Income Tax Slab shows the tax rate at which you have to pay tax on Income. Please note that the Income of Financial Year 2018-19 is taxable at the tax rate applicable for Assessment Year 2018-19.

Income Tax Slab for Financial Year 2018-19 have not been changed in Budget 2018 and they continue to remain same as they were applicable in Financial Year 2017-18. Significant change that has been announced in Budget 2018 is increase in Education and SHEC Cess from 3% to 4% which has now been renamed as Health and Education Cess.

The Income Tax rates applicable for Financial Year 2018-19 or in other words for Assessment Year 2019-20 have been summarized below:-

** Income Tax Slab rates for Individual - Male or Female (below the age of 60 Years)**

S. No. | Income Tax Slabs | Income Tax Rate |
---|---|---|

1. | Where the total income is less than or equal to Rs. 2,50,000/-. | NIL |

2. | Where the total income exceeds Rs. 2,50,000/- but it is less than or equal to Rs. 5,00,000/-. | 5% of amount by which the total income is more than Rs. 2,50,000/-. |

3. | Where the total income exceeds Rs. 5,00,000/- but it is less than or equal to Rs. 10,00,000/-. | Rs. 12,500/- + 20% of the amount by which the total income more than Rs. 5,00,000/-. |

4. | Where the total income is more than Rs. 10,00,000/-. | Rs. 1,12,500/- + 30% of the amount by which the total income is more than Rs. 10,00,000/-. |

** Surcharge @ 10% and 15% ** will be payable only if taxable income is between Rs. 50 lakh to 1 crore and above Rs. 1 crore respectively.

Health and Education Cess @ 4% will be calculated on the Income-tax calculated here in above after deducting tax rebate of Rs. 2500.

** Note: There is a tax rebate of Rs. 2,500 U/s 87A for individuals whose total income is Rs 3,50,000/- or less. The tax rebate will be equal to the tax payable or Rs. 2,500/- whichever is lower.
**

** For E.g. If the total income of an individual of age 53 years is Rs. 3,10,000/- then the income tax on this Rs. 3,10,000/- as per the income tax slab given above is Rs 3,000/- (60,000*5%). As his total income is less than Rs. 3.5 Lacs, he will get a rebate of Rs. 2,500/- and therefore total income tax payable will be Rs. 500/- (3,000-2,500). Education cess @ 4 % will be charged extra on the calculated income Tax of Rs. 500 /-. **

Use our New Income Tax Calculator 2018-19 to determine your Income Tax.

**Income Tax Slab rates for Senior Citizen â€“Male or Female resident who is of the age of 60 years or more but below the age of 80 years at any time during the Financial Year 2018-2019**

S. No. | Income Tax Slabs | Income Tax Rate |
---|---|---|

1. | Where the total income is less than or equal to Rs. 3,00,000/-. | NIL |

2. | Where the total income exceeds Rs. 3,00,000/- but it is less than or equal to Rs. 5,00,000/-. | 5% of the amount by which the total income is more than Rs. 3,00,000/-. |

3. | Where the total income exceeds Rs. 5,00,000/- but it is less than or equal to Rs. 10,00,000/-. | Rs. 10,000/- + 20% of the amount by which the total income is more than Rs. 5,00,000/-. |

4. | Where the total income is more than Rs. 10,00,000/-. | Rs. 1,10,000/- + 30% of the amount by which the total income is more than Rs. 10,00,000/-. |

** Surcharge @ 10% and 15%** will be payable only if taxable income is between Rs. 50 lakh to 1 crore and above Rs. 1 crore respectively.
Health and Education Cess @ 4% will be calculated on the Income-tax calculated herein above after deducting tax rebate of Rs. 2,500.

Note: There is a tax rebate of Rs. 2,500 U/s 87A for individuals whose total income is Rs 3,50,000/- or less. The tax rebate will be equal to the tax payable or Rs. 2,500/- whichever is lower.

For E.g. If the total income of an individual of age 61 years is Rs. 3,40,000/- then the income tax on this Rs. 3,40,000/- as per the income tax slab given above is Rs. 2,000/- (40,000*5%). As his total income is less than Rs. 3.5 Lacs, he will get a rebate of Rs. 2,500/- or actual tax payable, whichever is lower and therefore total income tax payable will be NIL (2,000-2,000).

To calculate the income tax for financial year 2018-19 use our New Income Tax Calculator 2018-19.

**Income Tax Slab rates for Super Senior Citizen - Male or Female resident who is of the age of 80 years or more at any time during the Financial Year 2018-2019**

S. No. | Income Tax Slabs | Income Tax Rate |
---|---|---|

1. | Where the total A less than or equal to Rs. 5,00,000/-. | NIL |

2. | Where the total income exceeds Rs. 5,00,000/- but it is less than or equal to Rs. 10,00,000/-. | 20% of the amount by which the total income is more than Rs. 5,00,000/-. |

3. | Where the total income is more than Rs. 10,00,000/-. | Rs. 100,000/- + 30% of the amount by which the total income is more than Rs. 10,00,000/-. |

**Surcharge @ 10% and 15% will be payable only if taxable income is between Rs. 50 lakh to 1 crore and above Rs. 1 crore respectively.
Health and Education Cess @ 4% on the Income-tax calculated herein above.
For E.g. If the total income of an individual of age 81 years is Rs. 6,50,000/- then the total income tax on this Rs. 6,50,000/- as per the income tax slab given above will be Rs. 30,000/- (Income tax is Nil for income up to Rs. 5 Lacs and thereafter it will be taxed @ 20% on Rs. 1,50,000). Education cess @ 4% will be charged extra on the calculated income Tax of Rs. 30000 /-.
Check out New Income Tax Calculator 2018-19 to determine accurate income tax for Financial Year 2018-19.
**

Verify Your Income Tax Return by Sending ITR-V to CPC. Read Full Guide December 30, 2014

How to e-File Income Tax Return? January 15, 2015

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