Income Tax Slab rates for Assessment Year 2018-19
What is the rate of income tax in India for individuals?
In India, income tax is levied on individual taxpayers based on a slab system where tax rate increases with increase in income.
There are three categories of individual taxpayers:
1. Category 1: Individuals (below the age of 60 years) which includes residents as well as non-residents
2. Category 2: Resident Senior citizens (60 years and above but below 80 years of age)
3. Category 3: Resident Super senior citizens (above 80 years of age)
What are the income tax slab rates for various categories?
Slab rates for the Category 1 individual and HUF:
| Income Tax Slabs | Tax Rate | Education Cess |
|---|---|---|
| Income up to Rs.2,50,000 | - | - |
| Income from Rs.2,50,000 – Rs.5,00,000 | 5% | 3% of Tax |
| Income from Rs.5,00,000 – Rs.10,00,000 | 20% | 3% of Tax |
| Income more than Rs.10,00,000 | 30% | 3% of Tax |
Surcharge on Income Tax:
-
10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
-
15% of income tax, where total income exceeds Rs.1 crore.
Slab rates for the Category 2 individual:
| Income Tax Slabs | Tax Rate | Education Cess |
|---|---|---|
| Income up to Rs.3,00,000 | - | - |
| Income from Rs.3,00,000 – Rs.5,00,000 | 5% | 3% of Tax |
| Income from Rs.5,00,000 – Rs.10,00,000 | 20% | 3% of Tax |
| Income more than Rs.10,00,000 | 30% | 3% of Tax |
Surcharge on Income Tax:
-
10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
-
15% of income tax, where total income exceeds Rs.1 crore.
Slab rates for the Category 3 individual:
| Income Tax Slabs | Tax Rate | Education Cess |
|---|---|---|
| Income up to Rs.5,00,000 | - | - |
| Income from Rs.5,00,000 – Rs.10,00,000 | 20% | 3% of Tax |
| Income more than Rs.10,00,000 | 30% | 3% of Tax |
Surcharge on Income Tax:
-
10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
-
15% of income tax, where total income exceeds Rs.1 crore.
By Lovish Goyal 7/11/2018 5:20:26 AM
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