Income Tax Slab Rates AY 2019-20, FY 2018-19, Income Tax Rates 2019

Income Tax Slab Rates

Income Tax Slab Rates AY 2019-20, FY 2018-19, Income Tax Rate 2019 & All Past Years. Income Tax Rate for Individuals for AY 2019-20. All Assessees are required to file income tax return each year if they have taxable income of more than Rs.2.5 lakhs. The income tax rates AY 2019-20 or FY 2018-19 for salaried individuals is as follows

Income Tax Slab Rates AY 2019-20

Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals less than 60 years

Taxable income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5 %
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals betwen 60 years and 80 years

Taxable income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals above 80 years

Taxable income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,000 – Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

In addition to the Income Tax amount calculated, based on the above-mentioned tax slabs, individuals are required to pay Surcharge and Cess.

  • 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. (Newly introduced through 2018 Budget)

Income Tax Slab For Non-Resident Indians (NRIs)

The tax slabs and rates for the Financial Year of 2018-19 are:

Taxable Income Tax Rate
Up to Rs.2.5 lakh Nil
From Rs.2.5 lakh up to Rs.5 lakh 5%
From Rs.5 lakh up to Rs.10 lakh 20%
More than Rs.10 lakh 30%

Health and Education Cess – 4%

Income Tax Slab for Expats

The tax slabs and rates for the Financial Year of 2018-19 are:

Taxable Income Tax Rate
Up to Rs.2.5 lakh Nil
From Rs.2.5 lakh up to Rs.5 lakh 5%
From Rs.5 lakh up to Rs.10 lakh 20%
More than Rs.10 lakh 30%

Education cess and Surcharge payable (if any) – 3%

Income Tax Slab for Freelancers

The tax slabs and rates applicable to freelancers for the Financial Year of 2018-19 are:

Taxable Income Tax Rate
Up to Rs.2.5 lakh Nil
From Rs.2.5 lakh up to Rs.5 lakh 5%
From Rs.5 lakh up to Rs.10 lakh 20%
More than Rs.10 lakh 30%

Additional Components:

  1. Surcharge:
Income Rate Applicable
More than Rs.50 lakh but less than Rs.1 crore 10% of the income tax
More than Rs.1 crore 15% of the income tax (applicable on amounts that are higher than Rs.1 crore)
  1. Health and Education Cess: “Health and Education Cess” will replace the “Secondary and Higher Education Cess” and “Education Cess” and will be charged at the rate of 4% on the tax amount which is calculated (this includes the surcharge as well).

Income Tax Slab For Doctors

The tax slabs and rates applicable to doctors for the Financial Year of 2018-19 are:

Taxable Income Tax Rate
Up to Rs.2.5 lakh Nil
From Rs.2.5 lakh up to Rs.5 lakh 5%
From Rs.5 lakh up to Rs.10 lakh 20%
More than Rs.10 lakh 30%

Surcharge:

  • If the total income is more than Rs.50 lakh – 10% of the tax
  • If the total income is more than Rs.1 crore – 15% of the tax
  • Health & Education cess at the rate of 4% of tax along with the surcharge

Income Tax slab for Pensioners

The tax slabs and rates applicable to pensioners for the Financial Year of 2018-19 are:

Income Tax Slabs on Dividend

Income Tax Slabs Tax Rate Health and Education Cess
For income up to Rs.3 lakh No tax
For income from Rs.3 lakh up to Rs.5 lakh 5% 4% of Income Tax
For income from Rs.5 lakh up to Rs.10 lakh 20% 4% of Income Tax
For income exceeding Rs.10 lakh 30% 4% of Income Tax

Surcharge:

Income Rate Applicable
More than Rs.50 lakh but less than Rs.1 crore 10% of the income tax
More than Rs.1 crore 15% of the income tax (applicable on the amount that is more than Rs.1 crore)

*Exemption limit of Income Tax is up to Rs.3 lakh for Financial Year 2018-19.

Domestic Companies – Part (IV):

Turnover Particulars Tax Rate
If the gross turnover in the previous year is less than Rs.250 crore 25%
If the gross turnover in the previous year is more than Rs.250 crore 30%

Additional rates which are applicable:

Cess: 4% of the corporate tax

Surcharge: When the taxable income is higher than Rs.1 crore but less than Rs.10 crore, the applicable surcharge will be 7%.

Surcharge: When the taxable income is higher than Rs.10 crore, the applicable surcharge will be 12%.

Income Tax Slabs on Dividend

Depending on the source of the dividend earned, the dividend income received by an individual is taxed.

Dividend Source Tax Rate for Individuals/HUFs Income Tax Section
If the average dividend income earned over the year does not exceed Rs.10 lakh Nil Section 10(34)
If the average dividend income received during the year exceeds Rs.10 lakh 10% Section 115BBDA

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Recently we also provide Special Article on What is Franking ? Why Documents Need to be Franking? and How to E-File Income Tax Return full guide and Procedure. Now you can Scroll Down Below and check complete details regarding all latest income tax slab rates for A.Y. 2019-2020 and All Past Years at One Place.

Due Date for Filing Income Tax Return for Salaried Individuals

The income tax return of a salaried individual is due on 31st July.

Which ITR Form should a salaried individual use?

Salaried Individuals may have to file ITR-1 or ITR-2 based on certain criteria as detailed below :

Form ITR-1

Form ITR-1 must be used when the source of income is limited to Salary/Pension, One House Property and other sources (Excluding winning from lottery and race horses).

Form ITR-1 should not be filed for below cases :

  • Income that exceeds Rs. 50 Lakhs
  • Assessee has Taxable Capital Gains
  • Assessee has any of the below sources of income :
    • Income from foreign assets
    • Agricultural income that exceeds Rs. 5000
    • Income from Business or Profession
    • Income from more than one house property

Know more about ITR-1 return

Form ITR-2

Form ITR-2 must be filed by individuals who are not eligible to file ITR-1,  because of following reasons :

  • Income exceeding Rs. 50 Lakhs
  • Having foreign assets / income
  • Having agricultural income which is more than Rs. 5,000
  • Having taxable capital gains
  • Having income from business or profession as a partner
  • Having more than one house property

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