Income Tax Rates for Financial Year 2018-19 (Assessment Year 2019-20) for Individual / Firms & Limited Company are as follows:
A. INDIVIDUAL
1. Individual Below the Age of 60 Yrs
|
Taxable Income |
Income Tax Rate |
|
Upto Rs.2,50,000 |
NIL |
|
Rs.2,50,001 to Rs.5,00,000 |
5% |
|
Rs.5,00,001 to Rs.10,00,000 |
20% |
|
Above Rs.10,00,000 |
30% |
2. At the age of 60 Yrs or more but less than 80 yrs during 2017-18
|
Taxable Income |
Income Tax Rate |
|
Upto Rs.5,00,000 |
Nil |
|
Rs.5,00,001 to Rs.10,00,000 |
20% |
|
Above Rs.10,00,000 |
30% |
3. At the age of 80 Yrs or more during 2017-18
|
Taxable Income |
Income Tax Rate |
|
Upto Rs.3,00,000 |
Nil |
|
Rs.3,00,001 to Rs.5,00,000 |
5% |
|
Rs.5,00,001 to Rs.10,00,000 |
20% |
|
Above Rs.10,00,000 |
30% |
SURCHARGE
The amount of income-tax computed as above shall be increased by a Surcharge as follows:
|
Taxable Income |
% Surcharge on Income Tax |
|
More than Rs.50 lakh but not exceeding Rs.1 Crore |
10% on Income Tax |
|
More than Rs.1 Crore |
15% on Income Tax |
B. FIRMS (PARTNERSHIPS & LIMITED LIABILITY PARTNERSHIPS)
|
Taxable Income |
Income Tax Rate |
|
Total Taxable Income |
30% |
SURCHARGE
The amount of income-tax computed as above shall be increased by a Surcharge as follows:
|
Income |
% Surcharge on Income Tax |
|
More than Rs.1 Crore |
12% on Income Tax |
C. LIMITED COMPANY
|
Turnover of Company |
Income Tax Rate |
|
If the Total Turnover or Gross receipts is less than Rs.250 Crores |
25% |
|
If the Total Turnover or Gross receipts exceeds Rs.250 Crores |
30% |
SURCHARGE
The amount of income-tax computed as above shall be increased by a Surcharge as follows:
|
Category of Companies |
% Surcharge on Income Tax |
|
Total Income exceeding Rs.1 Crore Up to Rs.10 Crores |
7% on Income Tax |
|
Total Income Exceeding Rs.10 Crore |
12% on Income Tax |
HEALTH AND EDUCATION CESS ON INCOME-TAX
Additional Surcharge of 4% as “Health and Education Cess on Income-Tax” shall be levied on the amount of tax + surcharge (wherever applicable), in all cases.