Income Tax Advisory |
|
|
Individuals, Hindu undivided families, AOP, BOIs, - This tax rates applicable to individuals are also applicable to a Hindu undivided family, an association of persons, body of individuals or an artificial juridical person. The rates applicable for the assessment years 2018-19 are as follows:
ASSESSMENT YEAR 2018-19 – Tax rates for the assessment year 2018-19 (FY 2017-18) are given below-
|
For a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year. i.e. born on or after April 2, 1938 but before April 2, 1958)- |
Net income range |
Income Tax rates |
Surcharge |
Education cess |
Secondary and Higher education cess |
Up to Rs. 3,00,000/- |
Nil |
Nil |
Nil |
Nil |
Rs.3,00,000 – Rs.5,00,000 |
5% of (Total Income minus Rs.3,00,000/-) {see Note 1) |
Nil |
2% of income – tax |
1% of income – tax |
Rs.5,00,000 – Rs.10,00,000 |
Rs.10,000 + 20% of (total income minus Rs.5,00,000) |
Nil |
2% of income – tax |
1% of income – tax |
Rs.10,00,000 – Rs.50,00,000 |
Rs.1,10,000 + 30% of (total income minus Rs.10,00,000) |
Nil |
2% of Income - Tax |
1% of Income - Tax |
Rs.50,00,000 – Rs.1,00,00,000 |
Rs.13,10,000 + 30% of (total income minus Rs.50,00,000) |
10% of income tax |
2% of income – tax and surcharge |
1% of income – tax and surcharge |
Above Rs.1,00,00,000 |
Rs.28,10,000 + 30% of (total income minus Rs.1,00,00,000) |
15% of income tax |
2% of income – tax and surcharge |
1% of income – tax and surcharge |
For a resident super senior citizen (who is 80 years or more at any time during the previous year i.e., born before April 2, 1938)- |
Net income range |
Income Tax rates |
Surcharge |
Education cess |
Secondary and Higher education cess |
Up to Rs.5,00,000 |
Nil |
Nil |
Nil |
Nil |
Rs.5,00,000 – Rs.10,00,000 |
20% of (total income minus Rs.5,00,000) |
Nil |
2% of income – tax |
1% of income – tax |
Rs.10,00,000 – Rs.50,00,000 |
Rs.1,00,000 + 30% of (total income minus Rs.10,00,000) |
Nil |
2% of income – tax |
1% of Income - Tax |
Rs.50,00,000 – Rs.1,00,00,000 |
Rs.13,00,000 + 30% of (total income minus Rs.50,00,000) |
10% of income tax |
2% of income – tax and surcharge |
1% of income – tax and surcharge |
Above Rs.1,00,00,000 |
Rs.28,00,000 + 30% of (total income minus Rs.1,00,00,000) |
15% of income tax |
2% of income – tax and surcharge |
1% of income – tax and surcharge |
Further Dedication of Rupees 1,50,000/- can be availed u/s 80C, 80CCC, & 80CDD(1) |
| |
|
|
|
