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Income Tax Rates for Financial Year 2018-19 (Assessment Year 2019-20):

Tax Rates for Individuals for the Assessment Year 2018-19 (financial year 2017-18)
Tax Rates for individuals for the Assessment Year 2017-18 (financial year 2016-17)




Before applying the tax rates to calculate tax liability, one must check that deduction u/s 80C for tax saving investments upto Rs. 150000, interest on house loan benefit upto Rs. 200000(on property), Rs. 50000 additional deduction for investments in NPS u/s 80CCD and deduction of savings bank interest u/s 80TTA upto Rs. 10000 must be considered.

Income Tax Rates applicable for the financial year 2018-19 (Assessment Year 2019-20) to different age groups of resident individuals:
  • For Individuals both male and female(other than senior citizens and super senior citizens):

Total Income  Tax Rate
upto Rs. 2,50,000/- Nil
above Rs. 2,50,000/- upto Rs. 5,00,000/- 5% of income above Rs. 2,50,000/-
above Rs. 5,00,000/- upto Rs. 10,00,000/- Rs. 12,500/- + 20% of income above Rs. 5,00,000/-
above Rs. 10,00,000/- Rs. 1,12,500/- + 30% of income above Rs. 10,00,000/-
*Tax rebate u/s 87A of 100% tax upto max Rs. 2500/- is available only to people with income upto Rs. 3,50,000/-
*10% surcharge will be applicable if income is in the range of Rs. 50 lacs to 1 crore
*15% surcharge will be applicable for incomes above Rs. 1 crore.
*4% Health & Education Cess will also be applicable on total tax & surcharge (if any) calculated

   
  • For Senior Citizens ( individuals above the age of 60 years but less then 80 years of age):

Total Income  Tax Rate
upto Rs. 3,00,000/- Nil
above Rs. 3,00,000/- but upto Rs. 5,00,000/- 5% of income above Rs. 3,00,000/-
above Rs. 5,00,000/- but upto Rs. 10,00,000/- Rs. 10,000/- + 20% of income above Rs. 5,00,000/-
above Rs. 10,00,000/- Rs. 1,10,000/- + 30% of income above Rs. 10,00,000/-
*Tax rebate u/s 87A of 100% tax upto max Rs. 2500/- is available only to people with income upto Rs. 3,50,000/-
*10% surcharge will be applicable if income is in the range of Rs. 50 lacs to 1 crore
*15% surcharge will be applicable for incomes above Rs. 1 crore.
*4% Health & Education Cess will also be applicable on total tax & surcharge (if any) calculated

  • For Super Senior Citizens (individuals above the age of 80 years):

Total Income  Tax Rate
upto Rs. 5,00,000/- Nil
above Rs. 5,00,000/- but upto Rs. 10,00,000/- 20% of income above Rs. 5,00,000/-
above Rs. 10,00,000/- Rs. 1,00,000/- + 30% of income above Rs. 10,00,000/-
*10% surcharge will be applicable if income is in the range of Rs. 50 lacs to 1 crore
*15% surcharge will be applicable for incomes above Rs. 1 crore.
*4% Health & Education Cess will also be applicable on total tax & surcharge (if any) calculated


Tax Rates for Companies for the Financial Year 2015-16 (Assessment year 2016-17)
Click here for Tax Rates for individuals for Financial Year 2015-16 (Assessment year 2016-17)
Click here for Tax Rates for individuals for Financial year 2014-15(Assessment Year 2015-16)
Click here for Tax Rates for individuals for Financial year 2013-14(Assessment Year 2014-15)
Click here for Tax Rates for individuals for Financial year 2012-13(Assessment Year 2013-14)
Understand the terms Financial Year and Assessment Year







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