Friday 1 February 2019

Income Tax Slab & Rate for FY 2018-19, A.Y 2019-20

Income Tax Slab & Rate for FY 2018-19, A.Y
Income tax slab
Income tax slab
2019-20

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

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 :

How to pay income tax online-


GSTR 3B NIL RETURN FILE


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