Income tax slab & rates for AY 2019-20

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Income tax slab & rates for AY 2019-202019-06-25T08:30:10+05:30

Age < 60 years

age 60 – less than 80 years

 80 years or more

Company’s

Other

AY 2019-20 i.e. FY 2018-19 (31.03.2019)

For Individual (resident/ non-resident), AOP, BOI, Artificial Judicial:

These slabs are applicable for AY 2019-20 i.e FY 2018-19

For Individual (resident/ non-resident), AOP, BOI, Artificial Judicial:

Range of Income

Tax Rate

Surcharge

Health and Education cess (HEC)

Up to Rs 250000

0%

0%

0%

From Rs 250000 to Rs 500000

5% * (total income -Rs 2.5L)

0%

4% * Income tax

From Rs 500000 to Rs 1000000

₹ 12500 + 20% * (total income -Rs 5L)

0%

4% * Income tax

From Rs 1000000 to Rs 5000000

₹ 112500 + 30% * (total income – Rs 10L)

0%

4% * Income tax

From 5000000 to Rs 10000000

₹ 1312500 + 30% * (total income – Rs 50L)

10% * Income tax

4% * (Income tax & Surcharge)

 

For senior citizens (Resident) age limit 60 years or more but less than 80 years

Range of Income

Tax Rate

Surcharge

Health and Education cess (HEC)

Up to Rs 300000

0%

0%

0%

From Rs 300000 to Rs 500000

5% * (total income -Rs 3L)

0%

4% * Income tax

From Rs 500000 to Rs 1000000

₹ 10000 + 20% * (total income -Rs 5L)

0%

4% * Income tax

From Rs 1000000 to Rs 5000000

₹ 110000 + 30% * (total income – Rs 10L)

0%

4% * Income tax

From 5000000 to Rs 10000000

₹ 1310000 + 30% * (total income – Rs 50L)

10% * Income tax

4% * (Income tax and Surcharge)

 

For super senior citizens (Resident) age limit 80 years or more.

Range of Income

Tax Rate

Surcharge

Health and Education cess (HEC)

Up to Rs 500000

0%

0%

0%

From Rs 500000 to Rs 1000000

20% * (total income -Rs 5L)

0%

4% * Income tax

From Rs 1000000 to Rs 5000000

₹ 100000 + 30% * (total income – Rs 10L)

0%

4% * Income tax

From 5000000 to Rs 10000000

₹ 1300000 + 30% * (total income – Rs 50L)

10% * Income tax

4% * (Income tax and Surcharge)

Slab Rate for companies for AY 2019-20 i.e. FY 2018-19

Domestic company

Gross turnover/receipts are less than 250 crores in the previous year

25%

Gross turnover/receipts are more than 250 crores in the previous year

30%

Foreign Company

Income

40%

Surcharge:

Net Income range

Domestic Company

Foreign Company

Less than Rs 1 crore

0%

0%

From Rs 1 crore to Rs 10 crore

7%

2%

More than Rs 10 crore

12%

5%

 

Health and education Cess:

Cess name

Domestic company

Foreign company

Health and education cess

4% * (Income tax and surcharge)

4% * (Income tax and surcharge)

 

Minimum Alternate Tax (MAT) for the company for AY 2019-20 i.e. FY 2018-19

If book profit is less than Rs 1 crore

Book profit from Rs 1 crore to Rs 10 crore

Book profit exceeds Rs 10 crore

Tax rate

SC

HEC

Total

Tax rate

SC

HEC

Total

Tax rate

 

SC

 

HEC

 

Total

 

Domestic company

18.5% 0% 4%*18.5%=0.74 19.24%

18.5%

7%*18.5%=1.295%

4%*(18.5+1.295) =0.7918

20.5868%

18.5% 12%*18.5%=2.22% 4%*(18.5+2.22) =.8288 21.5488%

Foreign company

18.5%

0%

4%*18.5%=0.74

19.24%

18.5%

2%*18.5%=0.37%

4%* (18.5+0.37) =0.7548

19.6248

18.5% 5%*18.5%=0.925% 4%* (18.5+0.925) =0.777 20.202%

Slab Rate of Co-operative societies for AY 2019-20 i.e. FY 2018-19

Slab Rate of co-operative societies for AY 2019-20 i.e. FY 2018-19

Net Income

Income tax Rate

Surcharge

Health and education cess

Up to Rs 10000

10%

12% * Income tax rate

4% * (Income tax rate + Surcharge)

From Rs 10000 to Rs 20000

20%

12% * Income tax rate

4% * (Income tax rate + Surcharge)

Above Rs 20000

30%

12% * Income tax rate

4% * (Income tax rate + Surcharge)

 

The alternate minimum tax for corporative societies for AY 2019-20 i.e. FY 2018-19

AMT is calculated by applying the formula

= Adjusted total income * (Income tax rate (18.5%) + Surcharge + Health and education cess)

Slab Rate of Local authorities for AY 2019-20 i.e. FY 2018-19

Slab Rate for Local Authorities for AY 2019-20 i.e. FY 2018-19

Net Income

Income tax Rate

Surcharge

Health and education cess

Any

30%

12% * Income tax rate

4% * (Income tax rate + Surcharge)

The alternate minimum tax for Local Authorities for AY 2019-20 i.e. FY 2018-19

AMT is calculated by applying the formula

= Adjusted total income * (Income tax rate (18.5%) + Surcharge + Health and education cess)