12/13/2019 Income Tax Slabs & Tax Rate in India for FY 2018-19 & 2019-20 - Revised

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Income Tax Slabs & Tax Rate in India for Financial year 2019-
2020

According to the current income tax laws in India, the income tax rate on resident individuals varies based on
their age. There are different tax slabs applicable to the individuals for the financial year 2018-19 and 2019-20.
For instance, a resident individual, aged below 60 years, with an income less than Rs 2.5 lacs is exempt from
paying income tax.

Given below are the tables for the latest income tax slabs for FY 2018-19 and FY 2019-20.

Income Tax Slab Tax Rate for Individual & HUF Below the Age Of 60 Years

Up to ₹2,50,000* Nil

₹2,50,001 to ₹5,00,000 5% of total income exceeding ₹2,50,000

₹5,00,001 to ₹10,00,000 ₹12,500 + 20% of total income exceeding ₹5,00,000

Above ₹10,00,000 ₹1,12,500 + 30% of total income exceeding ₹10,00,000

What is Income Tax Slabs ?

In India, income tax (https://cleartax.in/s/income-tax)is levied on individual taxpayers on the basis of a slab
system where different tax rates have been prescribed for different slabs and such tax rates keep increasing
with an increase in the income slab.

Such tax slabs tend to undergo a change during every budget.

Further, since the budget 2018 has not announced any changes in income tax slabs this time, it remains the
same as that of last year.

There are three categories of individual taxpayers:

1.Individuals (below the age of 60 years) which includes residents as well as non-residents
2.Resident Senior citizens (60 years and above but below 80 years of age)
3.Resident Super senior citizens (above 80 years of age)

New Income Tax Slabs and Rates for Financial Year – 2019-20

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12/13/2019 Income Tax Slabs & Tax Rate in India for FY 2018-19 & 2019-20 - Revised

Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2019-
20 – Part I

Income Tax Slabs Tax Rate for Individual & HUF Below the Age Of 60 Years

Up to ₹2,50,000* Nil

₹2,50,001 to ₹5,00,000 5% of total income exceeding ₹2,50,000

₹5,00,001 to ₹10,00,000 ₹12,500 + 20% of total income exceeding ₹5,00,000

Above ₹10,00,000 ₹1,12,500 + 30% of total income exceeding ₹10,00,000

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY
2019-20 – Part II

Tax Rate for Senior cetizens aged 60 Years But Less than 80
Income Tax Slabs
Years

Income up to Rs 3,00,000* No tax

Income from Rs 3,00,000 – Rs

5%
5,00,000

Income from Rs 5,00,000 –

20%
10,00,000

Income more than Rs 10,00,000 30%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20 – Part III

Income Tax Slabs Tax Rate for Super Senior Citizens (Aged 80 Years And Above)

Income up to Rs 5,00,000* No tax

Income from Rs 5,00,000 – 10,00,000 20%

Income more than Rs 10,00,000 30%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Surcharge applicable to the individuals covered in Part I, II and III:

Surcharge Rate on the amount of income

Income limit
tax

Net income exceeds Rs.50 Lakhs but doesn’t exceed Rs. 1

10%
Crore

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12/13/2019 Income Tax Slabs & Tax Rate in India for FY 2018-19 & 2019-20 - Revised

Net income exceeds Rs.1 Crore but doesn’t exceed Rs 2

15%
crore

Net income exceeds Rs.2 Crore but doesn’t exceed Rs 5

25%
crore

Net income exceeds Rs.5 Crore 37%

Income Tax Slabs for Domestic Companies for FY 2019-20 – Part IV

Turnover Particulars Tax Rate

Gross turnover upto 400 Cr. in the FY 2017-18 25%

Gross turnover exceeding 400 Cr. in the FY 2017-18 30%

Where the company opted for Section 115BA 25%

GWhere the company opted for Section 115BAA 22%

Where the company opted for Section 115BAB 15%

In addition cess and surcharge is levied as follows:

Cess: 4% of corporate tax

Surcharge applicable:

Surcharge Rate on the amount of income

Income Limit
tax

Net income exceeds Rs.1 Crore but doesn’t exceed Rs.10

7%
Crore

Net income exceeds Rs.10 Crore 12%

However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section
115BAB shall be 10% irrespective of amount of total income.

Income Tax Slabs Rates for FY 2018-19(AY 19-20)

Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 –
Part I

Income Tax Slabs Tax Rate for Individual & HUF Below the Age Of 60 Years

Up to ₹2,50,000* Nil

₹2,50,001 to ₹5,00,000 5% of total income exceeding ₹2,50,000

₹5,00,001 to ₹10,00,000 ₹12,500 + 20% of total income exceeding ₹5,00,000

Above ₹10,00,000 ₹1,12,500 + 30% of total income exceeding ₹10,00,000

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12/13/2019 Income Tax Slabs & Tax Rate in India for FY 2018-19 & 2019-20 - Revised

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY
2018-19 – Part II

Income Tax Slabs Tax Rate for 60 Years Old Or More but Less than 80 Years Old

Income up to Rs 3,00,000* No tax

Income from Rs 3,00,000 – Rs 5,00,000 5%

Income from Rs 5,00,000 – 10,00,000 20%

Income more than Rs 10,00,000 30%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2018-19 – Part III

Income Tax Slabs Tax Rate for Super Senior Citizens (Aged 80 Years And Above)

Income up to Rs 5,00,000* No tax

Income from Rs 5,00,000 – 10,00,000 20%

Income more than Rs 10,00,000 30%

Note: An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Surcharge applicable to the individuals covered in Part I, II and III:

Surcharge Rate on the amount of income

Income limit
tax

Net income exceeds Rs.50 Lakhs but doesn’t exceed Rs. 1

10%
Crore

Net income exceeds Rs.1 Crore 15%

Income Tax Slabs for Domestic Companies for FY 2018-19 – Part IV

Turnover Particulars Tax Rate

Gross turnover upto 250 Cr. in the FY 2016-17 25%

Gross turnover exceeding 250 Cr. in the FY 2016-17 30%

In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax

Surcharge applicable:

Surcharge Rate on the amount of income

Income Limit
tax

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12/13/2019 Income Tax Slabs & Tax Rate in India for FY 2018-19 & 2019-20 - Revised

Net income exceeds Rs.1 Crore but doesn’t exceed Rs.10

7%
Crore

Net income exceeds Rs.10 Crore 12%

How

Frequently Asked Questions ( FAQ’s )

does the government collect the taxes?

Taxes are collected by the Government through three means:

a) voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self
Assessment Tax paid by the taxpayers,
b) Taxes deducted at source [TDS] from the income of the receiver, c)Taxes collected at source [TCS
(https://cleartax.in/s/tax-collected-source)].

What is the time period considered for the purpose of income tax?

Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period
starting from 1st April and ending on 31st March of next calendar year. The Income-tax Law classifies
the year as (i) Previous year, and (ii) Assessment year.

On the Challan, what does income tax on companies and income tax other than companies mean?

The tax that is to be paid by the companies on their income is called as corporate tax, and for payment
of same in the challan it is mentioned as Income-tax on Companies (Corporation tax)-0020. Tax paid by
non-corporate assessees is called as Income-tax, and for payment of the same in the challan it is to be
mentioned as Income-tax (other than Companies)-0021

Is the due date for filing tax return same for all the taxpayers?

No, the due date for all the taxpayers is not the same. For individual taxpayers the due date is 31st July
of the assessment year.

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