Tax Rates: Income Tax Slab For Assessment Year 2018-19

  1. Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:

Taxable income

Tax Rate

Taxable incomeTax Rate
Up to Rs. 2,50,000Nil
Rs. 2,50,000 to Rs. 5,00,0005%
Rs. 5,00,000 to Rs. 10,00,00020%
Above Rs. 10,00,00030%

1.1 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:

Taxable incomeTax Rate
Up to Rs. 3,00,000Nil
Rs. 3,00,000 – Rs. 5,00,0005%
Rs. 5,00,000 – Rs. 10,00,00020%
Above Rs. 10,00,00030%

1.2 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:

Taxable incomeTax Rate
Up to Rs. 5,00,000Nil
Rs. 5,00,000 – Rs. 10,00,00020%
Above Rs. 10,00,00030%

Plus:

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

Note: A resident individual is entitled for rebate u/s 87A if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

  1. Income Tax Rates for HUF/AOP/BOI/Any other Artificial Juridical Person:
Taxable incomeTax Rate
Up to Rs. 2,50,000Nil
Rs. 2,50,000 to Rs. 5,00,0005%
Rs. 5,00,000 to Rs. 10,00,00020%
Above Rs. 10,00,00030%

Plus:

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

  1. Tax Rate For Partnership Firm:

A partnership firm (including LLP) is taxable at 30%.

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

  1. Income Tax Slab Rate for Local Authority:

A local authority is taxable at 30%.

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

  1. Tax Slab Rate for Domestic Company:

A domestic company is taxable at 30%. However, tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 50 crore.

Plus:

Surcharge: 7% of tax where total income exceeds Rs. 1 crore

12% of tax where total income exceeds Rs. 10 crore

Education cess: 3% of tax plus surcharge

  1. Tax Rates for Foreign Company:

A foreign company is taxable at 40%

Plus:

Surcharge: 2% of tax where total income exceeds Rs. 1 crore

5% of tax where total income exceeds Rs. 10 crore

Education cess: 3% of tax plus surcharge

  1. Income Tax Slab for Co-operative Society:
Taxable incomeTax Rate
Up to Rs. 10,00010%
Rs. 10,000 to Rs. 20,00020%
Above Rs. 20,00030%

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge