Income Tax Rates of Previous Years For Individuals

Let’s get the insights of the Income Tax Slabs for FY 2018-19 (AY 2019-20)

Income Tax Slab for Resident Individuals aged less than 60 Years(0-59 years)

(Same slab rates shall apply for both Male and Female Resident Taxpayers)

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Income Tax Slab for Resident Individual (Senior Citizen) aged 60 Years & Above but upto 80 Years(60-79 years)

(Same slab rates shall apply for both Male and Female)

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Income Tax Slab for Resident Individual(Super Senior Citizen Taxpayers) aged Above 80 Years

(Same slab rates shall apply for both Male and Female)

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Income Tax Slab for Non-Resident Individuals (NRI)

(Same slab rates shall apply for both Male and Female and irrespective of age groups)

Please note: Rebate u/s 87A and Age-wise slab rate as discussed above in case of the resident individual are not available to Non-Residents.

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Income Tax Slab for Hindu Undivided Family (HUF)

Please note: Rebates u/s 87A, as discussed above in case of the resident individual, are not available to HUF.

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Income Tax Slab for Body of Individual (BOI)

Please note: Rebate u/s 87A as discussed above, in case of the resident individual, is not available to BOI.

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Income Tax Slab for Association of Persons (AOP)

Please note: Rebate u/s 87A as discussed above in case of the resident individual are not available to AOP.

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Income Tax Slab for other Artificial Judicial Person (AJP)

Please note: Rebate u/s 87A as discussed above in case of the resident individual are not available to AJP.

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Income Tax Slab for Firm and Limited Liability Partnership (LLP)

Please note: Rebate u/s 87A as discussed above in case of the resident individual are not available to LLP.

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Income Tax Slab for Domestic Companies

Please note: Rebates u/s 87A as discussed above in the case of the resident individual are not available to Indian Companies.

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Income Tax Slab for Foreign Companies

Please note: Rebates u/s 87A as discussed above, in case of the resident individual is not available to the Foreign Company.

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Income Tax Slab for Cooperative Societies

Please note: Rebates u/s 87A as discussed above in case of the resident individual, are not available to Cooperative Societies.

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Income Tax Slab for Local Authority

Add the following to the tax calculated above

Surcharge

In case of an Individual, this includes both Resident and NRI, HUF, AOP / BOI, and Artificial Judicial person :

• Where Taxable Total Income exceeds Rs. 50 lakhs but upto Rs. 1 Cr - 10% surcharge on income tax
• Where Taxable Total Income exceeds Rs. 1 Cr - 15% surcharge on income tax

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In case of an Indian Company

• Where Taxable Total Income exceeds Rs. 1 Cr but upto Rs. 10 Cr - 7% surcharge on income tax
• Where Taxable Total Income exceeds Rs. 10 Cr - 12% surcharge on Income Tax.

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In case of a Foreign Company

• Where Taxable Total Income exceeds Rs. 1 Cr but upto Rs. 10 Cr - 2% surcharge on income tax
• Where Taxable Total Income exceeds Rs. 10 Cr - 5% surcharge.

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Health and Education Cess :
• HEC shall be added at 4% in all cases upon the income tax so calculated or Income tax + surcharge.

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Less :

• Rebate u/s 87A in case total income of the resident individual taxpayer does not exceed Rs. 3.5 lakhs, tax relief on Actual Tax payable for income upto Rs. 3.5 lakhs or, Rs. 2500 (whichever is lower)

Note: The income chargeable to tax rate shall be after all admissible deductions.

I. Income Tax Slab for Indian Individuals

Income Tax Slab for Individuals less than 60 years for F.Y. 2017-18 ( For Male )

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Income Tax Slab for Individuals less than 60 years for F.Y. 2017-18 ( For Female)

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Income Tax Slab for Individuals more than or equal to 60 years but less than 80 years known as Senior Citizens for F.Y. 2017-18 (Both Male and Female)

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Income Tax Slab for Individuals more than or equal to 80 years known as Super Senior Citizens For F.Y. 2017-18 (Both Male and Female)

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II. Income Tax Slabs For Non-Residents

Please note : Rebate u/s 87A and Age-wise slab rate as discussed above in case of resident individuals are not available to Non-Residents.

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III. Income Tax Slabs For Hindu Undivided Family(HUF)

Income Tax Slab for AY 2018-19 for HUF (F.Y. 2017-18)

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IV. Income Tax Slabs For Body of Individuals(BOI)

IncomeTax Slab for BOI for F.Y. 2017-18

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V. Income Tax Slabs For Association of Person(AOP)

Income Tax Slab for AOP for F.Y. 2017-18. Mention below below AOP income tax rates 2018-19

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VI. Income Tax Rate for Firms and LLP

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VII. Income Tax Rate for Domestic Company

For F.Y.2017-18( A.Y. 2018-19) the income tax slab for Domestic Company are as follows.

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VIII. Income Tax Rate for Foreign Company

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IX. Income Tax Rate for Co-operative Societies

For F.Y.2017-18( A.Y. 2018-19 ) the new income tax slab 2018-19 for co-operative society

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X. Income Tax Rate for Local Authorities

Surcharge :

The amount of income-tax shall be increased by a surcharge at the rate specified in the table, where taxable total income exceeds the specified amount:

EC & SHEC

Education Cess(EC) :
The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at 2 percent of income tax and surcharge.

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Secondary & Higher Education Cess(SHEC) :
The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at 1 percent of income tax for AY 2018-19 and surcharge.

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Rebate under Section 87A :
Section 87A of the Act states that if a resident individual's total income does not exceed Rs. 3.5 lakhs then the individual will get the benefit of rebate. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

Prior to the union budget 2017, it was on the taxable income up to INR 5 lakh and the benefit was of Rs. 5000/-.

For F.Y. 2016-17 ( A.Y. 2017-18) the Income Tax Slab for various persons-

I. Income Tax Slab for Indian Individuals

Income Tax Slab for F.Y.2016-17 for individuals (Both Male & Female) below the age of 60 years:

Income Tax Slab for F.Y.2016-17 for individuals (Both Male & Female) more than or equal to 60 years but less than 80 years

Income Tax Slab for F.Y.2016-17 for individuals (Both Male & Female) 80 year or more than 80 years

II. Income Tax Slab for F.Y.2016-17 for NRI's

III. Income Tax Slabs for F.Y. 2016-17 for HUF/AOP/BOI

IV. Income Tax Rate for Firms/ LLP/Indian Company/Local Authority

V. Income Tax Rate for Foreign Company

VI. Income Tax Rate for Co-operative Societies

For F.Y.2016-17, A.Y. 2017-18 the income tax slab for co-operative society

Notes:

Surcharge :
The amount of income-tax shall be increased by a surcharge at the rate specified in the table, where Taxable total income exceeds the specified amount:

EC & SHEC

Education Cess(EC) :
The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at 2 percent of income tax and surcharge.

Secondary & Higher Education Cess(SHEC) :
The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at 1 percent of income tax and surcharge.

Rebate under Section 87A :
Section 87A of the Act states that if an individual's total income does not exceed Rs. 5 lakhs then the individual will get the benefit of rebate. The amount of rebate shall be 100% of income-tax or Rs. 5,000, whichever is less.