Income Tax Rates for AY 2019-20

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By Hiral Vakil on February 18, 2019

In India, income tax rates are declared every year in Union Budget by the finance minister. Income is taxed based on the category of a taxpayer. Below are the tax rates applicable for income earned during the FY 2018-19/ AY 2019-20:

Difference between Assessment Yeat and Financial Year

Income Tax Slab Rates for Individuals/ HUFs (Below the age of 60 years)

 

Taxable Income

Tax Rate

Upto Rs. 2,50,000

Nil

Rs. 2,50,000 to Rs. 5,00,000

5%

Rs. 5,00,000 to Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Surcharge Slab if taxable income

Rate

Rs. 50,00,000 to Rs. 1,00,00,000

10%

Above Rs. 1,00,00,000

15%

Health & Education Cess

4% on total of income tax+surcharge

Rebate u/s 87A for Individuals: Rs. 2,500 or 100% of tax whichever is less- if total income is less than Rs. 3,50,000

Who should file ITR?

Income Tax Slab Rates for Individuals/ HUFs ( Aged between 60 years to 80 years)

 

Taxable Income

Tax Rate

Upto Rs. 3,00,000

Nil

Rs. 3,00,000 to Rs. 5,00,000

5%

Rs. 5,00,000 to Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Surcharge Slab if taxable income

Rate

Rs. 50,00,000 to Rs. 1,00,00,000

10%

Above Rs. 1,00,00,000

15%

Health & Education Cess

4% on total of income tax+surcharge

Rebate u/s 87A for Individuals: Rs. 2,500 or 100% of tax whichever is less- if total income is less than Rs. 3,50,000

Income Tax Slab Rates for Individuals/ HUFs (Aged above 80 years)

 

Taxable Income

Tax Rate

Upto Rs. 5,00,000

Nil

Rs. 5,00,000 to Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Surcharge Slab if taxable income

Rate

Rs. 50,00,000 to Rs. 1,00,00,000

10%

Above Rs. 1,00,00,000

15%

Health & Education Cess

4% on total of income tax+surcharge

What is the due date for return filing?

Income chargeable at special rates

Although your total income is taxed as per the slab rates mentioned above, there are certain incomes which are taxed at special rates:

Nature of income

Tax Rate

Short term capital gains from the sale of assets other than shares and mutual funds

Income tax slab rates as mentioned above

Long term capital gains from the sale of assets other than shares and mutual funds

20% + surcharge and cess

Short term capital gains from the sale of stocks and equity mutual funds

15% + surcharge and cess

Long term capital gains from the sale of stocks and equity mutual funds

Up to Rs. 1,00,000 it is exempt. 10% without Indexation + surcharge and cess.  

Short term capital gains from the sale of debt mutual funds

Income tax slab rates as mentioned above

Long term capital gains from the sale of debt mutual funds

20% with indexation + surcharge and cess

Income chargeable at Fixed Rates:

Tax rates applicable to Partnership Firm (Including LLP)

Partnership Firm/ LLP is taxed at a fixed rate of 30%. Surcharge at the rate of 12% of such tax if total income exceeds Rs. 1,00,00,000. Health & Education Cess is levied @ 4% on the amount of income tax plus surcharge.

Tax rates applicable to Domestic Companies:

A domestic company is taxed at a fixed rate of 30%. However, the tax rate would be 25% if turnover or gross receipt of the company does not exceed Rs. 250 crore in the previous year 2016-17.

The surcharge is applicable :

  • @7% of such tax, where the total income exceeds Rs. 1 crore rupees but not exceeding Rs. 10 crores.
  • @12% of such tax, where the total income exceeds Rs. 10 crores.

Health & Education cess is levied @ 4% on the amount of income tax plus surcharge.