Income tax slabs for FY 2018-2019 ( AY 2019-2020) for individual

Income tax slabs for resident individual below 60 years of age

Taxable Income slabs Income tax rates Cess
Up to INR 2,50,000 NIL
INR 2,50,001 to 5,00,000 5% of  (INR 5,00,000 – INR 2,50,000) + 4% on tax
INR 5,00,001 to 10,00,000 INR 12500 +20% of ( INR 10,00,000-INR 5,00,000) +4% on tax
INR 10,00,001 and above INR 1,12,500+30% of  (Total Income – INR 10,00,000) +4% on tax

Income tax slabs for resident individual between 60 and 80 years (Senior Citizen)

Taxable Income slabs Income tax rates Cess
Up to INR 3,00,000 NIL
INR 3,00,001 to 5,00,000 5% of (INR 5,00,000 – INR 3,00,000) + 4% on tax
INR 5,00,001 to 10,00,000 INR 10,000 +20% of ( INR 10,00,000-INR 5,00,000) +4% on tax
INR 10,00,001 and above INR 1,10,000+30% of  (Total Income – INR 10,00,000) +4% on tax

Income tax slabs for resident individual above 80 years of age

Taxable Income slabs Income tax rates Cess
Up to INR 5,00,000 NIL
INR 5,00,001 to 10,00,000 20% of ( INR 10,00,000-INR 5,00,000) +4% on tax
INR 10,00,001 and above INR 1,00,000+30% on  (Total Income – INR 10,00,000) +4% on tax

 

Note 1: In case of NRI , the basic exemption limit is of INR 2.5 Lakh in a financial year irrespective of their age

Note 2: If net income exceeds  INR 50 Lakh but below INR 1 Crore, a surcharge of 10 is levied on the income tax payable before levy of cess at 4%. If net income exceeds 1 Crore , then a surcharge of 15% is levied.

Eligibility to Claim Rebate U/S  87A FY 2018-19 (AY 2019-20)

You can claim tax rebate under this provision if you meet the following conditions-

  • Individual  must be a RESIDENT INDIVIDUAL; and
  • Total Income after deductions (under Section 80) doesn’t exceed Rs 3.5 lakh.
  • The rebate is limited to Rs 2500. This means that if the total tax payable is lower than Rs 2500, then that amount will be the rebate under section 87A. This rebate is applied to the total tax before adding the Education Cess (4%).

Who meet the above conditions, is eligible for tax rebate u/s 87 A.

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