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Fincash » Income Tax Slab & Rate FY 19 - 20

Income Tax Slab & Rate for FY 18 - 19

Updated on October 14, 2019 , 6729 views

In India, Income Tax is charged based on an individual’s income. These tax rates are based on the range of income called income slabs. The more the income, more the tax. The tax slabs tend to undergo a change during every budget. In this article, we shall understand the tax based on slabs, categories of taxpayers, etc.

Income-Tax-Slab-Rate

Categories of Individual Taxpayers

There are three categories of individual taxpayers:

  1. Individuals (below the age of 60 years), includes residents as well as non-residents
  2. Resident Senior citizens- 60 years and above but below 80 years of age
  3. Resident Super senior citizens- above 80 years of age

Income Tax Slab & Rate for FY 2018-19 (AY 2019-20)

Here's the income tax slab rates FY 2018-19 for-

  • Individuals & HUF (Age <60 years)
  • Senior Citizens (Age: 60-80 yrs)
  • Senior Citizens (Age > 80 yrs)
  • Domestic Companies

1. Individual Tax Payers & HUF (Less Than 60 Years Old)– I

Income Tax Slabs Tax Rate Health and Education Cess
Income up to INR 2,50,000* No tax
Income from INR 2,50,000 – INR 5,00,000 5% 4% of Income Tax
Income from INR 5,00,000 – 10,00,000 20% 4% of Income Tax
Income more than INR 10,00,000 30% 4% of Income Tax

*Income tax exemption limit for FY 2018-19 is up to INR 2,50,000 for individual & HUF other than those covered in 2 or 3.

2. Senior Citizens (60 Years Old Or More but Less than 80 Years Old)

Income Tax Slabs Tax Rate Health and Education Cess
Income up to INR 3,00,000* No tax
Income from INR 3,00,000 – INR 5,00,000 5% 4% of Income Tax
Income from INR 5,00,000 – INR 10,00,000 20% 4% of Income Tax
Income more than INR 10,00,000 30% 4% of Income Tax

*Income tax exemption limit for FY 2018-19 is up to INR 3,00,000 other than those covered in 1 or 3.

3. Senior Citizens (80 Years Old Or More)

Income Tax Slabs Tax Rate Health and Education Cess
Income up to INR 5,00,000* No tax
Income from INR 5,00,000 – INR 10,00,000 20% 4% of Income Tax
Income more than INR 10,00,000 30% 4% of Income Tax

*Income tax exemption limit for FY 2018-19 is up to INR 5,00,000 other than those covered in 1 or 2.

4. Domestic Companies

Turnover Particulars Tax Rate
Gross turnover upto 250 Cr. in the previous year 25%
Gross turnover exceeding 250 Cr. in the previous year 29%

In addition, cess and surcharge are levied as follows: Cess: 4% of corporate tax Surcharge. Taxable income is more than 1Cr but less than 10Cr- 7%, Taxable income is more than 10Cr- 12%

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How to Calculate Income Tax from Income Tax Slabs?

For illustration purpose, let’s assume a total taxable income of INR 8,00,000, and this income has been calculated by including income from all sources such as salary, interest income, and rental income. Deductions under Section 80 have also been reduced.

Now, let us calculate income tax for FY 2017-18 (AY 2018-19)-

Income Slabs Tax Rate Tax Calculation
Income up to INR 2,50,000 No tax
Income from INR 2,50,000 – INR 5,00,000 5% (INR 5,00,000 – INR 2,50,000) INR 12,500
Income from INR 5,00,000 – 10,00,000 20% (INR 8,00,000 – INR 5,00,000) INR 60,000
Income more than INR 10,00,000 30% nil
Tax INR 72,500
Cess 4% of INR 72,500 INR 2,900
Total tax in FY 2017-18 (AY 2018-19) INR 75,400

Income Tax Slab & Rate for FY 2017-18 (AY 2018-19)

Here's the income tax slab rates FY 2018-19 for -(i) Individuals & HUF (Age <60 years), (ii) Senior Citizens (Age: 60-80 yrs), (iii) Senior Citizens (Age > 80 yrs), (iv) Domestic Companies.

1. Individual Tax Payers & HUF (Less Than 60 Years Old)

Income Tax Slabs Tax Rate Health and Education Cess
Income up to INR 2,50,000* No tax
Income from INR 2,50,000 – INR 5,00,000 5% 3% of Income Tax
Income from INR 5,00,000 – INR 10,00,000 20% 3% of Income Tax
Income more than INR 10,00,000 30% 3% of Income Tax

*Income tax exemption limit for FY 2017-18 is up to INR 2,50,000 for individual & HUF other than those covered in 2 or 3.

2. Senior Citizens (60 Years Old Or More but Less than 80 Years Old)

Income Tax Slabs Tax Rate Health and Education Cess
Income up to INR 3,00,000* No tax
Income from INR 3,00,000 – INR 5,00,000 5% 3% of Income Tax
Income from INR 5,00,000 – INR 10,00,000 20% 3% of Income Tax
Income more than INR 10,00,000 30% 3% of Income Tax

*Income tax exemption limit for FY 2017-18 is up to INR 3,00,000 other than those covered in 1 or 3.

3. Senior Citizens (80 Years Old Or More)

Income Tax Slabs Tax Rate Health and Education Cess
Income up to INR 5,00,000* No tax
Income from INR 5,00,000 – INR 10,00,000 20% 3% of Income Tax
Income more than INR 10,00,000 30%

*Income tax exemption limit for FY 2017-18 is up to INR 5,00,000 other than those covered in 1 or 2.

4. Domestic Companies

Turnover Particulars Tax Rate
Gross turnover upto 50 Cr. in the previous year 2015-16 25%
Gross turnover exceeding 50 Cr. in the previous year 2015-16 30%

*In addition, cess and surcharge are levied as follows: Cess: 3% of corporate tax Surcharge. Taxable income is more than 1 cr but less than 10 cr- 7%, Taxable income is more than 10 Cr- 12%


Income Tax Slab & Rate for FY 2016-17 (AY 2017-18)

Here's the income tax slab rates FY 2018-19 for -(i) Individuals & HUF (Age <60 years), (ii) Senior Citizens (Age: 60-80 yrs), (iii) Senior Citizens (Age > 80 yrs), (iv) Domestic Companies.

1. Individual Tax Payers & HUF (Less than 60 Years Old)

Income Tax Slabs Tax Rate
Income up to INR 2,50,000* No tax
Income from INR 2,50,000 – INR 5,00,000 10%
Income from INR 5,00,000 – INR 10,00,000 20%
Income more than INR 10,00,000 30%

*Income tax exemption limit for FY 2016-17 is up to INR 2,50,000 other than those covered in 1 or 2.

2. Senior Citizens (60 Years Old Or More but Less than 80 Years Old)

Income Tax Slabs Tax Rate
Income up to INR 3,00,000* No tax
Income from INR 3,00,000 – INR 5,00,000 10%
Income from INR 5,00,000 – 10,00,000 20%
Income more than INR 10,00,000 30%

*Income tax exemption limit for FY 2016-17 is up to INR 3,00,000 other than those covered in 1 or 3.

3. Senior Citizens (80 Years Old Or More)

Income Tax Slabs Tax Rate
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Income tax exemption limit for FY 2016-17 is up to INR 5,00,000 other than those covered in 1 or 2.

4. Domestic Companies

Turnover Particulars Tax Rate
Gross turnover upto 5 Cr. in the previous year 2014-15 29%
Gross turnover exceeding 5 Cr. in the previous year 2014-15 30%

In addition, cess and surcharge are levied as follows: Cess: 3% of corporate tax Surcharge. Taxable income is more than 1Cr but less than 10 Cr- 7%. Taxable income is more than 10Cr- 12%.

Comparing Indian Tax Rates with Other Countries

As per the report by KPMG-

'A country’s personal income tax rate is only one indicator of how much tax an individual actually ends up paying on their income.'

Effective Income Tax and Social Security Rates on USD100,000 of Gross Income

Rank Country Effective income tax rate Effective employee social security rate
1 Beligium 33.9% 13.1
2 Greece 30.0% 16.5
3 Croatia 26.8% 19.5%
4 Italy 35.6% 9.6%
5 Germany 28.3% 15.5%
6 Denmark 42.1% 0.2%
7 Curacao 38.6% 3.4%
8 France 20.0% 22.0%
9 Senegal 42.0% 0.0%
10 Sint Maarten 37.4% 3.1%
11 Luxembourg 27.9% 12.5%
12 Netherlands 28.5% 11.8%
13 Portugal 28.9% 11.0%
14 India 27.3% 12.0%

countries-tax Source- KPMG's Individual Income Tax and Social Security Rate Survey 2012, KPMG International

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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