Question

what is the slab rates in taxation in india forA.Y. 2018-19

Answer 1

upto 250000- nil
upto 250001 to 500000 - 5%
upto 500001 to 1000000- 20%
above 1000000 - 30%

Answer 2

Individual resident age below 60 years or NRI or AOP or HUF or BOI or AJP

Income slab                                                                  Income tax

Upto 250000                                                                      Nil

Above 250000 to 500000                         5%(Taxable income - 250000)

Above 500000 to 1000000            Rs. 12500+20%(Taxable income - 500000)

Above 1000000                              Rs. 112500+30%(Taxable income - 1000000)                              

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Individual resident aged above 60 to 80 years

Income slab                                                                  Income tax

Upto 300000                                                                      Nil

Above 300000 to 500000                         5%(Taxable income - 300000)

Above 500000 to 1000000            Rs. 10000+20%(Taxable income - 500000)

Above 1000000                            Rs. 110000+30%(Taxable income - 1000000)                              

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Individual resident aged above 80 years

Income slab                                                                  Income tax

Upto 500000                                                                      Nil  

Above 500000 to 1000000                  20%(Taxable income - 500000)

Above 1000000                            Rs. 100000+30%(Taxable income - 1000000)

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Surcharge for above assessee

10% of income tax , in case taxable income is above 50  lakhs

15% of income tax , in case taxable income is above 1 crore

Education cess = 3% of (Income tax + surcharge )

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domestic company

Turnover upto 50 crores - 25% of taxable income

turnover exceeding 50Crores - 30% of taxable income

Surcharge

7% of income tax , in case of taxable income is above 1 crore

12% of income tax , in case of taxable income is above 10 crore

Education cess -3% of (income tax + surcharge )

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Company other than domestic company

Any other income - 40% income tax rate

Royalty received from government - 50% income tax rate

Surcharge

2% of income tax , in case of taxable income is above 1 crore

5% of income tax , in case of taxable income is above 10 crore

Education cess -3% of (income tax + surcharge )

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Firm and local authority

Income tax - 30% of taxable income

Surcharge - 12 % of taxable income , in case of taxable income is above 1 crore

education cess - 3% of (income tax + surcharge )

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