Income Tax Slab & Rate for FY 2018-19, A.Y
Income tax slab
2019-20
Income tax slab
Individuals are required to file income tax
return each year if they have taxable income of more than Rs.2.5 lakhs. The
income tax rate AY 2019-20 or FY 2018-19 for salaried individuals is as
follows.
Note:
Financial year starts from 1st April and ends on 31st March. For example, the
financial year 2018 – 19 would be 1st April 2018 to 31st March 2019. Assessment
year is the year immediately following the financial year wherein the income of
the financial year is assessed. Hence, in the assessment year 2019 – 20 the
income tax for the period from 1st April 2018 to 31st March 2019 would be
assessed.
* No tax for individuals with income less than 2,50,000
* 0% to 5% tax with income 2.5 lacs to 5 lacs for different age groups
* 20% tax with income 5 lacs to 10 lacs
* Investments upto 1.5 lacs under sec 80C can save 46,800 in taxes
Income Tax Slab & Rate for FY 2018-19, A.Y 2019-20
INTRODUCTION FOR SLABS
There are three
categories of individual taxpayers:
* Individuals (below the age of 60 years) which includes residents as well as non-residents
* Resident Senior citizens (60 years and above but below 80 years of age)
* Resident Super senior citizens (above 80 years of age)
Income tax slab
Income tax slab for individual tax payers & HUF (below the age of 60 years old) for F.Y 2018-19 (Part-I )
Taxable Income
|
Tax Rate
|
Up to Rs. 2,50,000.00
|
Nil
|
Rs. 2,50,000.00 to 5,00,000.00
|
5%
|
Rs. 5,00,000.00 to 10,00,000.00
|
20%
|
Above Rs. 10,00,000.00
|
30%
|
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 above Rs.1 crore.
Income tax slab for resident Senior citizens (60 years old and above but below 80 years old) for F.Y 2018-19 (Part-II )
Taxable Income
|
Tax Rate
|
Up to Rs. 3,00,000.00
|
Nil
|
Rs. 2,50,000.00 to 5,00,000.00
|
5%
|
Rs. 5,00,000.00 to 10,00,000.00
|
20%
|
Above Rs. 10,00,000.00
|
30%
|
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 above Rs.1 crore.
Income tax slab for resident Super senior citizens (above 80 years of age old) for the F.Y 2018-19 (Part-III)
Taxable Income
|
Tax Rate
|
Up to Rs. 5,00,000.00
|
Nil
|
Rs. 5,00,000.00 to 10,00,000.00
|
20%
|
Above Rs. 10,00,000.00
|
30%
|
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 above Rs.1 crore.
Introduction of Health and Education Cess @ 4% :
The
earlier cesses (Primary Education Cess and the Secondary and Higher Education
Cess ) @ 3% have been replaced by the new cess namely health and education cess
for AY 2018-19 @ 4%. Thereby increasing your tax outgo by 1 %.This rise in the
cess is done for all categories of assessees (individual, HUF, Firm , company
etc.).
Why Should Individuals File
Income Tax Return?
Under
the Income Tax Act, all individuals below the age of 60
years are required to file income tax return if total income exceeds Rs. 2.5
lakhs. In the case of individuals over the age of 60 years, but below 80 years,
income tax filing is mandatory if total income exceeds Rs.3 lakhs. Individuals
over the age of 80 years are required to file income tax return if the total
income exceeds Rs.5 lakhs.
Penalty for Not Filing
Income Tax Return
Not filing
your Income Tax Return would result in :
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 :
