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Friday, February 1, 2019

Income Tax Slab 2019-20




 Tax Rates for an Individuals for the AY 2019-20:

Tax Rates for Individuals

Income

Rates of Income Tax

Individual (Age less than 60 Years)

Senior Citizen (Age above 60 Years)

Super Senior Citizen (Age above 80 Years)
1.
Up to Rs. 2,50,000
Nil
Nil
Nil
2.
Rs. 2,50,000 to Rs. 3,00,000
5%
Nil
Nil
3.
Rs. 3,00,000 to Rs. 5,00,000
5%
5%
Nil
4.
Rs. 5,00,000 to Rs. 10,00,000
20%
20%
20%
5.
Above Rs. 10,00,000
30%
30%
30%



Tax Rates for Corporate Assessee for the A.Y. 2019-20:

Tax Rates* for Corporate Assessee for the A.Y. 2019-20


Status of Taxpayer


Rates of income-tax

1.

Firms/Local Authority


30%

2.

Domestic Company


30%/25% #

3

Foreign Company


40%


 # Tax rate is 25% if turnover or gross receipts of the domestic company in the previous year 2016-17 doesn't exceed Rs. 250 crore




The above rates are exclusive of surcharge and cess.
 Tax Rates* for Co-operatives Societies for the A.Y. 2019-20:

Tax Rates* for Co-operatives Societies for the A.Y. 2019-20


Income


Rates of income-tax
1.
Up to Rs. 10,000

10%
2.
Rs.10,000 – Rs.20,000

20%
3
Above Rs. 20,000

30%

*The above rates are exclusive of surcharge and cess.
 Rates of Surcharge:

Rates of Surcharge


Particulars

Taxable Income

50 Lacs to 1 Crore

1 Crore to 10 Crores

Exceeding 10 Crores
1.
Individuals/HUF

10%
15%
15%
2.
Firm/ Local Authority/ Co-operative Society

Nil
12%
12%
3.
Domestic Company

Nil
7%
12%
4.
Foreign Company

Nil
2%
5%
5.
Co-operative Societies

Nil
12%
12%

* The health &education cess at the rate of 4% shall be computed on aggregate of Income-Tax and Surcharge.


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