Income Tax slab for AY 2019-20 | FY 2018-19 -New Tax Route

Income Tax slab for AY 2019-20/Income Tax calculation:- In India, income is calculated on the basis of different parameters like in case of individual assessee income is calculated on the basis of his age group and for others persons income is calculated as per their status under Income Tax Act.

Here in this post, we are discussing the Income Tax slab for AY 2019-20 | FY 2018-19 of individual, HUF, Partnership firm, Local Authority, and Foreign/domestic company.

1. Income Tax slab rates for Individual and HUF AY 2019-20 | FY 2018-19

Tax slab for individual (below age of 60 years) and HUF

Income Tax slabIncome Tax rate for individual (Age below 60 years) & HUF
upto Rs. 250000NIL- No Tax
Rs. 250000 to Rs. 5000005 % of total income exceeding Rs. 250000
Rs. 500001 to Rs. 1000000Rs. 12500 + 20% of total income exceeding Rs. 500000
Above Rs. 1000000Rs. 112500 + 30% of total income exceeding Rs. 1000000

Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.

Note 2:- A tax rebate under section 87A is allowed to individual taxpayers for a maximum amount of Rs. 2500 if his total income is up to Rs. 350000 for FY 2018-19.

Note 3:- Surcharge is additional on the amount of Income tax

Tax slab for individual (Age of 60 or 60 + but below 80 years)

Income Tax slabIncome Tax rate for individual (Age of 60 or 60+ years but below 80 years)
upto Rs. 300000NIL- No Tax
Rs. 300000 to Rs. 5000005 % of total income exceeding Rs. 300000
Rs. 500001 to Rs. 1000000Rs. 10000 + 20% of total income exceeding Rs. 500000
Above Rs. 1000000Rs. 110000 + 30% of total income exceeding Rs. 1000000

Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.

Note 2:- A tax rebate under section 87A is allowed to individual taxpayers (Age 60 or 60+ but below 80 years) for a maximum amount of Rs. 10000 if the total income is up to Rs. 350000 for FY 2018-19.

Note 3:- Surcharge is additional on the amount of Income tax

Tax slab for individual (Age of 80 or 80 + years)

Income Tax slabIncome Tax rate for individual (Age 80 and 80 + years)
upto Rs. 500000NIL- No Tax
Rs. 500001 to Rs. 100000020% of total income exceeding Rs. 500000
Above Rs. 1000000Rs. 100000 + 30% of total income exceeding Rs. 1000000

Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.

Note 2:- Surcharge is additional on the amount of Income tax

Surcharge applicable to the individual covered above

Income LimitSurcharge rate on amount of Income Tax
Net income exceed Rs. 50 Lakhs but does not exceed Rs. 1 Crore10%
Net Income exceed Rs. 1 Crore15%

2. Income Tax slab rates for Partnership firm AY 2019-20 | FY 2018-19

Income Tax:- For Partnership firm Income tax rate is flat 30%

Health and Education cess:- It will be 4 % of Income Tax + Surcharge

Surcharge:- It will be 12 % of Tax if net income exceeds Rs. 1 crore. (Surcharge will be subject to marginal relief)

3. Income Tax slab rates for Local Authority AY 2019-20 | FY 2018-19

Income Tax:- For Local Authority Income tax rate is flat 30%

Health and Education cess:- It will be 4 % of Income Tax + Surcharge

Surcharge:- It will be 12 % of Tax if net income exceeds Rs. 1 crore. (Surcharge will be subject to marginal relief)

4. Income Tax slab rates for Companies AY 2019-20 | FY 2018-19

Tax slab for Domestic Company AY 2019-20 | FY 2018-19

Income Tax:- For domestic company tax rate is 30%, however the tax rate would be 25% if turnover or gross receipts of the company does not exceed Rs. 250 crore in the P/Y 2016-17

Health and Education cess:- It will be 4 % of Income Tax + Surcharge

Surcharge:- It will be 7 % of Tax if net income exceeds Rs. 1 crore but below Rs. 10 crores and if income exceeds Rs. 10 crore, the surcharge will be 12%. (Surcharge will be subject to marginal relief)

Tax slab for Foreign Company AY 2019-20 | FY 2018-19

ParticularsTax Rates
Royalty received from the government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance for an agreement made after February 29, 1964, but before April 1, 1976, and where such agreement has, in either case, been approved by the central government 50%
Any other income40%

Health and Education cess:- It will be 4 % of Income Tax + Surcharge

Surcharge:- It will be 2 % of Tax, if net income exceed Rs. 1 crore but below Rs. 10 crore and if income exceed Rs. 10 crore, surcharge will be 5%. (Surcharge will be subject to marginal relief)

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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.

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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)

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