Income Tax Slab Rates for F.Y. 2018-19 & A.Y. 2019-2020 (Non-individual)

Income Tax Slab Rates for F.Y. 2018-19 & A.Y. 2019-2020 (Non-individual)

Income tax rates on partnership firms, corporate income tax, income tax on co-operative societies and Local Authorities, being a resident of India.

1.      Income Tax on Partnership Firm (Including LLP) / Local Authorities

Sl. No.	Net Income Level	Rate of Income Tax
i.	Income up to 1 (One) Crore	30% (No Surcharge)
ii.	Income greater than 1 (One) Crore	30% (12% Surcharge)

Note: 1. Health and Education Cess @4% applicable for all cases

2.      Corporate/Company Income Tax

Sl. No.	Gross Turnover	Tax Rate
		Domestic Company
i.	up to 250 Crore	25%
ii.	Exceeding 250 Crore	30%

Sl. No.	Particulars	Tax Rate
		Foreign Company
i.	Income Tax @50% on (i) Royalty received from government or an Indian concern in pursuance of an agreement (approved by Central government) between April 1, 1961 and 31 March, 1976 (ii) Fees for providing technical services in pursuance of an agreement (approved by Central government) made between February 29, 1964 and April 1, 1976	50%
ii.	Any other income	40%

Sl. No.	Taxable Income	Surcharge
		Domestic Company	Foreign Company
i.	Up to Rs. 1 Crore	NIL	NIL
ii.	Exceeding Rs. 1 Crore	7%	2%
iii.	Exceeding Rs. 10 Crore	12%	5%

Note: 1. Health and Education Cess @4% applicable for all cases

Note: 2. Surcharges:

(i): Domestic Company: However, the amount of Income Tax and Surcharge shall not be increased the amount of Income Tax payable on a Taxable Income of Rs. 1,00,00,000 by more than the amount of Increase in Taxable Income

(ii) Domestic Company: However, the amount of Income Tax and Surcharge shall not be increased the amount of Income Tax payable on a Taxable Income of Rs. 10,00,00,000 by more than the amount of Increase in Taxable Income

(iii) Foreign Company: However, the amount of Income Tax and Surcharge shall not be increased the amount of Income Tax payable on a Taxable Income of Rs. 1,00,00,000 by more than the amount of Increase in Taxable Income

 (iv) Foreign Company: However, the amount of Income Tax and Surcharge shall not be increased the amount of Income Tax payable on a Taxable Income of Rs. 10,00,00,000 by more than the amount of Increase in Taxable Income

3.      Income tax on Cooperative Societies

Sl. No.	Net Income Level	Rate of Income Tax
i.	Income up to 10000	10% (No Surcharge)
ii.	Income Rs. 10001 to Rs. 20000	20% (No Surcharge)
iii.	Income Rs. 20001 to Rs. 10000000	30% (No Surcharge)
Iv	Income more than 1 (One) Crore	30% (12% Surcharge)

Note: 1. Health and Education Cess @4% applicable for all cases

Income Tax Slab F.Y. 2018-19 & A.Y. 2019-2020 (Salary)

Income Tax Slab F.Y. 2018-19 & A.Y. 2019-2020 (Salary). Individual, HUF, BOI, AOP, AJP below the age of 60 years, being a resident of India.

Sl. No.	Net Income Level	Rate of Income Tax
i.	Income Less than Rs. 2.5 Lakh	NIL
ii.	Income greater than Rs. 2.5 Lakh but Less than Rs. 5 Lakh	5% of balance amount which exceeds Rs. 2.5 Lakh Tax Relief u/s 87A - Rebate u/s 87A Rs. 5000/- for individuals having total income (taxable income) up to Rs. 3.5 lakhs.
iii.	Income greater than Rs. 5 Lakh but Less than Rs. 10 Lakh	Rs. 12500/- Plus 20% of balance amount which exceeds Rs. 5 Lakh
iv.	Income greater than Rs. 10 Lakh	Rs. 112500/- Plus 30% of balance amount which exceeds Rs. 10 Lakh

Note: 1. Cess@4% extra applicable for all cases

Note 2. Surcharge :

a)     10% of the Income Tax, where taxable income is more than Rs. 50 Lacs up to Rs. 1 Crore.

b)     15% of the Income Tax, where taxable income is more than Rs. 1 Crore.

Income Tax Slab F.Y. 2018-19 & A.Y. 2019-2020 (Salary). Individual age of 60 years or above but less than 80 years, being a resident of India.

Sl. No.	Net Income Level	Rate of Income Tax
i.	Income Less than Rs. 3 Lakh	NIL
ii.	Income greater than Rs. 3 Lakh but Less than Rs. 5 Lakh	5% of balance amount which exceeds Rs. 3 Lakh
iii.	Income greater than Rs. 5 Lakh but Less than Rs. 10 Lakh	Rs. 10000/- Plus 20% of balance amount which exceeds Rs. 5 Lakh
iv.	Income greater than Rs. 10 Lakh	Rs. 110000/- Plus 30% of balance amount which exceeds Rs. 10 Lakh

Note: 1. Cess@4% extra applicable for all cases

Note 2. Surcharge :

a)     10% of the Income Tax, where taxable income is more than Rs. 50 Lacs up to Rs. 1 Crore.

b)     15% of the Income Tax, where taxable income is more than Rs. 1 Crore.

Income Tax Slab F.Y. 2018-19 & A.Y. 2019-2020 (Salary). Individual age of 80 years or above, being a resident of India.

Sl. No.	Net Income Level	Rate of Income Tax
i.	Income Less than Rs. 5 Lakh	NIL
ii.	Income greater than Rs. 5 Lakh but Less than Rs. 10 Lakh	20% of balance amount which exceeds Rs. 5 Lakh
iii.	Income greater than Rs. 10 Lakh	Rs. 100000/- Plus 30% of balance amount which exceeds Rs. 10 Lakh

Note: 1. Cess@4% extra applicable for all cases

Note 2. Surcharge :

a)     10% of the Income Tax, where taxable income is more than Rs. 50 Lacs up to Rs. 1 Crore.

b)     15% of the Income Tax, where taxable income is more than Rs. 1 Crore.