INCOME SLAB AND TAX RATES FOR F.Y. 2018-19/A.Y. 2019-20

The Budget 2018 has proposed no changes in the income tax rates and slabs for the FY 2018-19. However, cess has been hiked to 4 per cent from 3 percent across the board for taxpayers.

1. Income Tax Slab Rate for FY 2018-19 for Individuals:
   1. Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:

      Note: Here is the latest tds rate chart for FY 2023 -24 and income tax slab for AY 2023-24 (FY 2022-23) & AY 2024-25 (FY 2023-24).

      Taxable income	Tax Rate
      Up to Rs. 2,50,000	Nil
      Rs. 2,50,001 to Rs. 5,00,000	5%
      Rs. 5,00,001 to Rs. 10,00,000	20%
      Above Rs. 10,00,000	30%

   2. Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:

      Taxable income	Tax Rate
      Up to Rs. 3,00,000	Nil
      Rs. 3,00,001 - Rs. 5,00,000	5%
      Rs. 5,00,001 - Rs. 10,00,000	20%
      Above Rs. 10,00,000	30%

   3. Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:

      Taxable income	Tax Rate
      Up to Rs. 5,00,000	Nil
      Rs. 5,00,001 - Rs. 10,00,000	20%
      Above Rs. 10,00,000	30%

      Surcharge: 10% of tax where total income exceeds Rs. 50 lakh | 15% of tax where total income exceeds Rs. 1 crore

      Education cess: 4% of tax plus surcharge

      Note: A resident individual is entitled for rebate u/s 87A if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

2. Income Tax Rates for HUF/AOP/BOI/Any other Artificial Juridical Person:

   Taxable income	Tax Rate
   Up to Rs. 2,50,000	Nil
   Rs. 2,50,001 to Rs. 5,00,000	5%
   Rs. 5,00,001 to Rs. 10,00,000	20%
   Above Rs. 10,00,000	30%

   Surcharge: 10% of tax where total income exceeds Rs. 50 lakh | 15% of tax where total income exceeds Rs. 1 crore

   Education cess: 4% of tax plus surcharge

3. Tax Rate For Partnership Firm:

   A partnership firm (including LLP) is taxable at 30%.

   Surcharge: 12% of tax where total income exceeds Rs. 1 crore

   Education cess: 4% of tax plus surcharge

4. Income Tax Slab Rate for Local Authority:

   A local authority is taxable at 30%.

   Surcharge: 12% of tax where total income exceeds Rs. 1 crore

   Education cess: 4% of tax plus surcharge

5. Tax Slab Rate for Domestic Company:

   A domestic company is taxable at 30%. However, tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 50 crore.

   Surcharge: 7% of tax where total income exceeds Rs. 1 crore | 12% of tax where total income exceeds Rs. 10 crore

   Education cess: 4% of tax plus surcharge

6. Tax Rates for Foreign Company:

   A foreign company is taxable at 40%

   Surcharge: 2% of tax where total income exceeds Rs. 1 crore | 5% of tax where total income exceeds Rs. 10 crore

   Education cess: 4% of tax plus surcharge

7. Income Tax Slab for Co-operative Society:

   Taxable income	Tax Rate
   Up to Rs. 10,000	10%
   Rs. 10,001 to Rs. 20,000	20%
   Above Rs. 20,000	30%

   Surcharge: 12% of tax where total income exceeds Rs. 1 crore

   Education cess: 4% of tax plus surcharge