Slab rate

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Mudabbir Quraishi

Mudabbir Quraishi (Querist)

04 February 2018 What is the income tax slab rate for the AY 17-18 and 18-19

ADVOCATE CA MOHIT SURESH GUPTA

ADVOCATE CA MOHIT SURESH GUPTA (Expert)

04 February 2018 The proposed tax rates for Individuals are given in following tables:
Income-tax Rate for Resident Individual

Net Income AY 2019-20 AY 2018-19
Upto Rs. 2,50,000 Nil Nil
Rs. 2,50,000 to Rs. 5,00,000 5% 5%
Rs. 5,00,000 to Rs. 10,00,000 20% 20%
Above Rs. 10,00,000 30% 30%

Note:
1. The above rates are exclusive of Surcharge and Cess.
2. A resident individual, whose taxable income does not exceed Rs. 3,50,000/- can claim a tax rebate under section 87A. The amount of rebate shall be lower of 100% of income-tax or Rs. 2,500.

Income-tax Rate for Senior Citizen (60 years or more at any time during the previous year but less than 80 years)

Net Income AY 2019-20 AY 2018-19
Upto Rs. 3,00,000 Nil Nil
Rs. 3,00,000 to Rs. 5,00,000 5% 5%
Rs. 5,00,000 to Rs. 10,00,000 20% 20%
Above Rs. 10,00,000 30% 30%

Note:
1. The above rates are exclusive of Surcharge and Cess.
2. A resident individual, whose taxable income does not exceed Rs. 3,50,000/- can claim a tax rebate under section 87A. The amount of rebate shall be lower of 100% of income-tax or Rs. 2,500.

Income-tax Rate for Super Senior Citizen (80 years or more at any time during the previous year)

Net Income AY 2019-20 AY 2018-19
Upto Rs. 5,00,000 Nil Nil
Rs. 5,00,000 to Rs. 10,00,000 20% 20%
Above Rs. 10,00,000 30% 30%

Note:
1. The above rates are exclusive of Surcharge and Cess.

It is proposed to abolish existing Education Cess of 2% and Secondary Higher Education Cess of 1% leviable on the amount of income tax and surcharge, if any and a new cess by the name “Health and Education Cess” at the rate of 4% will be levied.

The rate of tax in case of every business entities whether it is a firm, local authority, or domestic company, or even foreign company:

Particulars AY 2019-20 AY 2018-19
Firms 30% 30%
Local Authority 30% 30%
Domestic Companies Having Gross Turnover less than Rs. 50 Crore 25% 25%
Domestic Companies Having Gross Turnover less than Rs. 250 Crore but more than 50 crore 25% 30%
Domestic Companies Having Gross Turnover more than Rs. 250 Crore 30% 30%
Foreign Company 40% 40%

Note:
1) The above rates are exclusive of Surcharge and Cess.
2) It is proposed to abolish existing Education Cess of 2% and Secondary Higher Education Cess of 1% leviable on the amount of income tax and surcharge, if any and a new cess by the name “Health and Education Cess” at the rate of 4% will be levied.

Co-operative Society:
Particulars AY 2019-20 AY 2018-19
Up to Rs. 10,000 10% 10%
Rs. 10,000 to Rs. 20,000 20% 20%
Above Rs. 20,000 30% 30%

Note:
1. The above rates are exclusive of Surcharge and Cess.
2. It is proposed to abolish existing Education Cess of 2% and Secondary Higher Education Cess of 1% leviable on the amount of income tax and surcharge, if any and a new cess by the name “Health and Education Cess” at the rate of 4% will be levied.

The rate of Surcharge for every taxpayer is as follows:

Ass. Year Net Income Individuals/HUF Firm/ Local Authority Domestic Company Foreign Company Co-operative Societies
2019-20 Rs. 50 Lakhs to Rs. 1 Crore 10% Nil Nil Nil Nil
2019-20 Rs. 1 Crore
to Rs. 10 Crores 15% 12% 7% 2% 12%
2019-20 Exceeding Rs. 10 Crores 15% 12% 12% 5% 12%
2018-19 Rs. 50 Lakhs to Rs. 1 Crore 10% Nil Nil Nil Nil
2018-19 Rs. 1 Crore
to Rs. 10 Crores 15% 12% 7% 2% 12%
2018-19 Exceeding Rs. 10 Crores 15% 12% 12% 5% 12%

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