Want to know how much tax you will have to pay for AY 2018-19 & 2019-20?
Tax Rates and Tax Tables
Tax Rates
The proposed tax rates for the next financial year 2018-19 are given in following tables.
The rate of tax in case of every individual whether he is below the age of 60 years, or between the age of 60 or 80 years, or above the age of 80 years.
Male Resident | ||
Net Income range | Income Tax Rate | |
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% |
Female Resident | ||
Net Income range | Income Tax Rate | |
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% |
Senior Citizen | ||
(who is 60 years or more at any time during the previous year) | ||
Net Income range | Income Tax Rate | |
AY 2019-20 | AY 2018-19 | |
Upto Rs.3,00,000 | 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% |
Super Senior Citizen | ||
(who is 80 years or more at any time during the previous year) | ||
Net Income range | Income Tax Rate | |
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% |
* The above rate are exclusive of Surcharge and Cess.
The rate of tax in case of every business entities whether it is a firm, local authority, or domestic company, or even foreign company:-
Business Entity | ||
(who is 80 years or more at any time during the previous year) | ||
Net Income range | Income Tax Rate | |
AY 2019-20 | AY 2018-19 | |
Firm/ Local Authority | 30% | 30% |
Domestic Company | 30%** | 30%* |
Foreign Company | 40% | 40% |
** Tax rate is 25% if turnover or gross receipts in the previous year 2016-17 doesn’t exceed Rs. 250 Crores. * Tax rate is 25% if turnover or gross receipts in the previous year 2015-16 doesn’t exceed Rs. 50 Crores. |
# The above rate are exclusive of Surcharge and Cess.
The rate of Surcharge for every taxpayer are as follows:-
Taxpayer | *Rate of Surcharge | |||||
AY 2019-20 | AY 2018-19 | |||||
Range of Income | Range of Income | |||||
Rs. 50 Lakhs to Rs. 1 Crore | Rs. 1 Crore to Rs. 10 Crores | Exceeding Rs. 10 Crores | Rs. 50 Lakhs to Rs. 1 Crore | Rs. 1 Crore to Rs. 10 Crores | Exceeding Rs. 10 Crores | |
Individuals/HUF
| 10% | 15% | 15% | 10% | 15% | 15% |
Firm/ Local Authority
| Nil | 12% | 12% | Nil | 12% | 12% |
Domestic Company
| Nil | 7% | 12% | Nil | 7% | 12% |
Foreign Company
| Nil | 2% | 5% | Nil | 2% | 5% |
Co-operative Societies
| Nil | 12% | 12% | Nil | 12% | 12% |
*The health & education cess at the rate of 4% shall be computed on aggregate of Income-Tax and Surcharge.
Tax Rates* for Corporate Assessee for the AY 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 Corporate Assessee for the AY 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% |
# 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.
Taxpayer | *Rate of Surcharge | ||
AY 2019-20 | |||
Range of Income | |||
Rs. 50 Lakhs to Rs. 1 Crore | Rs. 1 Crore to Rs. 10 Crores | Exceeding Rs. 10 Crores | |
Individuals/HUF
| 10% | 15% | 15% |
Firm/ Local Authority
| Nil | 12% | 12% |
Domestic Company
| Nil | 7% | 12% |
Foreign Company
| Nil | 2% | 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.
The amount of tax payable by different individuals at different income range:
Tax Table | |||||||
Sr No. | Taxable Income | Resident Individual | Resident Senior Citizen | Resident Super Senior Citizen | |||
2019-20 | 2018-19 | 2019-20 | 2018-19 | 2019-20 | 2018-19 | ||
1 | 250,000 | 0 | 0 | 0 | 0 | 0 | 0 |
2 | 300,000 | – | – | 0 | 0 | 0 | 0 |
3 | 350,000 | 2,600 | 2,575 | 0 | 0 | 0 | 0 |
4 | 400,000 | 7,800 | 7,725 | 5,200 | 5,150 | 0 | 0 |
5 | 500,000 | 13,000 | 12,875 | 10,400 | 10,300 | 0 | 0 |
6 | 750,000 | 65,000 | 64,375 | 62,400 | 61,800 | 52,000 | 51,500 |
7 | 1,000,000 | 117,000 | 115,875 | 114,400 | 113,300 | 104,000 | 103,000 |
8 | 1,500,000 | 273,000 | 270,375 | 270,400 | 267,800 | 260,000 | 257,500 |
9 | 2,500,000 | 585,000 | 579,375 | 582,400 | 576,800 | 572,000 | 566,500 |
10 | 5,000,000 | 1,365,000 | 1,351,875 | 1,362,400 | 1,349,300 | 1,352,000 | 1,339,000 |
11 | 10,000,000 | 3,217,500 | 3,186,563 | 3,214,640 | 3,183,730 | 3,203,200 | 3,172,400 |
12 | 10,500,000 | 3,543,150 | 3,509,081 | 3,540,160 | 3,506,120 | 3,528,200 | 3,494,275 |
13 | 20,000,000 | 6,951,750 | 6,884,906 | 6,948,760 | 6,881,945 | 6,936,800 | 6,870,100 |
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