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Monday, 21 May 2018

Tax Rates: Income Tax Slab For AY 2018-19

Indian Military Veterans

Tax Rates: Income Tax Slab For AY 2018-19

1. Income Tax Slab Rate for AY 2018-19 for Individuals:

1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:

Taxable incomeTax Rate
Up to Rs. 2,50,000Nil
Rs. 2,50,000 to Rs. 5,00,0005%
Rs. 5,00,000 to Rs. 10,00,00020%
Above Rs. 10,00,00030%

 1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:

Taxable incomeTax Rate
Up to Rs. 3,00,000Nil
Rs. 3,00,000 – Rs. 5,00,0005%
Rs. 5,00,000 – Rs. 10,00,00020%
Above Rs. 10,00,000
  1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:
Taxable incomeTax Rate
Up to Rs. 5,00,000Nil
Rs. 5,00,000 – Rs. 10,00,00020%
Above Rs. 10,00,00030%
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge

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