( For Male)
Income Slab(s)
Income Tax Rate for AY 2018-19 (F.Y. 2017-18)
Upto 2,50,000
Nil
From 2,50,001- 5,00,000
5%
From 5,00,001-10,00,000
20%
Above 10,00,000
30%
Less: Rebate under Section 87A
Add: Surcharge and EC & SHEC
Income Tax Slab for Individuals less than 60 years for F.Y. 2017-18 ( For Female)
Income Slab(s)
Income Tax Rate for F.Y. 2017-18
Upto 2,50,000
Nil
From 2,50,001- 5,00,000
5%
From 5,00,001-10,00,000
20%
Above 10,00,000
30%
Less: Rebate under Section 87A
Add: Surcharge and EC & SHEC
Income Tax Slab for Individuals more than or equal to 60 years but less than 80 years known as
Senior Citizens for F.Y. 2017-18 (Both Male and Female)
Income Slab(s)
Income Tax Rate for F.Y. 2017-18
Upto 3,00,000
Nil
From 3,00,001- 5,00,000
5%
From 5,00,001-10,00,000
20%
Above 10,00,000
30%
Less: Rebate under Section 87A
Add: Surcharge and EC & SHEC
Income Tax Slab for Individuals more than or equal to 80 years known as Super Senior Citizens
For F.Y. 2017-18 (Both Male and Female)
Income Slab(s)
Income Tax Rate for F.Y. 2017-18
Upto 5,00,000
Nil
From 5,00,001-10,00,000
20%
Above 10,00,000
30%
Add: Surcharge and EC & SHEC


II. Income Tax Slabs For Non-Residents
Income Slab(s)
Income Tax Rate for F.Y. 2017-18
Upto 2,50,000
Nil
From 2,50,001- 5,00,000
5%
From 5,00,001-10,00,000
20%
Above 10,00,000
30%
Add: Surcharge and EC & SHEC
Please note : Rebate u/s 87A and Age-wise slab rate as discussed above in case of resident individual are not

available to Non-Residents.

III. Income Tax Slabs For Hindu Undivided Family(HUF)
Income Tax Slab for AY 2018-19 for HUF (F.Y. 2017-18)
Income Slab(s)
Income Tax Rate for F.Y. 2017-18
Upto 2,50,000
Nil
From 2,50,001- 5,00,000
5%
From 5,00,001-10,00,000
20%
Above 10,00,000
30%
Add: Surcharge and EC & SHEC
IV. Income Tax Slabs For Body of Individuals(BOI)
IncomeTax Slab for BOI for F.Y. 2017-18
Income Slab(s)
Income Tax Rate for F.Y. 2017-18
Upto 2,50,000
Nil
From 2,50,001- 5,00,000
5%
From 5,00,001-10,00,000
20%
Above 10,00,000
30%
Add: Surcharge and EC & SHEC

V. Income Tax Slabs For Association of Person(AOP)
Income Tax Slab for AOP for F.Y. 2017-18. Mention below below AOP income tax rates 2018-19
Income Slab(s)
Income Tax Rate for F.Y. 2017-18
Upto 2,50,000
Nil
From 2,50,001- 5,00,000
5%
From 5,00,001-10,00,000
20%
Above 10,00,000
30%
Add: Surcharge and EC & SHEC

VI. Income Tax Rate for Firms and LLP
A firm /LLP is taxable at flat rate of 30 percent for the F.Y. 2017-18 (A.Y. 2018-19).
Add: Surcharge and EC & SHEC

VII. Income Tax Rate for Indian Company
For F.Y.2017-18( A.Y. 2018-19) the income tax slab for Indian Company. Mentioned below is the income tax
 rate for AY 2018-19 for companies.
Total Turnover or Gross Receipts (Rs.)
Rate of Income Tax
Amount does exceed Rs.50 crore, in the previous year 2015-16
25%
Amount exceeds Rs.50 crore
30%
Add: Surcharge and EC & SHEC

VIII. Income Tax Rate for Foreign Company
A foreign company is taxable at flat rate of 40 percent for the F.Y. 2017-18 ( A.Y. 2018-19).
Add: Surcharge and EC & SHEC

IX. Income Tax Rate for Co-operative Societies
For F.Y.2017-18( A.Y. 2018-19 ) the new income tax slab 2018-19 for co-operative society
Income (Rs)
Rate of Income Tax
Upto 10,000
10%
From 10,001-20,000
20%
Above 20,000
30%
Add: Surcharge and EC & SHEC
X. Income Tax Rate for Local Authorities
Local authorities are taxable at flat rate of 30 percent for the F.Y. 2017-18( A.Y. 2018-19).
Add: Surcharge and EC & SHEC
Surcharge :The amount of income-tax shall be increased by a surcharge at the rate specified in the table,
 where total income exceeds the specified amount:
Surcharge Rates for
0-Rs.50 lakh
Rs.50 lakh - Rs.1 crore
Rs.1 crore - Rs.10 crore
Above Rs.10 crore
Individual(Men, Female, NRI) /HUF /AOP /BOI /other Artificial Juridical person
Nil
10%
15%
15%
Firm/Co-Operative Society/local authority
Nil
Nil
12%
12%
Domestic Company
Nil
Nil
7%
12%
Foreign Company
Nil
Nil
2%
5%



EC & SHEC
Education Cess(EC) :The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at 2 percent of income tax and surcharge.
Secondary & Higher Education Cess(SHEC) :The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at 1 percent of income tax 2018-19 and surcharge.
Rebate under Section 87A :Section 87A of the Act states that if a resident individual's total income does not exceed Rs. 3.5 lakhs then the individual will get benefit of rebate. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.
Prior to the union budget 2017, it was on the taxable income up to INR 5 lakh and the benefit was of Rs. 5000/-.

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