Income Tax Rates Assessment Year 2018-19, 2019-20
Tax Rates
1.
In case of an Individual (resident or non-resident) or HUF or
Association of Person or Body of Individual or any other artificial
juridical person
| 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% |
Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see Note]
Assessment Year 2019-20
| 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% |
Less: Rebate under Section 87A [see Note]
Add: Health and Education Cess [see Note]
2.
In case of a resident senior citizen (who is 60 years or more at any
time during the previous year but less than 80 years on the last day of
the previous year)
Assessment Year 2018-19
| Taxable income | Tax Rate |
| Up to Rs. 3,00,000 | Nil |
| Rs. 3,00,000 - Rs. 5,00,000 | 5% |
| Rs. 5,00,000 - Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see Note]
Assessment Year 2019-20
| 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% |
Less: Rebate under Section 87A [see Note]
Add: Health and Education Cess [see Note]
3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)
Assessment Year 2018-19
| 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% |
Add: Surcharge and Education Cess [see Note]
Assessment Year 2019-20
| Taxable Income | Tax Rate |
| Up to Rs. 5,00,000 | Nil |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Add: Surcharge and Education Cess [see Note]
Assessment Year 2018-19
a) Surcharge:
i)
The amount of income-tax shall be increased by a surcharge at the rate
of 10% of such tax, where total income exceeds fifty lakh rupees but
does not exceed one crore rupees. However, the surcharge shall be
subject to marginal relief (where income exceeds fifty lakh rupees, the
total amount payable as income-tax and surcharge shall not exceed total
amount payable as income-tax on total income of fifty lakh rupees by
more than the amount of income that exceeds fifty lakh rupees).
ii)
The amount of income-tax shall be increased by a surcharge at the rate
of 15% of such tax, where total income exceeds one crore rupees.
However, the surcharge shall be subject to marginal relief (where income
exceeds one crore rupees, the total amount payable as income-tax and
surcharge shall not exceed total amount payable as income-tax on total
income of one crore rupees by more than the amount of income that
exceeds one crore rupees).
b) Education Cess:The amount of
income-tax and the applicable surcharge, shall be further increased by
education cess calculated at the rate of two per cent of such income-tax
and surcharge.
c) Secondary and Higher Education Cess: The amount
of income-tax and the applicable surcharge, shall be further increased
by secondary and higher education cess calculated at the rate of one per
cent of such income-tax and surcharge.
d) Rebate under Section
87A: The rebate is available to a resident individual if his total
income does not exceed Rs. 3,50,000. The amount of rebate shall be 100%
of income-tax or Rs. 2,500, whichever is less.
Assessment Year 2019-20
a) Surcharge:
i)
The amount of income-tax shall be increased by a surcharge at the rate
of 10% of such tax, where total income exceeds fifty lakh rupees but
does not exceed one crore rupees. However, the surcharge shall be
subject to marginal relief (where income exceeds fifty lakh rupees, the
total amount payable as income-tax and surcharge shall not exceed total
amount payable as income-tax on total income of fifty lakh rupees by
more than the amount of income that exceeds fifty lakh rupees).
ii)
The amount of income-tax shall be increased by a surcharge at the rate
of 15% of such tax, where total income exceeds one crore rupees.
However, the surcharge shall be subject to marginal relief (where income
one crore rupees, the total amount payable as income-tax and surcharge
shall not exceed total amount payable as income-tax on total income of
one crore rupees by more than the amount of income that exceeds one
crore rupees).
b)
Health and Education Cess:
The
amount of income-tax and the applicable surcharge, shall be further
increased by health and education cess calculated at the rate of four
percent of such income-tax and surcharge.
c)
Rebate under Section 87A:
The
rebate is available to a resident individual if his total income does
not exceed Rs. 3, 50,000. The amount of rebate shall be 100% of
income-tax or Rs. 2,500, whichever is less.
4.
Partnership Firm
I. For the Assessment Year 2018-19, a partnership firm (including LLP) is taxable at 30%.
Add:
a)
Surcharge:
The
amount of income-tax shall be increased by a surcharge at the rate of
12% of such tax, where total income exceeds one crore rupees. However,
the surcharge shall be subject to marginal relief (where income exceeds
one crore rupees, the total amount payable as income-tax and surcharge
shall not exceed total amount payable as income-tax on total income of
one crore rupees by more than the amount of income that exceeds one
crore rupees).
b)
Education Cess:
The
amount of income-tax and the applicable surcharge, shall be further
increased by education cess calculated at the rate of two per cent of
such income-tax and surcharge.
c)
Secondary and Higher Education Cess:
The
amount of income-tax and the applicable surcharge, shall be further
increased by secondary and higher education cess calculated at the rate
of one per cent of such income-tax and surcharge.
II. For the Assessment Year 2019-20, a partnership firm (including LLP) is taxable at 30%.
Add:
a) Surcharge:
The
amount of income-tax shall be increased by a surcharge at the rate of
12% of such tax, where total income exceeds one crore rupees. However,
the surcharge shall be subject to marginal relief (where income exceeds
one crore rupees, the total amount payable as income-tax and surcharge
shall not exceed total amount payable as income-tax on total income of
one crore rupees by more than the amount of income that exceeds one
crore rupees).
b) Health and Education Cess:
The
amount of income-tax and the applicable surcharge, shall be further
increased by health and education cess calculated at the rate of four
percent of such income-tax and surcharge.
5.
Local Authority
I. For the Assessment Year 2018-19, a local authority is taxable at 30%. Add:
d)
Surcharge: The
amount of income-tax shall be increased by a surcharge at the rate of
12% of such tax, where total income exceeds one crore rupees. However,
the surcharge shall be subject to marginal relief (where income exceeds
one crore rupees, the total amount payable as income-tax and surcharge
shall not exceed total amount payable as income-tax on total income of
one crore rupees by more than the amount of income that exceeds one
crore rupees).
e)
Education Cess: The amount of
income-tax and the applicable surcharge, shall be further increased by
education cess calculated at the rate of two per cent of such income-tax
and surcharge.
f)
Secondary and Higher Education Cess: The
amount of income-tax and the applicable surcharge, shall be further
increased by secondary and higher education cess calculated at the rate
of one per cent of such income-tax and surcharge.
II. For the Assessment Year 2019-20, a local authority is taxable at 30%. Add:
a)
Surcharge:
The
amount of income-tax shall be increased by a surcharge at the rate of
12% of such tax, where total income exceeds one crore rupees. However,
the surcharge shall be subject to marginal relief (where income exceeds
one crore rupees, the total amount payable as income-tax and surcharge
shall not exceed total amount payable as income-tax on total income of
one crore rupees by more than the amount of income that exceeds one
crore rupees).
b)
Health and Education Cess:
The
amount of income-tax and the applicable surcharge, shall be further
increased by health and education cess calculated at the rate of four
percent of such income-tax and surcharge.
6.
Domestic Company
I.
For the Assessment Year 2018-19, a domestic company is taxable at 30%.
However, tax rate would be 25% where turnover or gross receipt of the
company does not exceed Rs. 50 crore in the previous year 2015-16.
Add:
a)
Surcharge: The
amount of income-tax shall be increased by a surcharge at the rate of
7% of such tax, where total income exceeds one crore rupees but not
exceeding ten crore rupees and at the rate of 12% of such tax, where
total income exceeds ten crore rupees. However, the surcharge shall be
subject to marginal relief, which shall be as under:
(i) Where
income exceeds one crore rupees but not exceeding ten crore rupees, the
total amount payable as income-tax and surcharge shall not exceed total
amount payable as income-tax on total income of one crore rupees by more
than the amount of income that exceeds one crore rupees.
(ii)
Where income exceeds ten crore rupees, the total amount payable as
income-tax and surcharge shall not exceed total amount payable as
income-tax on total income of ten crore rupees by more than the amount
of income that exceeds ten crore rupees.
b)
Education Cess: The
amount of income-tax and the applicable surcharge, shall be further
increased by education cess calculated at the rate of two per cent of
such income-tax and surcharge.
c)
Secondary and Higher Education Cess: The
amount of income-tax and the applicable surcharge, shall be further
increased by secondary and higher education cess calculated at the rate
of one per cent of such income-tax and surcharge.
II. For the
assessment year 2019-20, a domestic company is taxable at 30%. However,
the tax rate would be 25% if turnover or gross receipt of the company
does not exceed Rs. 250 crore in the previous year 2016-17.
Add:
a)
Surcharge:The
amount of income-tax shall be increased by a surcharge at the rate of
7% of such tax, where total income exceeds one crore rupees but not
exceeding ten crore rupees and at the rate of 12% of such tax, where
total income exceeds ten crore rupees. However, the surcharge shall be
subject to marginal relief, which shall be as under:
(i) Where
income exceeds one crore rupees but not exceeding ten crore rupees, the
total amount payable as income-tax and surcharge shall not exceed total
amount payable as income-tax on total income of one crore rupees by more
than the amount of income that exceeds one crore rupees.
(ii)
Where income exceeds ten crore rupees, the total amount payable as
income-tax and surcharge shall not exceed total amount payable as
income-tax on total income of ten crore rupees by more than the amount
of income that exceeds ten crore rupees.
b)
Health and Education Cess:The
amount of income-tax and the applicable surcharge, shall be further
increased by health and education cess calculated at the rate of four
percent of such income-tax and surcharge.
7.
Foreign Company
Assessment Year 2018-19 and Assessment Year 2019-20
| Nature of Income | Tax Rate |
| Royalty
received from 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 of
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 income | 40% |
Add:
a)
Surcharge: The
amount of income-tax shall be increased by a surcharge at the rate of
2% of such tax, where total income exceeds one crore rupees but not
exceeding ten crore rupees and at the rate of 5% of such tax, where
total income exceeds ten crore rupees. However, the surcharge shall be
subject to marginal relief, which shall be as under:
(i) Where
income exceeds one crore rupees but not exceeding ten crore rupees, the
total amount payable as income-tax and surcharge shall not exceed total
amount payable as income-tax on total income of one crore rupees by more
than the amount of income that exceeds one crore rupees.
(ii)
Where income exceeds ten crore rupees, the total amount payable as
income-tax and surcharge shall not exceed total amount payable as
income-tax on total income of ten crore rupees by more than the amount
of income that exceeds ten crore rupees.
For Assessment Year 2018-19
b)
Education Cess: The
amount of income-tax and the applicable surcharge, shall be further
increased by education cess calculated at the rate of two per cent of
such income-tax and surcharge.
c)
Secondary and Higher Education Cess: The
amount of income-tax and the applicable surcharge, shall be further
increased by secondary and higher education cess calculated at the rate
of one per cent of such income-tax and surcharge.
For Assessment Year 2019-20
Health and Education Cess:The
amount of income-tax and the applicable surcharge, shall be further
increased by health and education cess calculated at the rate of four
percent of such income-tax and surcharge.
8.
Co-operative Society
Assessment Year 2018-19 and Assessment Year 2019-20
| Taxable income | Tax Rate |
| Up to Rs. 10,000 | 10% |
| Rs. 10,000 to Rs. 20,000 | 20% |
| Above Rs. 20,000 | 30% |
Add:
a)
Surcharge: The
amount of income-tax shall be increased by a surcharge at the rate of
12% of such tax, where total income exceeds one crore rupees. However,
the surcharge shall be subject to marginal relief (where income exceeds
one crore rupees, the total amount payable as income-tax and surcharge
shall not exceed total amount payable as income-tax on total income of
one crore rupees by more than the amount of income that exceeds one
crore rupees).
For Assessment Year 2019-20
b)
Education Cess: The
amount of income-tax and the applicable surcharge, shall be further
increased by education cess calculated at the rate of two per cent of
such income-tax and surcharge.
c)
Secondary and Higher Education Cess:The
amount of income-tax and the applicable surcharge, shall be further
increased by secondary and higher education cess calculated at the rate
of one per cent of such income-tax and surcharge.
For Assessment Year 2019-20
Health and Education Cess: The
amount of income-tax and the applicable surcharge, shall be further
increased by health and education cess calculated at the rate of four
percent of such income-tax and surcharge.
