Income Tax Slab Rates AY 2019-20, FY 2018-19, Income Tax Rate 2019 & All Past Years. Income Tax Rate for Individuals for AY 2019-20. All Assessees are required to file income tax return each year if they have taxable income of more than Rs.2.5 lakhs. The income tax rates AY 2019-20 or FY 2018-19 for salaried individuals is as follows
Income Tax Slab Rates AY 2019-20
Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals less than 60 years
| Taxable income | Tax Rate |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,000 to Rs. 5,00,000 | 5 % |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals betwen 60 years and 80 years
| Taxable income | Tax Rate |
| Up to Rs. 3,00,000 | Nil |
| Rs. 3,00,000 to Rs. 5,00,000 | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals above 80 years
| Taxable income | Tax Rate |
| Up to Rs. 5,00,000 | Nil |
| Rs. 5,00,000 – Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
In addition to the Income Tax amount calculated, based on the above-mentioned tax slabs, individuals are required to pay Surcharge and Cess.
- 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 exceeds Rs.1 crore.
- Health & Education Cess: 4% of Income Tax. (Newly introduced through 2018 Budget)
Income Tax Slab For Non-Resident Indians (NRIs)
The tax slabs and rates for the Financial Year of 2018-19 are:
| Taxable Income | Tax Rate |
|---|---|
| Up to Rs.2.5 lakh | Nil |
| From Rs.2.5 lakh up to Rs.5 lakh | 5% |
| From Rs.5 lakh up to Rs.10 lakh | 20% |
| More than Rs.10 lakh | 30% |
Health and Education Cess – 4%
Income Tax Slab for Expats
The tax slabs and rates for the Financial Year of 2018-19 are:
| Taxable Income | Tax Rate |
|---|---|
| Up to Rs.2.5 lakh | Nil |
| From Rs.2.5 lakh up to Rs.5 lakh | 5% |
| From Rs.5 lakh up to Rs.10 lakh | 20% |
| More than Rs.10 lakh | 30% |
Education cess and Surcharge payable (if any) – 3%
Income Tax Slab for Freelancers
The tax slabs and rates applicable to freelancers for the Financial Year of 2018-19 are:
| Taxable Income | Tax Rate |
|---|---|
| Up to Rs.2.5 lakh | Nil |
| From Rs.2.5 lakh up to Rs.5 lakh | 5% |
| From Rs.5 lakh up to Rs.10 lakh | 20% |
| More than Rs.10 lakh | 30% |
Additional Components:
- Surcharge:
| Income | Rate Applicable |
|---|---|
| More than Rs.50 lakh but less than Rs.1 crore | 10% of the income tax |
| More than Rs.1 crore | 15% of the income tax (applicable on amounts that are higher than Rs.1 crore) |
- Health and Education Cess: “Health and Education Cess” will replace the “Secondary and Higher Education Cess” and “Education Cess” and will be charged at the rate of 4% on the tax amount which is calculated (this includes the surcharge as well).
Income Tax Slab For Doctors
The tax slabs and rates applicable to doctors for the Financial Year of 2018-19 are:
| Taxable Income | Tax Rate |
|---|---|
| Up to Rs.2.5 lakh | Nil |
| From Rs.2.5 lakh up to Rs.5 lakh | 5% |
| From Rs.5 lakh up to Rs.10 lakh | 20% |
| More than Rs.10 lakh | 30% |
Surcharge:
- If the total income is more than Rs.50 lakh – 10% of the tax
- If the total income is more than Rs.1 crore – 15% of the tax
- Health & Education cess at the rate of 4% of tax along with the surcharge
Income Tax slab for Pensioners
The tax slabs and rates applicable to pensioners for the Financial Year of 2018-19 are:
Income Tax Slabs on Dividend
| Income Tax Slabs | Tax Rate | Health and Education Cess |
|---|---|---|
| For income up to Rs.3 lakh | No tax | – |
| For income from Rs.3 lakh up to Rs.5 lakh | 5% | 4% of Income Tax |
| For income from Rs.5 lakh up to Rs.10 lakh | 20% | 4% of Income Tax |
| For income exceeding Rs.10 lakh | 30% | 4% of Income Tax |
Surcharge:
| Income | Rate Applicable |
|---|---|
| More than Rs.50 lakh but less than Rs.1 crore | 10% of the income tax |
| More than Rs.1 crore | 15% of the income tax (applicable on the amount that is more than Rs.1 crore) |
*Exemption limit of Income Tax is up to Rs.3 lakh for Financial Year 2018-19.
Domestic Companies – Part (IV):
| Turnover Particulars | Tax Rate |
|---|---|
| If the gross turnover in the previous year is less than Rs.250 crore | 25% |
| If the gross turnover in the previous year is more than Rs.250 crore | 30% |
Additional rates which are applicable:
Cess: 4% of the corporate tax
Surcharge: When the taxable income is higher than Rs.1 crore but less than Rs.10 crore, the applicable surcharge will be 7%.
Surcharge: When the taxable income is higher than Rs.10 crore, the applicable surcharge will be 12%.
Income Tax Slabs on Dividend
Depending on the source of the dividend earned, the dividend income received by an individual is taxed.
| Dividend Source | Tax Rate for Individuals/HUFs | Income Tax Section |
|---|---|---|
| If the average dividend income earned over the year does not exceed Rs.10 lakh | Nil | Section 10(34) |
| If the average dividend income received during the year exceeds Rs.10 lakh | 10% | Section 115BBDA |
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Recently we also provide Special Article on What is Franking ? Why Documents Need to be Franking? and How to E-File Income Tax Return full guide and Procedure. Now you can Scroll Down Below and check complete details regarding all latest income tax slab rates for A.Y. 2019-2020 and All Past Years at One Place.
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 :
Form ITR-1
Form ITR-1 must be used when the source of income is limited to Salary/Pension, One House Property and other sources (Excluding winning from lottery and race horses).
Form ITR-1 should not be filed for below cases :
- Income that exceeds Rs. 50 Lakhs
- Assessee has Taxable Capital Gains
- Assessee has any of the below sources of income :
- Income from foreign assets
- Agricultural income that exceeds Rs. 5000
- Income from Business or Profession
- Income from more than one house property
Know more about ITR-1 return
Form ITR-2
Form ITR-2 must be filed by individuals who are not eligible to file ITR-1, because of following reasons :
- Income exceeding Rs. 50 Lakhs
- Having foreign assets / income
- Having agricultural income which is more than Rs. 5,000
- Having taxable capital gains
- Having income from business or profession as a partner
- Having more than one house property
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Thanks Pravin
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Thanks kintali.naveenkumar
THANKS FOR VERY USEFUL INFORMATION
SIR, I WANT TO KNOW ABOUT UPDATIONS IN INCOME TAX 2015-16 AND 3CB 3CD