Saturday, 7 April 2018

Income Tax Rates for FY 2018-2019 for Individual / HUF and Companies

Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I

Income Tax SlabTax RateSec 80C Investments
Income up to Rs 2,50,000*No tax
Income from Rs 2,50,000 – Rs 5,00,0005%Save Rs 7,500 in taxes. 
Income from Rs 5,00,000 – 10,00,00020%Save Rs 30,000 in taxes.
Income more than Rs 10,00,00030%Save Rs 45,000 in taxes. 
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Health & Education Cess: 4% of Income Tax.
*Income tax exemption limit for FY 2018-19 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19 – Part II

Income Tax SlabTax RateSec 80C Investments
Income up to Rs 3,00,000*No tax
Income from Rs 3,00,000 – Rs 5,00,0005%Save Rs 7,500 in taxes. 
Income from Rs 5,00,000 – 10,00,00020%Save Rs 30,000 in taxes. 
Income more than Rs 10,00,00030%Save Rs 45,000 in taxes. 
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Health & Education Cess: 4% of Income Tax.
*Income tax exemption limit for FY 2018-19 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slab for Senior Citizens(80 Years Old Or More) for FY 2018-19 – Part III

Income Tax SlabTax RateSec 80C Investments
Income up to Rs 5,00,000*No tax
Income from Rs 5,00,000 – 10,00,00020%Save Rs 30,000 in taxes. 
Income more than Rs 10,00,00030%Save Rs 45,000 in taxes. 
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Health & Education Cess: 4% of Income Tax.
*Income tax exemption limit for FY 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Income Tax Slab for Domestic Companies for FY 2018-19 – Part IV

Turnover ParticularsTax Rate
Gross turnover upto 250 Cr. in the previous year25%
Gross turnover exceeding 250 Cr. in the previous year29%
In addition cess and surcharge is 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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